Services

Our services cover all property management aspects

Administration Services

Records Management – maintenance of records and files for effective data retrieval.
Enforcement of Governing Regulations – Ongoing monitoring of all manners of application of regulations which govern owners as well as tenants. We interact on behalf of the sides to resolve possible disputes.
Board & Member Meetings – Preparations of agendas, distribution of notices and all relevant documents and manage the actions needed to make sure meetings run smoothly and effectively.
Structural Modifications – Processing applications and handling structural initiatives or modifications.
Maintenance of Common Areas – Scheduling and executing periodic inspections and maintenance.
Vendor Relations – Research and interactions with vendors, proposal submissions, handling negotiations and contracts and monitoring vendor performance.

Maintenance – Management and supervision of periodic tasks such as Painting, Pressure cleaning, Gardening and Cleaning.
Janitorial – Cleaning and maintenance of Lobbies, clubhouses, Common areas, Hallways, catwalks, laundry rooms, bathrooms and all other common facilities.
Vendor Supervision – Research, recommend, negotiate and facilitate all insured vendor relationships.

Financial Reports – Waterstone provides timely periodic reports including profit/loss statements as well as analysis of actual figures vs. planned budget. Cash disbursement as well as delinquent receivables.
Budgeting Process – Preparation of preliminary and final approved budget and reserve schedules for the upcoming year.
Delinquency Assessment – Constant monitoring of delinquencies. When needed, we pursue delinquencies and achieve satisfactory resolutions.
Annual Audit – Waterstone finds and recommends a CPA firm to prepare an annual audit, review and compilation of finances.
Payments – Providing appropriate and convenient payment methods, including mailing of checks, direct deposit, online payments, or automatic debits.
Employees Payroll – Unifying a single payroll system management.
Bank Accounts & Expenses / Vendor Payments – Paper or Online Invoices approval of vendors and check signature processing. Integration of Accounts payable records with the financial reporting system and bank accounts for monthly reconciliation.

Following is a more detailed listing of our services. Not all are relevant in all cases.

Documentation of property – Environment, Exterior and Interior
Recommend potential or necessary repairs or enhancements to maximize rent.
Determine optimal rental rate based on area and typical and recent rents of similar size and type properties.
Determine general property policies regarding use of common areas, pets, smoking etc.
Installation of property facilities and a lock box

Preparation for market submission
- Cleaning the property and optimize exterior and interior
- Enhance landscaping to improve visual appeal
Create and manage a marketing advertising campaign:
- Submit to rental listing websites
- Print publications
- Signs
- Fliers
Collaborations with other realty agencies – to maximize rental fitness
Establishment of means for providing detailed information about properties to prospective tenants
Arrange responsive solutions for field calls from prospects' questions and viewing requests.
Arrangement for meetings and property showings at appropriate times.
Provision of rental applications.
Collection of applications and application fees.
Collection applications with application fee

Background checks for identity verification, credit history, rental history, income etc.
Classify tenant fitness based on pre-determined criteria
Notification to tenants who were rejected

Leasing agreement
Confirmation with tenant of dates for move in.
Confirmation of tenant understanding of the leasing terms such as payment and property maintenance
Verification of the proper execution of the agreements
Inspection of move-in with the tenant, and obtaining a signed report, which confirms the condition of the property before the move-in.
Collection of initial months rent and security deposit

Managing the eviction process from initial delinquency through resolution
Coordinating with retained counsel to prepare and file all required documentation
Tracking court proceedings, deadlines, appearances, and case status
Coordinating with enforcement officers following a judgment, when required
Keeping ownership informed throughout the process and working toward the most efficient resolution

Serving as the management liaison between ownership, tenants, attorneys, and other involved parties
Identifying matters requiring legal attention and coordinating with appropriate counsel
Organizing leases, notices, correspondence, records, and supporting documentation for counsel
Managing communication and follow-up to keep legal matters progressing
Tracking active cases, deadlines, settlements, and required management action
Implementing counsel's direction at the property and management level

Performance of periodic, pre-defined scheduled inspections (interior and exterior) to identify needed repairs, remove safety hazards, and address code and lease violations
Walkthroughs upon tenant request to evaluate repair needs and arrange timely maintenance
Periodic condition reports for owner review

Property management accounting services
Arrange payments such as mortgage, insurance, etc. on behalf of owner
Provision of detailed expenses documentation through invoices and receipts
Maintenance of records: paid invoices, inspection reports, leases, warranties, etc.
Submit annual reports, suited for tax purposes as well as tax documents including a 1099 form
Provide relevant tax deductions information to owners related to their rental property
Provision of monthly cash-flow statements including detailed listing of itemized expenses and income
Monthly enhanced owner statements, with 24-hour access through the owner portal

Manage in-house maintenance crew
Establishment of a prevention-maintenance guidelines and policy to identify needed repairs
Manage ongoing network of licensed, bonded and fully insured skilled professionals contractors who have been selected for value pricing and excellent up to code work.
Appropriation of jobs assignments to in-house employees, handyman and/or professional contractors.
Outdoor Maintenance
- Snow and leaf removal
- Maintenance of Landscaping
- Trash and Debris removal
Establishment and monitoring of a 24 hour emergency repair hot-line
Renovation / rehab initiatives
- Recommend project strategies / initiatives to maximize rental income.
- Preliminary cost estimates preparation
- Obtain multiple independent bids for projects
- Manage and oversee project execution

Move out unit inspection – providing a property's condition report upon move-out
Interaction with moving-out tenant – Providing tenant with moving out report and estimated damages
Refunding security deposit balance to the tenant, after resolving all damages issues
Unit cleaning, repairing and /or upgrading
Install new locks
Submit property back on the market for rent