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 ssessing
both owner objectives and property needs provides the foundation
for a comprehensive business plan that encompasses marketing, financial,
physical, and administrative aspects of operating the asset. Our
experience with a diverse portfolio of multi-family communities
enables us to design a unique and specific approach for managing
your property.
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Due
Diligence
Do
you need help in determining the viability of a potential
investment? First Choice staff can quickly and efficiently
analyze a property for you and provide the data you need
to make an informed decision. We will provide: a unit walkthrough
and needs assessment; rent roll, delinquency, and lease
file review; vendor contract review; historical operating
statement review; insurance and tax review; market survey
and competition shopping; exterior physical condition review;
staff review; mechanical systems review. A recommended capital
budget and operating proforma can also be provided.
Marketing
Careful
analysis of the market area through surveying and shopping
competition, communication with other real estate professionals,
and ongoing review of traffic, vacancy/move-out status,
and weekly status reports gives First Choice managers the
data to develop cost effective marketing plans specific
to the needs and budget of the property. Resident surveys,
careful monitoring of maintenance work orders and lease
expiration reports aid us in our resident retention efforts.
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Rehab
Supervision
From
roofline to sewer lines, parking lot to mechanical systems,
First Choice managers have the experience and expertise
to negotiate major contracts and purchase supplies at competitive
prices, while assuring the highest quality work through
their diligent supervision. We are well known for tackling
both large and small rehab jobs and maximizing income while
repositioning the property's place in the market.
Accounting
Under
the supervision of a CPA, First Choice's accounting department
operates under well-managed controls, maximizing the accuracy
of all data and records. Utilizing Alternative Management
Systems, Inc. (AMSI) accounting and property management
software in conjunction with reports and procedures internally
developed by the company, comprehensive financial reports
are produced in a timely manner for owner and manager review.
Each report is tightly controlled and linked to a monthly
cash flow and P&L statement, which is the operating tool
used throughout the year after the annual budget is approved.
First Choice Management Group has the capability to develop
report formats tailored to its clients' requirements.
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