PROPERTY MANAGEMENT SERVICES
Wessex provides varying levels of service to appropriately meet the needs of the individual client.
In the Platinum level the Agent’s Duties would include:
RECORD KEEPING
- Document Verification: Verify that the following documents are on file and recorded (as necessary):
- Management Agreement
- Certificate of Insurance for the project
- Federal Tax Identification Number
- Reserve Study
- Bank Accounts (Operating and Reserve): open bank accounts in name of Owner
- Corporate Record Book: Prepare and maintain corporate record books in accordance with State law
- Property Files: Prepare and maintain property and lease related files
- Annual Reports (Arizona Corporation Commission): Prepare and file annual reports as required by State law
- Tax Preparation: Work with Tax Consultant hired by Owner who prepares and files tax returns as required by State and Federal Law.
ADMINISTRATION OF THE COMMON EXPENSE ASSESSMENTS
- Budgeting: Prepare annual budget for approval by Owner
- Set up tenants on monthly billing cycle
- Tenant Roster: Prepare and maintain roster of tenants
ADMINISTRATION OF COMMON EXPENSES
- Vendor Contracts: Competitively bid for project services (i.e. landscaping, waste removal, etc.), award contracts.
- Accounts Payable: Pay all Property related invoices in accordance with Management Agreement.
- Accounts Receivable: Prepare and distribute monthly invoice for tenants. Track delinquent accounts, assess late fees, take action as by Owner for the collection of outstanding balances
- Monthly Financial Reporting: Prepare and distribute to Owner a monthly report including:
- Balance Sheet and Bank Statement
- Profit and Loss Statement
- General Ledger
- AP and AR statements
- Property Inspections: Physical inspection of common elements by Management Company on a regular basis.
- Administration of Capital Reserves
- Utility Accounts: Coordinate set up and transfers of utility accounts (APS, SRP, water, etc.)
- Additional Services: Perform other duties as directed by Board at a negotiated price
TENANT RELATIONSHIP
- Welcome New Tenants to the Property
- Send Welcome Letter and relevant Property information to each new tenant
- Distribute keys to common rooms and mailboxes
- Negotiate and document tenant renewals and expansions under direction of ownership
