REAL ESTATE CONSULTING 1 - 2006 - Laserfiche WebLink

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j' I I I I I I I function is how timely a collection policy is implemented and administered. Rental policy and payment obligations are clearly established up front with no misunderstanding of when rent is late. By the third day of the month late notices go out. On the fifteenth day of the month a delinquency report is generated. As soon as possible thereafter, our project manager will sit down with the City to review tenant delinquencies. After this meeting we will follow through on the agreed upon next steps. Tenant balances are updated daily. At vacancy, we perform a final accounting. This information is transferred to the relocation firm who could deduct the arrearage from the benefits. It is necessary to maintain a standard, safe, and sanitary condition on the project properties. This starts with a Pre-Close of Escrow inspection (PCOE). We recommend these inspections be performed on every property in an effort to make the City aware of unsafe conditions that would expose the City and REC&S to urmecessary liability. We have developed a policy, procedure, and format for this inspection to make our clients aware of exposures. Upon discovery of liability exposures, REC&S would recommend a better method for acquisition that would limit liability while accomplishing the goal of acquisition and relocation. To continually maintain standard, safe, and sanitary conditions for the project properties, we would also provide regular monthly inspections, a minimum of two per month where habitability and safety are the biggest concerns. We will promptly address tenant complaints, concerns, and emergencies that may arise. We employ a 24/7 bilingual (Spanish speaking) call center. Our response times vary based on the type of call. Our call center can dispatch REC&S staff as well as our pre- approved vendors to the project site. Our work order system tracks all calls from tenants. This removes the possibility of tenants making unfounded claims for non-responded calls or services provided to any City acquired property. This system helps minimize liability exposure to ,the City by documenting activity on each property. We can set the systetp up to provide services based on the contract requirements established by the City. This would include all vendor activity that is contracted or ordered as a result of the contract between REC&S and the City. Monthly reports can be provided as well as on demand individual unit reports. A standard operating procedure for REC&S is to provide any notice desired by our clients. We will also advise our clients if certain notices are inappropriate or potentially damaging. Notices we have prepared on the behalf of our clients include but are not limited to Notices of Abandonment, Change of Ownership, Notice of Default, Notice to Quit, and Eviction. At the time of vacancy we recommend a member of our staff meet with the relocation agent at the property. There are several important steps that must take place during this meeting. These would include, collection of key, lock changing, property clean up, occupant abandonment of personal items to name a few. 3 ( REC&S,INCOO;