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Financial Plan of Action:
Upon opening a new account, Cummings Real Estate, along with our client will develop a financially sound direction for your property. We look at the current state of the property, recommend improvements, prepare budgets, discuss marketing and rent rate strategies, and look for areas to reduce expenses.
Rents are collected when due, or the proper notices / legal actions are taken without exception. Rents are due on the 1st and are considered late as of 5:00PM on the 3rd. Seven-day notices are filed on ALL delinquent rents or upon owner approval. Any rent not paid in full by the 11th is forwarded to our attorney for eviction with owner approval. Our company has consistently maintained a collections rate over 90%.
All payables are reviewed on a monthly basis. We review expenses for accuracy and unexpected increases, compare current invoice to the same period the previous year, and always seek avenues to reduce the expense wherever possible. Cummings Real Estate LLC also performs an annual review of Tax and Insurance invoices, and we investigate avenues for reductions. All expenses are paid when due or the owner is notified of any cash shortages.
Cummings Real Estate maintains a list of "Approved Vendors" for all property suppliers. From carpet vendors to appliance vendors, paint vendors to electrical contractors, all our vendors are long term members of the community and always guarantee lowest cost and highest value. Our Vendor list is continually updated; and we re-bid our vendor services annually.
Monthly and Yearly Financial Statements:
All monthly and year-end statements are forwarded on a timely basis. All accounting is done on a monthly basis (1st to 30th.) Reports are prepped and generated between the 7th and the 25th of the month. All reports are then reviewed by management and approved for distribution. All reports include a Cash Flow Statement, Current Rent Roll, Statement of Deposits, Check Summary, are accounted for in our Landlord/Tenant Portal. In conjunction with the financial reports, all cash flow disbursements can be wired directly to the bank account of the owner’s choice. Tenants can post payments and workorders through the tenant portal.