Perry Reid Properties provides a state of the art real estate management system through the expertise of its employees and through current management and accounting technology designed specifically for multifamily property management. Our management system will ensure up to date accounting and management reports based on the goals of the owners. Accounting and management reports are generated and provided to ownership on a monthly basis. The reports detail income and expenses, as well as variance information. The variety of informational detail available through these operating reports can greatly simplify individual accounting and tax preparation requirements.
Perry Reid Properties is committed to maintaining its cutting edge in the use of current trends and software in multifamily technology. The Internet and other current changes in multifamily technology allow Perry Reid to provide its clients with more precise information in a timelier manner. By utilizing current technologies we provide clients and residents innovative solutions to each of their unique requirements.
Perry Reid Properties staff enabled with current electronic technology is able to provide information and comparative studies on property operations, competing properties and other vital information to our clients in a timely manner. We analyze each month's operating statement for income and expense levels and budget variances to help bring forward the progress of each property and its management plan.
Perry Reid Properties, through its highly trained on and off site staff, provides value-added services in areas including maintenance, resident relations (resident retention) and marketing. We take our responsibility to oversee maintenance issues, energy conservation measures, the negotiation of service and supply contracts, the maintenance of administrative records, and monitoring requirements of governmental agencies very seriously. The completion of these responsibilities is a key component of each properties individualized management plan.
Leasing apartments, resident retention and achieving rent increases require a tightly controlled marketing strategy that consistently focuses on resident needs. Each property is expected to attain and maintain occupancy at a minimum of 95%, as is the historical Perry Reid Properties average annual occupancy rate. We have and will continue to accomplish this high level of occupancy through effective marketing and attention to detail in all aspects of the management plan. Perry Reid Properties works closely with all on-site staff to insure that all vacancies all filled and expiring leases renewed.
Perry Reid Properties requires an on-going maintenance program at each property. We utilize select groups of service contractors and maintenance staff at each property who are regularly evaluated for scope of service and competitive pricing. Any and all contracts above a specified amount will be submitted to the owner for approval prior to the commencement of the work. All vendors must meet Perry Reid Properties high standards to qualify as a vendor.
Good resident relations are essential to achieve a successful real estate investment. Perry Reid Properties brings historic credibility to tenant relations by providing for:
Perry Reid Properties management techniques ensure a positive resident relationship throughout the term of the lease and subsequent renewals and this means more and better resident retention.
Perry Reid Properties has many investor partners ranging from the very large corporation or holding company to single individuals. They have cash investors as well as 1031 tax-deferred exchange. In addition they have many tax-credit investors. One of the managing members of Ridge Hollow Apartments in Lincoln, Nebraska, commented that "...our investment was costing us money before Perry Reid took over the property management. It is now producing a double digit annualized cash-on-cash return on our investment." In addition to the traditional investor partner Perry Reid Properties has partnered with several syndicators and private owners to assist them with work-out plans of financially struggling properties throughout the Midwest to make them a financially viable investment.
Perry Reid Properties has developed financial partnerships with a multitude of financial institutions. These institutions range in size from the very largest (Fannie Mae) to smaller community institutions. They have a good relationship with publicly traded Tier One Bank and the largest privately owned bank in Nebraska - First National Bank - Omaha.
Perry Reid Properties considers each resident of each of its managed properties to be a Partner in that property's continued physical and financial health. In providing excellent service to our resident partners coupled with professional on and off-site management these partners strive to keep each property operating at peak efficiency.
Perry Reid Properties has developed long term relationships with multiple professionals ranging from lawyers and accountants to architects and engineers. A partnership bond has formed between these groups and individuals based on common respect. This enables Perry Reid Properties to engage new and ongoing management opportunities from a position of strength on behalf of their clients.
Perry Reid Properties goal to provide full service property management includes knowing when to take advantage of continually changing financing options available within the market. This requires working with many different banks and loan programs to find the financing that best meets the financial goals of the property and owners.
Perry Reid Properties has the knowledge and experience to evaluate and analyze multiple financing scenarios. We've worked with many local lenders, insurance companies, and agencies such as HUD, Fannie Mae, and Freddie Mac to produce lower interest rates, increased cash flow, accelerated amortizations, and better investor returns.
There are many components involved in placement of financing on a multifamily property. First, determining potential lenders and financing models that fit the property best. Secondly, providing competing lenders with substantial amounts of financial data relating to the property's historical performance, and helping you provide the information a lender will require from an owner or Key Principle. Finally, analyzing the different financing options available, and working through closing to ensure a smooth transition.
As described above, to finance or refinance a property is a long and difficult process. The time and effort expended by Perry Reid Properties to assist in refinancing your property falls outside the scope of our typical property management agreement. To cover our costs and provide you with the expertise and service needed, we have provided our standard fee schedule below.
Under 1 Million = $5,000
1 Million to 3 Million = .60 BPS Fee
3 Million to 10 Million = .50 BPS Fee
Over 10 Million = .40 BPS Fee
Under 3 Million = .70 BPS Fee
3 Million to 10 Million = .60 BPS Fee
Over 10 Million = .50 BPS Fee