Vintage Realty Company’s property management team efficiently and comprehensively handles all of the details of your property’s operation from physical inspections to the budgeting process. This ensures that our managed properties operate smoothly and professionally for our clients and tenants.
An operational budget (both income and expense) is prepared on an annual basis for each property operated by the Property Manager assigned to the project. Both operational and capital budgets are prepared by using forms and instructions specifically tailored to meet the needs of the client’s properties.
The purpose of budget preparation is to review the objectives and requirements of property and plan operations for the twelve-month period. A capital budget is also prepared in conjunction with input from staff maintenance personnel, third party engineers (if applicable) to make recommendations designed to preserve the value of the asset.
Each Manager charged with property operation and services is responsible for controlling the income and expenditures of that property. The operating budget is used as a guideline for each purchase.
Vintage Realty Company continually updates and negotiates with vendors which can provide volume discounts to the individual properties. This practice ensures that the properties receive quality materials and services at highly competitive prices from qualified vendors. Vintage Realty Company prides itself on maintaining excellent working relationships with numerous vendors and contractors.
Vintage Realty Company has developed an Emergency Procedure Manual which includes critical detailed information about each property managed by Vintage Realty Company. The manual contains information such as emergency access, location of critical systems within a building, security codes, space plans, emergency contacts, keys to emergency systems and doorways. The emergency manual also includes maintenance and property management contacts. All Vintage Realty Company employees are familiar with the emergency manual and feel comfortable utilizing the information in the absence of management or maintenance personnel.
In addition to the Emergency Procedure Manual, Property Managers and Maintenance staff ensure that all related equipment including life safety systems, emergency generators, pumps, etc., are routinely checked and tested to ensure that these systems will be operational in the event of an emergency. In addition, all life safety systems are inspected, tested and certified on an annual basis by an independent outside vendor to further ensure proper operations.
Vintage Realty Company feels continuing education for personnel of all levels is vital to the success of the firm and portfolio of properties. Property Managers and Maintenance personnel attend monthly educational meetings to keep updated on current trends, procedures, etc. Topics for some of the meetings held previously include: Telecommunication Basics, Life/Safety/Owners Responsibility, Computer Aided Drafting (CAD), HVAC Mechanics and Building Safety.
Vintage Realty Company property managers also attend “work sessions” to address issues such as policies and procedures (write new and revise old operating procedures), develop new forms for day-to-day operations, discuss plans for life safety drills (fire drills), develop building information binders, etc. The sessions also act as a support group for managers to discuss specific problems or issues addressed in day-to-day management situations and act as training sessions for newly hired property managers.
Operating Expense Management
A statistical history of operating expense totals and line items is reviewed to determine that expenditures are consistent with other comparable properties in the market.
The amounts are compared to:
- Previous Year History
- Progression of Expenses Over a Long Term
- Total Expense Analysis by Building Type, Size, Age and Height
These reviews assist in decisions relative to strategic planning, contract negotiations, budgeting and operations.
Regular inspections of equipment, structures and property grounds – along with aggressive preventive maintenance – provide a thorough knowledge of a property’s physical makeup and mechanical operations.
This procedure provides the Owner with an edge when an emergency does occur. Inspections ensure that the high standards Vintage Realty Company advocates are in place at all times.
- Frequent inspections are a key factor to better management and planning. They increase the Property Manager’s awareness of the efficiency and physical well being of each building.
- Both the interior and exterior of each building is inspected on a regular basis. Inspections will be made reviewing landscaping, walks, plaza and structures.
Monthly inspections are conducted by the Property Manager following a detailed Inspection Form and also serve as an insurance inspection.