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Renovation & Rehabilitation

Renovation and Rehabilitation

SERVATECH will conduct a detailed study for the purpose of identifying action to be taken in order to improve the property and to extend its life expectancy.

SERVATECH will develop a program of renovation and rehabilitation geared to keeping the property competitive within the marketplace.

Renovation & Rehabilitation of Properties:

  • prepare an Action Plan based upon detailed property investigation
  • prepare a detailed cost analysis of renovation / rehabilitation program
  • establish Rent Review cost pass through projections
  • review Action plan with the property Owner and determine cost benefits of proceeding with the Plan
  • prepare with or without technical assistance detailed plans, designs and specifications for each phase of the Plan
  • upon acceptance of the Plan, obtain no less than three (3) competitive tenders on each phase of the Plan
  • prepare a detailed summary of the tendering on each phase of the Plan and present it to the client
  • award contracts upon receipt of approval from the property owner
  • supervise all capital works where we are qualified to do so and liaise with consultants where necessary
Managing Our Clients' Funds

Managing our Clients’ Funds

One of the most important services SERVATECH provides its clients is the management of their funds. Over the years we have established systems and procedures which are geared to ensuring that each of our clients has total control over the receipt and expenditure of funds generated by their properties. Banking: Clients of SERVATECH who use its Bank ( Cross town ) receive favourable fee structures as well as favourable interest rates on their daily operating accounts.

The Controls: Handling of Client Funds:

  • all employees of SERVATECH are fully bonded;
  • each client has their own separate bank account over which they have total control and authority; individual bank accounts;
  • cash payments are not accepted;
  • funds in our clients’ accounts are not commingled;
  • all receipts are made payable to the client and not to SERVATECH; Receiving Client’s Funds:
  • SERVATECH maintains manual rent receipt ledgers at all property sites;
  • detailed monthly financial statements provide details of all receivables for reporting month;
  • SERVATECH accepts payment of rents in the form of regular cheque, money order or certified funds.

Spending Clients’ Funds:

  • each client has exclusive control over cheque signing authority;
  • quotations are obtained for all expenses to be incurred by the client in excess of a predetermined amount ( with the exception of emergencies );
  • spending limits for SERVATECH and its management staff are set by each individual client;
  • all expenses incurred in the operation of each property are paid by cheque;
  • Purchase Orders are issued for all purchases with the exception of contract work;
  • all contracts are made in the name of and signed by each client;
  • Work Orders, Purchase Orders and Invoices are all carefully matched and approved for payment by the Property Manager as well as one of the executive of SERVATECH prior to presentation of the cheque to the client for signature;
  • all discounts and any other benefits derived through bulk purchasing are passed directly on to the client;
  • SERVATECH is not affiliated with any company which sells either supplies or services to the property management industry;

Over the years SERVATECH has developed systems and procedures geared specifically to ensuring that its clients’ funds are managed with the same interest and care as if it had an interest in its clients’ properties. SERVATECH ‘s procedures have been closely scrutinized by many auditors and have always met with their complete approval without qualification. Our clients have the freedom to examine their books of account at any time.

Accounting & Financial Services

Accounting and Financial Services

SERVATECH employs the use of a fully integrated computer system located at its head office which is used by its accounting staff to provide comprehensive tailor-made financial reports geared to individual client specifications. Over the years, SERVATECH has developed accounting and computer procedures and systems designed to provide the highest degree of control available in order to protect our clients’ assets and ensure accuracy in the recording and reporting functions of the business.

Financial Services:

  • preparation of budgets;
  • all financial accounting and record keeping;
  • financial statements complete with outstanding receivables listings;
  • variance analysis of income and expenses;
  • accounting preparation for year end audit;
  • cheque preparation and approval;
  • daily banking services;
  • administration of long and short term investments;
  • collection advice;

Year end financial statements are produced along with a very comprehensive work paper file and this is made available to the auditor in order to assist them and at the same time, minimize audit fees.

Protection of our Clients' Funds

Protection of our Clients’ Funds

The Maintenance Action Plan:

The term “preventive maintenance” is used frequently in the management of properties and can best be described as a calculated and planned course of action, adopted by the property manager to achieve a measure of control and regulation over the physical upkeep of properties. Preventive maintenance involves implementing an organized program to reduce the risk of unanticipated defects, malfunctions, or other unsatisfactory conditions. Preventive maintenance, if performed thoroughly, should not only maintain building components in good order ( keep them clean, tidy, efficient and free from breakdown ) but should, in addition, expose problems or potential problems so that they can be rectified immediately in order to prevent further deterioration. Preventive maintenance is a course of action which strives to guarantee that the normal life expectancy of building components will not be cut short and moreover strives to extend, wherever possible, and whenever possible, normal life expectancies.

A comprehensive preventive maintenance program starts with the development of a “Master Action Plan”. The Master Action Plan is used in the scheduling of annual maintenance service tasks. The Master Action Plan forms the template for each property’s unique preventive maintenance program. Once the Master Action Plan has been developed, it is important that all items in the “Plan” be prioritized in a schedule or “Maintenance Calendar of Events”.

