Condominiums, Coops, and HOA's

HIGHLIGHTS OF TRS STANDARD SERVICES
 

These standard services for over 20 years have been the way we do business, standing us apart from other management firms. The level of service is legally set by your Board, therefore if more or less desired, please let us know:

 

• No commingling of funds---accounts are established in the property name and tax ID number; a Board resolution is needed to withdraw from reserve accounts and make other than routine payments; reserve accounts may remain under Board control.

 

• Maintain your records and files; send the needed financial records to your CPA for audit/tax preparation, and have your president sign them, then mail them and file the signed copy; the preparer's report is distributed to the Board. (An audit every other year is recommended.)

 

• A monthly report is issued to the president and treasurer between the 20th and 30th of each month---which includes a computer report with budget comparisons, delinquencies, phone numbers, copies of checkbook ledgers, invoices, bank statements, and correspondence---to keep you informed.

 

• Late notices and statements on delinquent accounts are sent out monthly between the 16th and 20th of the month; at the Board's direction delinquent accounts are forwarded to an attorney for collection, and further if directed.

 

• We recommended attending most Board meetings and certainly, the annual meeting, this helps maintain good and clear communications and provides us with policy to better act as your agent---a two-way dialogue is essential.

 

• We prepare and send/post memos, notices, minutes, and other such communications, including meeting notices and proxies, minutes, and a full package after the annual meeting (if the secretary does not write the minutes, we will do it).

 

• For building services, we write for Board approval bidding specifications, meet contractors and obtain bids, and present them with recommendations, then with the Board's decision let the contract, monitor it, and administer it; rebid insurance coverage and check for adequate coverage, especially with your bond.

 

• Inspect the building weekly to check cleaning quality, trash collection, security, fire extinguisher, roof, gutters, and much more.
   

• We offer a 24-hour answering service for emergencies only.
   

• It is wise that we hold keys to all units, in case of emergency and to facilitate owners having repairs made (notify us, and your contractor can pick up and return your key the same day).
   

• On a daily basis, we log repairs and service requests and process them for the appropriate action, keys are logged out and in and keys are required to be returned the same day.
   

• Budget planning is also project planning time, we recommend looking ahead one, two, and three years in the short term, funds for these projects are set aside for the designated purpose; we take a proactive position in your planning; capital reserve savings schedule should be re-evaluated every 5-plus years.
   

• In general, the approach of TRS is quality, so that your funds are wisely and well spent to improve your investment. If you see areas that we can carry out better for you, please let us know---encouraging that important two-way dialogue. Therefore, our management agreement is basically a month-to-month agreement to make ending the relationship easy if it is not working.
  
  In short, it is our personal pledge that TRS will extend its best efforts on your behalf.