Condominium, Co-Operative and Rental Property Management Program

Monticello Management provides comprehensive property services including monthly or weekly physical site inspections which include  recommendations for preventative maintenance; capital repairs and staffing.  Our program is a commitment to both the goals and concerns of the owners and residents.

  Accounting Services and Reporting

Accounts are computerized and integrated to provide numerous current up-to-date financial operating financial reports including but not limited to:

• Daily Cash Position
• Accounts Receivable/arrears
• Accounts Payable/open payables 
• Budget vs. Actual
• Monthly Financial Statements
• Custom Reporting (upon request)
• Monthly Analysis (performed to assure data integrity)
  

Cash Management and Collection 

Monticello Management's Cash and Collection Division is responsible for the collection of rents, assessments and other charges related to the corporate revenue stream. 

The Cash and Collection Division will bill for rents, assessments and other charges as well as pursue non-paying accounts on behalf of the board.

Rents and Assessments

Collecting rents and assessments is perhaps the single most important financial activity required of a property manager outside of the investment and preservation of reserve funds. The collection process needs to be tightly scripted to comply with the requirements of the governing documents, legal statutes and the Fair Debt Collection Act.

Arrears

An arrears summary is routinely provided on a monthly basis to the board and to the association attorney.  At the direction of the Board/management, Counsel will take appropriate action.

Disbursements

Monticello Management assumes responsibility for all disbursements based on a procedure approved by the Board of Directors.  

  Budgets

The budget is the financial expression of the service goals of the Association. Monticello Management will present the budget in three segments:

I. Operating Segment,

II. Deferred Maintenance Segment,

II. Capital Reserve Segment.

Reserves or Replacement Funds

Closely related to developing a budget is developing a Reserve Budget for the long-term care and replacement of the common property.

Reserves are those funds the association sets aside on a regular basis for the maintenance and repair or replacement of major property components such as the envelope, amenities and other major general common elements. Reserves may also be accumulated for new capital additions to the property such as the construction of carports or playgrounds.

Monticello Management will work closely with the Board of Directors to explain the Capital Reserve Study, its elements and timing issues.

  Meetings    

Management can arrange to be in attendance at all meetings including the Annual Election meeting, working and budget sessions.

Notices

Management will prepare and distribute all notices of annual, special and monthly Board of Directors meetings.

Sales of Units

Management will coordinate the sale and transfer of Units.

Unit Rentals

Management can collect and maintain all properly executed Leases on Rentals.

Risk Management   

All associations face exposure to loss in four areas: property, liability, net income, and personnel (whether staff, contractors, or volunteers).

Many associations rely solely on basic insurance requirements to deal with the possible adverse consequences of loss in these four areas which may not provide adequate coverage.

Key elements of an association insurance program include:

• Property insurance: full insurable replacement cost if available, waiver of coinsurance, building ordinance protection and mechanical breakdown protection;
• Liability insurance: commercial general liability, hired and non-owned auto, directors and officers (D&O) liability commercial liability umbrella coverage; Income insurance: business income and extra expense, loss assessment protection;
• Personnel insurance: workers compensation and employers liability fidelity insurance.  

Management will obtain annual insurance bids for the Board of Directors to compare with current policy pricing prior to renewals.

Property Asset Management

Maintaining buildings and grounds is never easy. In community associations, there is the added complexity of determining and evaluating the responsibility for the three segments of property:

• General Common Elements
• Limited Common Elements
• Owner's Unit/Property

Further, once those three types of property have been identified, four questions arise:

• Who owns the property?
• Who maintains it?
• Who replaces it?
• Who insures it?

Visitation and Inspection

Management will visit and inspect the property based on a schedule set by the association.  Generally, visitations are at least once a month.   

Inspection of the property is used to note any deficiencies, repairs needed and or violations which will be addressed.

 Maintenance

Most community associations are faced with four types of maintenance:

• Routine maintenance
• Preventive maintenance
• Emergency services
• Requested/corrective maintenance

Working with Contractors 

All communities work with contractors. Working with contractors involves assuming risks and generally represents an opportunity to negotiate pricing and warranties which will impact the community in the long run.

When a contractor is needed by a community, a uniform request for a proposal (RFP) should be used enabling the Board to compare bids. Once the Board selects its contractor/winning bid; then the exact language of the contract must be crafted (including warranties). Since risk is created with any contractor, the transfer and control of that risk must be managed.

Management will provide competitive sealed bids from a minimum of three contractors and present them to the Board for consideration; Management will then schedule interviews at the Board's request; Upon the final selection of contractor by the Board, Management, working closely with counsel, will make sure that the proper contracts are drafted to protect the Association and have the Association named as an additional insured on the contractor's commercial general liability insurance and worker's compensation insurance.

Management Transition Plan    

The transition from one management company to another is always less disruptive with a well-defined transition plan. Our management transition plan is constructed in the spirit of minimizing the disturbance to the owners while assuring that all relevant data is properly transferred.  

Management will notify Unit Owners/Shareholders of the change in management fifteen (15) days prior to commencement of engagement; Monticello Management, Inc. will distribute its information packages, at least fifteen (15) days subsequent to engagement; Monticello Management will notify all vendors, contractors, attorneys etc., of the change in management and request current status reports regarding matters being handled by each party.

Emergencies 24/7

Monticello Management Inc. maintains a twenty-four (24) hour, seven (7) day per week emergency contact program; your property manager may be reached directly on his/her cellular telephone at any time.