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MANAGEMENT SERVICES
Our bilingual staff can handle a wide variety of property management services including:
- Rent collection,
- Posting of 3-day notices to pay or quit / perform or quit
- Evictions through an eviction attorney,
- Preparation of and leasing of vacant units,
- Repairs and maintenance (which is billed on a per hour basis),
- Property tax payments,
- Property insurance premium payments,
- Mortgage payments,
- Utility company payments (ie electricity, water, gas, and trash), and
- Any additional third party vendor payments (i.e. landscaping).
Each property management agreement is tailored specifically to the needs of the client. Clients can choose which items they want Peergroup to handle on their behalf, and which items they want to continue to take care of. Often, our clients request to make the mortgage payment, property tax payment, and insurance payment. Other clients choose to do the repairs and maintenance work themselves.
MONTHLY PROPERTY REPORTS
A detailed property report is prepared each month and is mailed to the client along with a distribution check after all bills for the month are paid. The monthly property reports include: a cover letter detailing activity for the month, a cash flow statement, a balance sheet, a trial balance, a general ledger, a check register, a deposit register, a rent roll, bank account reconciliation forms for both the operating and security deposit accounts, and copies of the bank statements. Copies of invoices and receipts are available upon request.
PROPERTY MANAGEMENT
Our focus is on multi-family, retail, industrial and commercial properties. Peergroup built its reputation in REO’s but our successful management model often convinces buyers to retain our management for long-term private operations. Indeed, many of Peergroup’s private clients today came to us as buyers of REO’s in the mid-1990’s and the relationship stuck.
Urban income properties typically face problems associated with poverty, crime, and drugs, resulting in poor income and deferred maintenance. Nevertheless, once Peergroup takes control of an asset we produce tangible physical and economic improvements. Properties stand out as clean, well maintained, graffiti free and renting at or above market rates.
One special aspect of Peergroup is the proven ability to provide low cost rehabilitation of properties. From rehabilitation of a vacant 16 unit building in Anaheim, CA to the utility restructuring of a 100,000 square foot industrial operation in East Los Angeles, Peergroup property supervisors are always “hands-on”. Re-positioning of assets through market studies, lease negotiations, and physical improvements are all tools used to make the property successful.
LEASING AND TENANT RETENTION
Successful leasing can be difficult in competitive markets or where properties are struggling for economic survival. Peergroup is adept at assessing a situation and developing strategies to mount successful marketing plans for income properties. Tenant retention is often overlooked as a valuable method of improving and stabilizing cash flow.
Prospective tenants are entitled to see their future home as it should be, not as it could be. We don't promise a new stove, refrigerator, carpet or linoleum; we have the actual installation complete and ready to go when the future resident views the unit. Our “No Excuses” policy allows residents to see exactly what they will get for their money.
LOW INCOME HOUSING
Peergroup manages a number of low-income properties that take advantage of a variety of housing subsidies, ranging from the normal Section 8 vouchers administered by the Local Housing Authority, to "controlled units" under the administrative supervision of the California Housing Finance Agency." Also under our supervision are a number of project-based properties with HAP contracts administered by HUD or CalHFA.
MANAGEMENT FEE STRUCTURE
Peergroup’s fee structure is based on the greater of a flat fee or a percentage of the total gross collections. The fee varies depending on property size, property location, and level of service requested. To receive a specific management fee for your property, please contact our offices.