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Steadfast Management Company, Inc. provides property management services for the company’s multi-family residential projects.
In addition, Steadfast Management handles the detailed housing-compliance issues for the division’s apartment communities that are financed with tax-exempt bonds and Low Income Housing Tax Credits. The company has developed a comprehensive management structure based on the expertise of the professional staff, which has many years of combined industry experience among the principals and officers of the company.
With a corporate philosophy that values employees as its most important asset, Steadfast Management has developed a concise reporting system that allows business and regional managers to monitor the progress of a property’s operations. For conventional market rate properties in particular, managers focus on the rent levels in the marketplace and the projected availability of the apartments in the communities. Managers use the company’s reports to make critical marketing decisions about lease terms, rental rates and special promotions designed to attract new residents.
The company maintains a clear focus on the essentials of apartment management with the following (click the items below to see a description):
Comprehensive Scope of Services
Our objective is to maximize income and maintain control over expenses. Services provided include, but are not limited to:
- Staffing of on-site employees according to the Owner approved budget.
- Property management supervision by qualified Professionals of Steadfast Management Company.
- A competitive compensation package including health benefits to solicit and maintain the top professionals in the field.
- Full accounting of income and expenses under generally accepted accounting principals, monthly financial reporting is available in cash basis, accrual basis and modified accrual (income - cash basis, expenses - accrual basis).
- Weekly occupancy and collection reporting
- Turnover statistics for each community
- Monthly financial report – 15th of each month
- Annual budget preparation - Owner approval by November 1st
- Partnership distributions - as directed
- Professional accounting and accounts payable administration.
- Construction supervision/rehab supervision
- Insurance/Risk Management.
Highly Trained People
People: Our Most Important Asset
The residential management team plays an essential role in our formula for success. Through our dedicated personnel we have become experts in the field of property management. Orientation and education of every staff member is imperative and treated with utmost importance. Emphasis is placed on professional management and quality customer service.
- All employees go through extensive screening prior to being hired.
- When new employees are hired, it is because Steadfast Management Company has determined that they possess the qualities necessary for success.
- It has been proven that high quality individuals tend to stimulate one another and encourage an atmosphere necessary for success.
- A number of scheduled, well-coordinated classes, individually tailored to all levels of on-site employees are an important difference between Steadfast Management Company and our competitors.
- Experienced Real Estate Managers will conduct training classes. Our staff is taught the art of “closing the sale” and gains an understanding of the financial operations of a community. Our maintenance staff is trained from service request to OSHA requirements to preventative maintenance.
- Tax compliance classes are provided to the on-site staff at predetermined intervals during each year.
Knowing that capable people are most productive when they are given responsibility, Steadfast encourages employees at every level of its management organization to assume personal responsibility for important management tasks. With responsibility, we believe in giving the authority to achieve tasks. Each member of our team is allowed full measure to get the job done. Overall our philosophy is to empower our on-site Business Managers and all personnel involved in the daily operation of each apartment community.
Proven Marketing & Leasing Process
Professional apartment marketing does not just happen. It is created with a deliberate planned program of established policy and carried through with clearly defined, disciplined procedures. Our marketing program begins with effective advertising and promotion, which is designed to bring prospective residents to the apartment community. By monitoring customer responses, Steadfast Management Company is able to discern which advertising mediums are most suitable and cost effective. A carefully planned advertising program is needed for each apartment community, specifically designed to establish the proper image, and to attract the maximum number of qualified residents.
- Steadfast Management Company conducts comprehensive market surveys, and incorporates the results into employee training.
- Managers are given specific training in how to understand and deal with customers.
- Steadfast Management Company conducts an initial property analysis, which includes assessing vacant units, exterior condition, historical operating performance, etc.
- Business managers conduct a monthly analysis of area competitive apartments, which includes rent levels, concessions, lease terms, etc.
Steadfast Management Company managers are experts in marketing. Through a series of personalized, managed community workshops, every manager is thoroughly trained in the theories of sales, customer psychology, and closing techniques. Because a customer must feel comfortable with the decision to choose a new apartment home, Steadfast Management Company managers take special care to focus on the customer’s needs and to help the customer feel personally comfortable at the community.
Maintenance & Purchase Procedures
Recognizing the importance of preserving the value of the real estate asset, Steadfast pays careful attention to maintenance. Landscaping is always a high priority, because it enhances the appearance of the real estate and has been proven to add to its value. Regional Managers have a working knowledge of landscaping and conduct thorough inspections on a regular basis.
Most maintenance at the communities is performed by Steadfast Management Company employees, who are trained in many disciplines, including painting, carpet cleaning, plumbing, electrical, air-conditioning, heating, etc. A special emphasis is always placed on maintaining cleanliness throughout the community, as well as establishing a well thought out preventive maintenance program.
Maintenance expenses are controlled through proper training of maintenance personnel, well-organized work schedules, and purchase of service and supplies from approved vendors. By pre-screening vendors, we are able to obtain discounts on prices, responsive service, and on-site business managers are not bothered with repeated sales calls.
Detailed Reporting & Compliance Monitoring
Steadfast Management Company has developed a concise reporting system, which allows Business Managers and Regional Managers to monitor the progress of a property’s operations. In particular, managers focus on the rent levels in the marketplace, and the projected availability of the apartments in their community.
Business Managers and Regional Managers use Steadfast Management Company’s thorough reports to make critical marketing decisions about lease terms, rental rates and special promotions designed to attract new residents. On the whole, the Steadfast reporting system is designed to produce information from which owners can clearly monitor the property’s performance. Furthermore, the monitoring team conducts audits of property records to verify compliance with policies.
Available reports include:
- Monthly financial reports for the current year
- Current year budget
- Current rent roll illustrating occupied units, contract rents, move-in dates, date of last rental increase and security deposits
- Vendor list
- Service contracts
- Outstanding payables (aged)
- Current tax bill
- Mortgage/Loan information
- Insurance certificate and premium information
- List of on-site employees with payroll information
- List of known maintenance issues or physical necessities
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