Although there may be some comfort in knowing that a large mechanical contractor ( Honeywell, Carrier, etc. ) maintains the mechanical equipment in your building, it is vitally important that building operating staff play an active roll in the daily inspection and monitoring program. The Building Superintendent is your representative and has a far greater vested interest in the performance of this equipment.

Building personnel are required to keep operating records on all equipment.

IMPORTANT NOTE: With the recent dramatic increases in the price of natural gas, it is a well known fact that the best form of energy conservation is close monitoring of mechanical equipment by building personnel

Computer Support

Computer Support

Over the years it has become essential for a property management organization to rely upon a system which provides the ability to track the multitude of information gathered in the management of real estate properties. SERVATECH utilizes a system developed by LandlordMax which has been developed specifically to assist real estate managers in making their work more cost effective. The Landloard Max package is the first of its kind to fully integrate the tools required for the administrative side of the business such as operating budgets, tenant billings and collections, vendor payables, financial statement preparation and reporting and consolidated reporting.

Users of the Landlord Max system are provided with the comprehensive planning and control tools required for effective financial management. The financial system includes General Ledger, Financial Reporting, Budgeting, Accounts Receivable, Accounts Payable, Banking and MICR Cheque Printing. The system also maintains a complete database on each unit tracking occupants, parking and other pertinent information.

Landlord Max is a large and established organization and has all of the resources to provide the technical support and training.

Maintenance

Maintenance

Screening Trades & Contractors:

SERVATECH will carefully screen all suppliers and contractors to ensure its clients receive only the highest quality of workmanship at the most competitive prices. SERVATECH will also negotiate very favourable prices for all building supplies and on most maintenance and capital works contracts.

Staffing The Property, Training & Position Descriptions:

Without a doubt, building operating staff ( cleaners & maintenance personnel ) play a significant role in the efficient and effective operation of any property. SERVATECH recognizes the value of this resource and has developed the following systems and guidelines geared to maximizing the efficiency of building operating staff:

* detailed position descriptions detailing the following

  • the purpose of the position
  • objectives of the position
  • scope of accountability
  • list of duties

* performance criteria
* scheduling performance evaluation
* staff training programs

Rent Review

Rent Review

SERVATECH considers the rent review process to be an integral part of managing any property within its portfolio. It is for this reason, with the exception of costs relating to rent review consulting, that SERVATECH considers this to be part of the management services provided and therefore included within the management fee.

SERVATECH will analyze the benefits of applying to Rent Review for each individual property

SERVATECH will determine if each property requires capital improvements and the cost benefit to obtained to the owner by applying to Rent Review

SERVATECH prepares a detailed property by property analysis of capital costs and the impact each cost will have on future rent increases within each building. This information enables the property owner to make an informed and selective decision with respect to the proposed renovation / rehabilitation action plan

Scheduling of capital works is of vital importance for the following reasons:

– seasonal limitations
– tenancy agreement anniversary dates

Proper scheduling will achieve the maximum rent increases as quickly as possible from the largest number of tenants within the building

SERVATECH will provide the rent review consultant retained by the property owner with all of the documentation necessary for the proper filing of the application to increase the rents

Representatives of SERVATECH will serve all of the required documents on the tenants and will attend at all rent review hearings with the owner’s rent review consultant

Retail/Commercial Management

Retail/Commercial Management

At SERVATECH we provide management expertise and operating efficiency to clients with industrial and commercial properties. Attracting high quality tenants is our priority. Our clients can be assured of a consistent revenue stream.

  • leasing of vacant space;
  • screening and selection of tenants to achieve stability and optimum tenant mix;
  • design and construction of tenant improvements;
  • preparation of annual budgets;
  • preventive maintenance programs, combined with building inspections to ensure the quality, appearance and marketability of a property;
  • arrangement of insurance coverage;
  • timely financial reporting with budget variance analysis;
  • annual budgets for approval by the client;
  • programmed capital improvements to enhance property values;
Rental Management Services

Rental Management Services

At SERVATECH we understand that our clientsï¾’ time, resources and energy are too valuable to be spent on anything other than their primary business activities. Therefore, recognizing that quality property management is a prerequisite for a successful real estate investment, our clients call upon our specialized experience, people and services to manage their properties so that they can focus on their core business.

Owners of rental properties can be assured that we have specialized knowledge and bottom line perspective to profitably operate their buildings. We offer:

  • complete involvement in and knowledge of rent review legislation;
  • effective marketing of vacant apartments;
  • procedures to control and screen all tenancy applications;
  • regular grounds and property inspections;
  • planned preventive maintenance programs;
  • energy management and direct purchase programs;
  • cost savings through economies of scale;
  • arrangement of insurance coverage;
  • preparation of year end financial statements for audit;
  • annual budgets for approval by the client;
  • programmed capital improvements to enhance property values;
  • staffing, training and supervision of building staff

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