When Bonavista assumes the management responsibilities for your real estate investment, we start by analyzing past performance and look for ways to provide value added opportunities and strategic asset growth. We will prepare a management plan that takes into account all aspects of your property’s merits and position within the market. This includes robust marketing plans, rent comparisons, effective cost control and closely monitored budgets.
To keep properties operating at peak performance, both general and unit inspections are conducted on a regular basis. Our proactive approach to the condition of your property prevents deferred maintenance as well as liability issues. For larger projects, we select high quality, low-cost vendors and monitor their work through to completion to insure the job is done right every step of the way.
Bonavista handles the staff hiring, training, on-going development, and payroll (which is provided by a 3rd party), all within our standard fee structure. This service includes quarterly and annual State and Federal taxes as well as W-2’s for the employees.
LEASING & RENT COLLECTION
Bonavista stays current on real estate laws and market trends thru various publications, seminars and membership in the Rental Housing Association of Puget Sound and Institute of Real Estate Management. Property managers are trained extensively on leasing skills, stay up to date on current laws, maintain the highest levels of customer service, handle maintenance issues and all aspects of managing a safe, clean, and profitable property.
We aggressively collect all outstanding balances. Delinquency reports are run weekly and any unpaid amounts are quickly and properly processed to minimize lost revenue.
We use Yardi Voyager property management software, an internet-based program which enables us to optimize control over management tasks and accounting procedures as well as present accurate and easy to read financial reports to our clients. Each month our in-house CPA produces a comprehensive financial statement for each property in our portfolio. Each monthly statement includes unit statistics with graphs, cash flow statement, bank reconciliation, budget comparison, 12-month income statement, rent roll and expense analysis. We can also set up reserve account for real estate taxes, insurance, or capital improvements. Our CPA is available to answer any question a client might have.
Our maintenance team, comprised of highly trained and experienced technicians, excel in repairs done right the first time at minimal cost and time. Customer satisfaction and resident retention are of utmost importance on every repair completed.
CONSTRUCTION & RENOVATION SERVICES
Bonavista also provides the expertise to make our clients construction and renovation projects a success. Large and small projects alike, vintage building or contemporary. We will create a customized plan to work for you.