Property Management

Greystone Residential manages the day to day administration, operations and building maintenance of our clients' properties and residents' homes, through a full suite of services. We have worked hard over the years to develop solid relationships with a trusted network of service providers. As a result, we are able to use our purchasing power to secure attractive contracts for our clients. More importantly, our solid relationship with contractors ensures we get quick service and response. In addition, Greystone Residential can better manage operating costs through support from our experienced in-house team members. Our team is skilled at general repairs and maintenance, which allows us to address a wide range of issues that would normally involve higher-cost third party contractors.

The Greystone Residential team works in close collaboration with property owners to ensure a smooth transition process when we assume responsibility for a new property. Utilizing tools such as our PM Planning and Management Takeover Checklist we will implement a sound plan and strategy that meet the owner's goals and objectives for the property. The areas of service and tasks we can perform are:

Financial / Administrative Services:

  • Preparation of annual operating budgets
  • Monthly financial reporting
  • Payment of all operating expenses
  • Payment of mortgage and/or other financing payments (if required)
  • Maintaining Reserve Fund as per the Alberta Condo Act
  • Marketing plan to increase revenue and decrease vacancy
  • Facilitating insurance coverage and payments
  • Facilitating audits if/as required
  • Filing of GST returns
  • Record keeping

Resident Relations:

  • Ongoing communication with residents
  • Collection/enforcement of rent or other resident payment obligations
  • Monitoring of lease and or by-law compliance
  • Regular site visits
  • Management or resident inquiries or complaints
  • Review of resident requests and annual suite inspections to mitigate maintenance issues
  • Resident retention programs
  • Utilize Yardi, for maintenance requests, resident communications, and accounting

Full Cycle Accounting:

  • Assist with annual budgets and monthly updates
  • Accounts payable/accounts receivable
  • Monthly reporting to include rent roll, income expenses by each property as well as on a consolidated basis

 

Leasing & Market Research

Greystone Residential is a licensed brokerage providing lease renewal and documentation services for existing residents.

Utilization of the following tools for marketing:

  • Provide monthly update on market conditions
  • Vacancy
  • Rental rates
  • Recent transactions
  • New product
  • Pick your neighbour programs
  • Dedicated website for marketing and resident relations

 

Development Management & Construction

Greystone Residential has extensive experience in assessing, negotiating and implementing capital and suite improvements on behalf of our clients.

We work diligently to come up with fair and equitable solutions that will be to the satisfaction of residents, while offering the greatest value to the owner – based on their short-term and long-term objectives for the property. In addition, we take great pride in our proactive approach to identify potential maintenance concerns before they become serious problems.

Depending on the extent of the repair, our team can manage most projects directly. Our team can offer their combined experiences with numerous renovation projects in order to recommend the best approach for each project.

Our development group can:

  • Develop proformas for new projects to determine feasibility, rental rates and yield
  • Manage planning (i.e.: land or building use, zoning, sub-divisions, servicing agreements), engineering and support consultants (geotechnical, environmental, biophysical, etc.) for new developments
  • Negotiate construction agreements, development and building permits with municipalities
  • Direct management of prime contract work. Obtain pricing, negotiating contracts, coordinating trades, coordinating utilities, maintaining progress on site and daily action plans for work on site
  • Manage budget, construction costs, change orders, schedule, tenant coordination and daily tasks involved once construction started