More than just a management company.
Vertus Properties is a family owned and operated full service team with over 20 years of experience in management, marketing, leasing, rehabilitation, remodel, and revitalization of multi-family properties in the greater Sacramento area.
Since inception, in 2012, Vertus Properties has assumed management of over 30 apartment communities spanning from Auburn to Davis, with a concentration in the downtown Sacramento area.
Scope of Management Services
Our first step to managing properties is to manage people. Vertus Properties spends a great amount of time focusing on recruiting. This time is taken to find the very best fit of employees in order to staff our communities. Once we have the right staff at our communities, our attention is then focused to training. We feel this is the foundation to obtaining the highest rate of return back for our property owners.
Vertus Properties will provide on-site personnel and will give direct management supervision with concentrated expertise appropriate to professionally fulfill the management of a property. Regional managers will perform regular and random property inspections, to evaluate the efficiency of the property and to evaluate current staff, vendors and budget assumptions. On-site managers will be required to provide live prospect/leasing status reports. As well as monthly reports that include an up to date resident control lists and monthly collection reports. It is the responsibility of each of our on-site managers to obtain multiple bids in order to get the best price and value for goods or services purchased. To ensure the professional appearance of the staff-members, Vertus Properties has a dress code. Also, to ensure professional behavior of our staff, Vertus Properties provides formal training for all employees.
Policies & Procedures
Vertus Properties will furnish a policy and procedure manual for many on-site operations. Our policies and procedure manual includes: Rent Collection, Deposits, Bill/Invoice handling, Financial Reporting, Marketing, Move-in/Move-outs, Unlawful Detainers, Regular Maintenance, Safety, and Security.
One of our main focuses is on continual and proper maintenance. We believe that deferred maintenance can ultimately ruin a property. The specific maintenance needs of a property will be addressed and completed in a timely manner. We will have maintenance technicians that coordinate, when required, with our managers and/or any other vendors or contractors. Our maintenance technicians will focus on continual property improvements, turning vacated apartment units, work orders for occupied apartments and to the general community.
We coach our employees to properly and efficiently manage their day to day operations of the property. This can include all resident communications, supervision of the maintenance technicians and office personnel when required; This can include negotiations of all services and vendor contracts. Attention to detail, accountability and an accurate understanding of the surrounding markets enable us to manage properties successfully.
A monthly owner’s report will be prepared and sent for the subject property after the completion of each month. These reports are will include: Profit and Loss statement, Bank Account Register, General Ledger, Rent Roll, and a written monthly report.
Vertus Properties will prepare an annual operating budget for the property prior to each calendar year. Budgets are intended to be reasonable and at the same time maximize the performance capabilities of each property and its staff. Budgets are an integral part of Vertus Properties’ financial reporting function. An analysis of budget variances can be reported to the owner as part of the monthly owner’s report.
All vendor payments, payroll, real estate taxes, insurance payments, management fees, and all capital improvements are paid from our corporate office in Roseville, California on a daily basis. Expenses are classified in accordance with the approved chart of accounts.
Vertus Properties maintains a set of procedures designed to minimize the chance of theft or fraud. By not accepting cash payments, the chance of direct theft is reduced. The company also utilizes internal audit functions to minimize the possibility of fraud.
All bank statements on all bank accounts are received and reconciled by the main office accounting personnel. All bank reconciliations are reviewed by Vertus Properties’ controller and approved on a monthly basis. Main office accounting personnel handle all transactions involving the release of security deposit funds.
In summary, Vertus Properties has the in-house accounting capabilities to handle both the day-to-day management of properties and to meet the needs of various types of investors.
Vertus Properties can create a unique marketing plan for the anticipated occupancy of each community at the time of takeover. The plan allows for communication and goal setting with the owners of each property. In order to be successful in extremely competitive markets, ownership and management will focus on the following items:
Physical Appearance of Property
In addition to making any necessary capital improvements, Vertus Properties will ensure that the staff is walking the property daily and addressing any issues that affect curb appeal. The on-site manager will perform informal property inspections on an on-going basis.
Resident Qualification Standards
Vertus Properties’s Resident Qualification Standards will be consistently applied when processing applications for residency. “On-Site” Screening, an on-line resident screening program utilized by Vertus Properties, will provide information for proper evaluation of applicants. Applicants must qualify based upon the full market rent of the apartment, and not based upon any discounted rent. This will ensure a more credit-worthy renter. We adhere to Fair Housing Laws.
Customer Service / Resident Retention
The primary focus will be to educate employees on Vertus Properties standards of customer service and resident retention. The on-site manager will be expected to submit an annual marketing calendar that will outline the promotions and resident activities for the year. The staff will also follow up on all service requests to ensure full completion and satisfaction. In summary, the staff will learn how to provide better customer service, which will translate into more leases and better resident retention.
Outreach Marketing is critical to the communities in a competitive market. By nurturing relationships with corporate housing vendors, and local companies, properties should be able to increase qualified traffic to maximize occupancy. The staff will be introduced to several programs such as our Vertus Properties Referral Program, and Traveling Nurses Program. These programs are designed to offer incentives to external influencers by referring individuals to our Vertus Properties managed communities. The on-site manager will also promote the property in the community and to the area businesses.
Lease Expiration Management
By analyzing traffic patters, closing ratios and historical move-ins and move-outs, the On-Site Manger and Regional Manager will determine the maximum allowable lease expirations for each month of the year. By matching the lease expirations to the traffic patterns, a manager can more easily control occupancy. Lease expiration management is essential in achieving optimum rent as discussed in the next paragraph.
Optimal Price Strategy
Will perform ongoing research and analyze the sub-market surrounding of the community to determine the status of competition in regards to rental rates and concessions, new developments, changes in ownership and changes in the areas infrastructure
Based on analysis, we expect softness and offering concessions may be necessary in certain markets. In these softer markets, we feel that constantly offering large periods of free rent (i.e. 1 or 2 months free) is a losing strategy, it tends to encourages unqualified traffic and leads to higher turnover. It is our experience that in order to achieve the highest possible revenue for the property, we will need to focus on both achieving the highest possible rent per lease and minimizing vacancy loss. The first step in this is to identify the property’s true price point in the market (net price after concessions). We then apply a price strategy for quoting rents, as opposed to quoting abnormally high rents with large free rent periods. The effect of this is to stabilize the income stream of the property and focus on real rent growth by steadily raising rents as market conditions improve.
By focusing on real rent and lease expiration management, the staff can increase rents on more desirable unit types. The result of this plan is minimized vacancy loss by operating the property at sustainable rents.