In simple terms, what does the professional real estate management team do?
Our dedicated management firm has four primary responsibilities:
- Management of the physical site
- Management of On-site and Off-site Personnel (i.e. Vendors)
- Management of Funds and Accounts
- Management of Leasing Activities and Tenant Services.Our management firm continually adds and improves upon an ever-growing amount of responsibilities for strategic and financial tasks.
What is the primary goal of the real estate management firm?
We want our owners’ property to reach its highest and best use. This means that we are interested in the property generating the highest net operating income (NOI).
What are the components of Virtue Residential LLC’s “Golden Standard” management plan?
Since there are unique aspects to each property, we evolve our management style to each owner’s expectations. Our “Golden Standard” management plan includes:
- Regional Analysis
- Neighborhood Analysis
- Property Analysis
- Analysis of Alternatives (e.g. operational changes, structural changes, and changes in use)
- Cost-benefit analysis
- Marketing strategy
- Conclusion and Recommendation
This comprehensive analysis is made available to each owner of a Virtue Residential LLC managed property.
Describe the management agreement that formalizes the relationship between owners and Virtue Residential LLC?
The management agreement is a binding contract that establishes our legal obligation to serve your operation over the given property. This agreement establishes a relationship between the owner and Virtue Residential LLC for a fixed period, defines our responsibilities and compensation for services, outlines our procedures, specifies limits on our authority and actions, and explains the financial and other obligations of the property owner.
With ethical practices being an important part of Virtue Residential LLC’s mission, how can owners be confident that the company will meet and exceed high ethical standards?
At Virtue Residential LLC, we strongly believe that integrity is the most important value to uphold long-standing and strong business relationships. Our ethical strength is rooted in our understanding that the rental property belongs to the owner, and not us. This means that we seek our owners’ input so that we can work together to formulate a property management plan that achieves the owner’s personal investment goals. In addition, we maintain employee professional membership conferred by the Institute of Real Estate Management (IREM), and adhere to IREM’s Code of Professional Ethics.
I’m interested in getting real estate management for my property. How do I get in contact with Virtue Residential LLC? Contact Virtue Residential LLC:
Email: salters@VirtueResidential.com
Phone: (973)-391-4607