Property Management / Facility Management
The Wm. M. Hotchkiss Company manages a full spectrum of property types – from large commercial office buildings to multifamily dwellings and condominium associations, even single family homes. Property and facility management is a business of complex challenges, requiring multifaceted solutions that incorporate a multitude of disciplines and services. The Hotchkiss formula starts with being proactive, rather than reactive. This approach requires persistence, careful attention to detail, and excellent communication. At the Wm. M. Hotchkiss Company, we manage for the long term, consistently demonstrating that client satisfaction and client retention are our top priorities.
Our management services include:
- Detailed physical plant management
- Management and supervision of building staffs as required
- Complete financial and back-office management
- Full service Residential and Condominium Association Management
- Assistance in selecting appropriate professional and licensed vendors
- Managing compliance with applicable Federal and State Codes
- Assistance in carefully negotiating necessary legal undertakings required in residential property management
- Monitoring energy consumption and evaluating efficiency
- Conducting frequent inspections that result in efficient building operations
- Communicating proactively with Owners, Board of Directors, and Building Residents
- Preparing for and attending Board and Annual Meetings from which action plans are developed and fulfilled
The Team Approach
At the Wm. M. Hotchkiss Company, we understand the critical importance of assembling a team of individuals best suited to the management of your facility. Dedicated to knowing every detail of your property and its operations, your management team will consist of the following members:
- Facility/Property Manager
- Administrative Assistant
- Maintenance Supervisor
- Accounts Receivable Professional
- Accounts Payable Professional
The Facility/Property Manager is responsible for the day-to-day management of your building’s operations. Backed by the collective effort of a committed support team, the Facility/Property Manager is able to provide Ownership or the Board with all of the information needed to make informed decisions.
Success Results from Attention
Your Facility/Property Manager visits and inspects your property frequently, and continually reviews the financial results of the property. This on going monitoring enables us to better assess your building’s physical plant and maintain optimal operations. From monitoring boiler operations and reviewing routine elevator inspection reports to interacting with vendors when on site, your investment will always get the attention it deserves.
As highly knowledgeable professionals in the industry, each of our Facility/Property Managers receives continual education both on the job and through a more formal setting as accreditation and licenses are sought. In over 100 years in business, we have developed an extensive network of trades people, attorneys, and accountants to support all our managed sites in any way possible.
Our offices are equipped with the latest technology that is constantly upgraded to maximize productivity. We utilize Skyline software which can be specially tailored to the needs of our clients. We pride ourselves on the accuracy and timeliness of our accounting reports. With our largest clients being banks and publically held institutions, our accounting records are detailed and available for audit at any time.
Your financial information is provided in comprehensive, user-friendly formats to present an accurate picture of your property’s fiscal condition. Detailed monthly financial reports itemize your building’s expenditures and revenues, including a “budget versus actual” report which serves as a guide to monthly budget variances. This is a critical tool in the successful management of your asset.
From a financial perspective, it is imperative to understand your asset’s history, have a keen eye on the present, and to effectively plan for the future. Detailed and comprehensive operating and reserve budgeting is a trademark of our financial management services. Every property’s budget is tailored individually since each complex is unique and must be treated accordingly.
The Wm. M Hotchkiss Company is also a Connecticut qualified, bonded Receiver having acted as such in many residential and commercial cases.
Key Financial Services
- Maintain separate, individual bank account(s)
- Collect rents, common charges, special assessments and other income
- Provide delinquency notices and monthly delinquency reports
- Coordinate with ownership and association attorney on collection matters
- Bill invoice, verification and payment
- Financial statement preparation using our state-of-the-art reporting systems
- Preparation of a comprehensive annual budget, including narrative description of each line item
- Assist with and/or initiate long range planning for the common elements, including reserve account planning
- Coordinate the year-end tax filing and audit with the accountant of your choice
- Provide money management services