Oakes Management, Inc. services are divided into four functional areas of management: Operations and Administration, Facilities, Financial Planning, and Education/Training.
Operations and Administration:
Monthly financial reports; Daily bank deposits; Interviewing potential residents; processing applications; credit, reference and employment checks, etc.
Performance Standard(s):
Carrying Charge Collections: To collect 95% of the maximum potential income.
Turnover Time: Our goal is to have all vacancies filled within a 30 day time period.
Facilities:
Maintenance and repair work includes working with contractors to ensure that any work scheduled will be completed in a timely manner that is least disruptive to the residents.
Performance Standard(s):
Inspections: Inspect common areas at least once per month.
Time on Residential Maintenance Calls: Respond to all calls within a 24 hours. Follow-up with resident to ensure maintenance has been completed to their satisfaction.
Financial Planning and Analysis:
Develop and implement plans (with Board approval) to enhance and improve the financial position of the organization.
Performance Standard(s):
Operating Reserves: Increase reserves to a two year minimum.
Capital Reserves: Develop a five, ten and twenty year replacement program and then set savings goals to meet these needs.
Education/Training:
Encourage learning by employees and residents through development of training programs. Facilitate the adoption of total quality management principles throughout the organization.
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Operations and Administration:
• Prepare a written monthly report covering the operational, physical facilities and financial status of the property to be delivered to the Association by the 10th of each month.
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Attend Board meetings as requested.
• Execute all rules and regulations as established by the Board of Directors.
• Annually obtain and review insurance coverage and quotations and recommend changes/enhancements as needed to the Board (this includes Director's and Officer's Liability Insurance).
• Provide a management plan in conjunction with the annual operating budget, including input from residents.
• Communicate with all necessary parties; Board, staff, mortgagee and government agencies.
• Conduct annual staff reviews and evaluations.
• Present recommendations to the board regarding the hiring and termination of employees of the property.
• Keep the employee policy manual and the operating plan and procedures manual current.
• Maintain operational and administrative policies such that the following performance standards will be met:
• Fee Collection - 95% of current month’s maximum potential rent roll.
• Turnover Time - Ten working days, if applicable.
• Provide baseline and monthly status of performance measurements as part of monthly financial and property status report.
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Facilities
• Inspect the physical condition of the building and grounds at least twice per month.
• Engage outside contractors, including contract negotiations and monitoring of work to ensure that services are provided in accordance with contract agreements. Contract awards will be subject to Board approval.
• Perform (or cause to have performed) preventive maintenance on building and grounds according to an agreed-upon schedule.
• Insure that the building and grounds are maintained according to standards consistent with overall plan approved by the Board and within dollar limits set forth in approved budget.
• Supervise maintenance crews during major renovation such that residents are kept informed of the progress of the renovation and the schedule for renovating their
individual unit(s).
• Maintain open lines of communication with contractor, maintenance staff and residents regarding the integration of all activities related to the routine and preventive maintenance of renovated units and the units awaiting renovation.
• Have contractor inspect all heating and air conditioning units and appliances every six months (i.e., April and October of each year).
• Develop and maintain a safe and secure environment for the residents.
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Financial Planning and Analysis:
• Oakes Management, Inc. uses the Yardi Software Application for its in-house property management computerized system. OM's goal is to make full use of the system in order to provide timely and useful information to the Board of Directors. In addition, the utility of the system enhances general operations.
• Through our in-house computer system, the following financial planning and analysis reports will be provided:
Monthly income statement and cash flow statements which provide budget, actual and variance data for current month and year-to-date;
Monthly detailed listing of the residents that have paid and which residents still owe with the amount owed;
Monthly detailed listing of the bills that have been paid and the bills that still need to be paid; and
Monthly balance of the property's check book.
• In addition to these reports, Oakes Management, Inc. will provide the following financial services:
• Collection and processing of carrying charges incomes, assessments and any miscellaneous income.
• Preparation of checks to pay approved expenses of the property.
• Insure that an annual audit or review is completed by a Certified Public Accountant approved by the Board.
• Prepare an annual operating budget for the Board's review and approval at least three months prior to the start of a fiscal year.
• Review the replacement and operating reserves annually to assure that they are sufficient for the owner's protection in the future.
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Education/Training:
• Oakes Management encourages learning by employees and residents through development of training programs, and facilitates the adoption of total quality management principles throughout the organization.
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4274 East Capitol Street, NE Suite 1
Washington, DC 20019
• Phone: 202-388-3900 • Fax: 202-396-4277
• email@oakesmanagement.com |
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