Carteret’s property management services cover the oversight of all day-to-day duties and responsibilities necessary for the complete and
timely professional management of a property, including but not limited:
Full maintenance services, including 24-hour response and
building systems maintenance.
Marketing and leasing to ensure maximum occupancy.
Comprehensive accounting services.
Analysis and maintenance of insurance policies.
Staff management and training.
Additional Areas of Expertise:
Few areas of residential real estate are more complex than regulatory compliance of affordable housing properties; that’s why Carteret makes regulatory compliance one of its highest priorities. The results of this focus are reflected in strong MOR ratings, high REAC scores, and independent audits with little or no findings. Therefore, in addition to the standard package of general management services, management of affordable properties includes occupancy and other regulatory compliance, MOR preparation and response, physical REAC inspection preparation and response, HAP/PRAC renewals, reserve funds management, maintenance of tenant selection and program eligibility requirements, 2530 clearance updates, and reasonable accommodation administration.
Professional Accounting Services
Our staff generates monthly financial statements that include an Income Statement reflecting, by budget line item, the actual amounts paid, the budgeted amount and the variance from the budget both for the current month and for the fiscal year to date, and a Balance Sheet reflecting the assets, liabilities and equity of the project. The financial statements of each of our properties are audited by a board-assigned independent accounting organization annually. We also prepare for the Board’s review and approval an Annual Operating Budget, which reflects not only the current year expenditures but also a 15-year needs analysis based on an evaluation of the project’s capital reserves.
If necessary, we prepare a rent increase package for HUD approval.