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Vendor Networks
MyHomeSpot.com has
developed a unique Approved Vendor Program.
The program is designed to help protect the
interests of our apartment community clients while
promoting the business interests of reputable
vendors whom we use to serve our clients.
Vendors participating in this program will be listed
on the Approved Vendor Directory. Approved
vendors will be listed by type of goods and
services, offered areas of expertise and geographic
areas served. MyHomeSpot.com managers will be able
to use the directory knowing that the vendors listed
have been pre-screened and meet approved criteria.
In order to be designated as an Approved Vendor,
each vendor completes an on-line application through
our website. Each application will be independently
reviewed to verify that the vendor is in good
standing with its creditors, has appropriate
licenses, maintains valid general liability and
worker's compensation insurance and has a history of
satisfying customers. We will complete these
searches annually to ensure that our vendors remain
in good standing.
This is just one more example of how MyHomeSpot.com
works behind the scenes to ensure the best services
possible are provided to our customers.
Commonly Asked Questions
Over the years, in
proposing our services to hundreds of clients,
previously self managed; we have encountered many
questions relative to professional apartment
community management. The following are the most
commonly asked questions:
1.
What are the benefits of professional management?
As an
experienced professional management company,
MyHomeSpot.com has the ability to provide services
to its clients not attainable by a smaller company
or by an individual manager. Our professional
management system provides continuity in operations,
single source accountability, multiple levels of
expertise in apartment community management, price
stability, additional levels of liability insurance,
better buying and negotiating power, detailed
operating procedures such as job descriptions,
operation manuals, bid specifications, etc.
2. How is the initial
transition handled?
Upon being
awarded a management contract, MyHomeSpot.com
immediately begins the transition of management.
This is neither a difficult nor time consuming
process. MyHomeSpot.com's senior accounting
personnel come to the property to review and
inventory accounting records. Owner names and
account balances are entered into our database and
simultaneously billing reports and statements are
generated. A "start up" team, headed by senior
management, reviews books and records, contracts and
existing operating procedures. The start up team
photographs all community assets from furniture to
mechanical equipment. This is the basis for an
operations/procedure manual that is a custom product
to the client developed during the first 90 days.
3. How is the
transition of employees handled?
Prior to the
commencement of the contract, a representative of
our Human Resource Department and senior management
meet with all employees to fully explain our role as
management. A medical benefits administrator will
also be on hand to assist employees in filling out
medical applications. All employees will be given
thorough explanations and assurances that their
current salaries, benefits and seniority remain in
effect. MyHomeSpot.com representatives also discuss
other employee benefits such as direct deposit,
credit union, etc. The client continues to maintain
complete control over employee additions, deletions
and all wage/salary adjustments.
4. What benefits do
the employees receive?
As
MyHomeSpot.com employees, your staff members
receive, in addition to the benefits currently in
effect, direct payroll deposit, credit union, 401(k)
retirement plan (depending upon eligibility), the
ability to become promoted within the company (no
current employee is transferred without Client
approval), the ability to be transferred in the
event of a position elimination and specific
training to enable them to perform their work in a
more defined and efficient manner.
5. Will you the Owner
lose control?
This is the
most commonly asked question in self-managed
properties. In actuality, the Owner has a greater
level of control and leverage. The Owner continues
to function in the capacity of setting policy and
direction. All professionals such as the Owner's
attorney and CPA continue providing their services.
The Owner also continues to have complete control
over the on-site staff, if desired. MyHomeSpot.com's
function is to carry out Owner directives, provide
experienced recommendations, set up documented
operating systems and procedures and establish a
level of continuity through senior management
support.
6. Will costs be
reduced over a period of time?
MyHomeSpot.com
has significant buying and negotiating power with
most major vendors providing goods and services to
Apartment Communities in Florida. Initially, all
service contracts are reviewed and service levels
and costs are compared to similar sized properties
within the MyHomeSpot.com portfolio. Additionally,
costs of items such as janitorial supplies, paper
products, light bulbs, paint and other "expendable"
items are reviewed and, in many cases, reduced.
Utility audits are recommended in many instances to
confirm whether or not the apartment community is
paying the correct and most economical billing rates
and taxes.
7. Is there a conflict
of interest?
One of
MyHomeSpot.com's roles as a management company is to
negotiate and obtain the lowest price for services
provided to its communities, without compromising
the quality of that service. All goods and services
provided by vendors are done in a direct Apartment
Community/Vendor relation with our Approved and
Preferred Provider Vendor Relationships.
In addition to
management, MyHomeSpot.com also provides other
ancillary services such as premise maintenance
services, real estate brokerage services and
financial services. If the opportunity arises where
these services are needed, MyHomeSpot.com asks the
Owner for permission to be a bidder. Should the
Owner approve, MyHomeSpot.com will submit its sealed
bid to the Owner first, then specifications are sent
to qualified contractors. Sealed bids are then
forwarded directly to the Owner. The final selection
of a contractor is always made by the Owner.
8. How does
MyHomeSpot.com make its profit?
MyHomeSpot.com's profit in managing apartment
communities is made in two ways: first, there is a
monthly Administrative Management fee. Services for
that fee include all bookkeeping services (the Owner
may choose still retain an independent CPA for its
year end audit and tax return), senior management
support, off-site administrative support, computer
support service, training and in-house expertise in
numerous areas. The Apartment Community is also
named as an additional insured on MyHomeSpot.com's
liability policy, providing the Apartment Community
with additional protection. The second source of
profit in our contract is the additional amount
charged to the Apartment Community in the labor
burden of all on-site employees. As the employer of
the staff, MyHomeSpot.com assumes full employer
responsibility including all advertising/recruitment
expense, drug testing, criminal background
investigations, all tax filing, safety/risk
management, worker's compensation and all other
employer related matters.
9.
What does the Owner and Apartment Community have to
lose?
Absolutely
nothing. There are no start up fees and no
termination fees or penalties. In effect, the
Association benefits in areas of increased
organization, job descriptions, procedures, manuals,
etc., all of which remain with the community. |
