i. WestCorp Management Group is a real estate asset management company that strives to maximize value of asset by providing an honest, ethical, and professional atmosphere for employees, customers, and owners through advanced employee training, providing superior resident service, and increasing profitability to its owners.
- Hiring and retaining experienced, dedicated employees, from property managers and leasing agents to maintenance and security.
- Implement web based operating system RealPage™ to monitor resident relations, service requests, leasing activity, turnover schedules, and occupancy.
- RealPage™ real-time financial reporting including financial statements, turnover costs, occupancy reports, accounts payables, and concessions.
- Carefully managing purchases and vendor contracts to maximize value including renovations and capital improvements.
- Maintaining the property in an attractive, clean manner to best appeal to the prospective resident profile.
- Negotiate insurance and tax rates to reduce costs to property owner and affectively increase NOI.
- Create marketing campaigns that not only advertise the property, but generate qualified leads from targeted demographics.
ii. Due diligence by trained and skilled multifamily management company with extensive experience.
- Property Profile: Including photos, floor plans, site plans, brochures, and marketing analysis.
- Residential Data: Lease audit, rent roll analysis, resident profile, and utility billing audit.
- Unit Inspections: Unit walks to include summary, detail and interior estimates for capital improvements.
- Construction Maintenance: Identify issues in parking, work order process, recurring maintenance problems, and recommendations for resolutions.
- Proposed Operating Budget: 1-year proposed budget, year-to-date, property payroll and staffing, 12-month concession breakdown, and gross potential rent.
- Operating Documents: Lease expiration, service contracts, all service orders, current staff schedule, purchase equipment list, property inventory, current lease/add, current leasing rents
- Exterior Condition/Inspection: Construction, exterior, roof assessment, and life safety issues.
- Taxes/Insurance: Tax statement last 2 years, current year appeal, 2-year loss run, and insurance certificates.
- Market Data: Market survey, map of comparables, shop comparables.
- Review/Analyze: Current Leases, lease management, address deferred maintenance, engage contract necessary work.