YWMT believes the strategic positioning of a community must first start with an in-depth marketing assessment of the property. To accomplish this task our company has in place detailed internal and external assessment programs. These programs assist and ensure that the property is utilizing every resource available to successfully position the property and to market the property to the surrounding community.
At the beginning of each month, a spreadsheet is generated to establish occupancy, traffic, and both team and individual leasing goals for the period. The report analyzes volume from current traffic sources, applies a realistic closing ratio, and plans on how to get more traffic if needed. The report is reviewed throughout the month at a daily meeting to keep marketing and leasing goals on track.
The marketing assessment includes brainstorming about the current market and its trends, current staffing and training, demographics, preferred employer contacts, traffic, and other areas directly affecting the marketing program of the property. This type of assessment enables YWMT to take an unbiased look at strengths and weaknesses to identify areas where training or further market research may be needed.
YWMT strategically utilizes periodic telephone, online, conventional, and video shopping reports as a training and development tool. Shops reveal whether the leasing associate is following the YWMT guidelines for telephone, tours, and follow up performance. The results of the shops provide a blueprint for subsequent training targeted to the specific leasing associate and the exact challenges discovered.
Our marketing assessment program has been extremely successful in helping our staff achieve and maintain a strong visible position in the community, surpass market average occupancies, and generate a true team marketing atmosphere among our on-site staff associates. Our track record of success has been proven time and time again.
Your Way Management Team utilizes Resman which is an excellent Internet-based, real-time software system for posting rental income, maintaining operating information, managing receivables, and processing accounts payable.
Our fiduciary responsibility to our clients is our highest priority. Money management is handled at YWMT through its corporate finance department, utilizing the Resman accounting computer system. Proven management formulas provide for the smooth, efficient day-to-day operations of numerous apartment communities. Safeguards and strict accounting procedures are mandatory.
Each level of the property management team, from on-site personnel to the President of YWMT, is responsible in some way for ensuring the financial stability of the asset. The on-site staff practices proactive marketing by continually monitoring street rates, concessions, and occupancy trends, as well as current and projected economic factors when determining the pricing of each available unit of the apartment community.
» Budget preparation
» Financial statement preparation
» Manager spending limits
» Three-tiered corporate staff monthly financial reviews
» Monthly financial report preparation
» Purchase Order system
» Accounts Payable management
» Accounts Receivable management
» Fixed expense management
YWMT produces high quality, detailed, monthly owner’s financial and property status reports. Our software application programs and our staff are well equipped to meet any additional reporting requirements customized to the needs of each asset.
Monthly owner’s reports are mailed out on the tenth of each month. The reports, in their entirety, are prepared and completed by the respective property manager, then submitted to the Corporate Office for review.
The final review is performed by the President of YWMT, the Chief Financial Officer, and the Regional Managers before distribution to the owners, to ensure accuracy of information and analysis of financial variances.
The best way to start preventive maintenance is to physically audit what you’ve got, unit by unit, exteriors, common areas, and amenities. YWMT begins with a property assurance survey that encompasses a thorough, in-depth physical inspection of the following:
Exterior building integrity
» Unit by Unit inspections
» Exterior grounds
» Common areas
» EPA and OSHA
» Emergency procedures
» Maintenance shop
Once the initial inspections have been completed, a plan for corrective measures is submitted to the owner with an appropriate bid package on any major capital needs. An overall general maintenance program would be put into place and become a part of the standard day-to-day maintenance as outlined and detailed in the Policy & Procedures Manual.
As part of YWMT’s dedication to the successful management of your asset, upon initial assumption of management the following due diligence items would be performed:
» A complete file audit will be performed to verify the integrity of the data in the computer, the resident’s file, as well as the integrity of the tax credits.
» Assess outstanding resident balances and would put aggressive collection procedures in place.
» Review of vendor expenses and performance.
» Assessment of potential additional ancillary income.
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