About Chatel Real Estate
Chatel Real Estate, Inc. offers you the benefit of professional property management.
More than a half century of experience plus a portfolio of more than 1,000 rental housing and condominium units under management has helped us develop a comprehensive management package designed to provide sound management and simplify the life of property owners. Please take a moment to examine this summary of management services.
ASSIGNED PROPERTY MANAGER
Each property is assigned a designated property manager. That person becomes the coordinator and contact for all activities. That person develops a rapport with the Property Owner or Association Board of Directors.
MAINTENANCE AND REPAIRS
Our goal is to provide a quick, professional response to maintenance requests. If an owner has preferred workmen, we use those companies. Otherwise, we use independent workmen with whom we have had a long and favorable relationship. Estimates and advance approval are obtained on major items. Emergency repairs are made on a rush basis and then reported.
MONTHLY ACCOUNT REPORT
Our computerized system provides you with monthly reports of revenues and expenses. Full documentation (invoices, etc.) is included where available. Monthly statements are generally available within 15 days after the end of the monthly cycle.
PAYMENT OF BILLS
We disburse payments to your vendors, mortgage holders (if appropriate) and other suppliers.
DISBURSEMENT OF FUNDS
You receive collected revenues (after expenses and management fee) promptly. Funds can be sent directly to an owner's bank account after statement close-out.
CONDOMINIUM & COOPERATIVE BOARD RELATIONSHIPS
We encourage board/property manager communication. This provides the basis for a good relationship, which makes it possible to provide sound maintenance and to prevent various situations from turning into collection problems.
COLLECTION OF FUNDS
Delinquency letters are sent out on a timely basis. Where required, Chatel uses experienced counsel to bring collections lawsuits.
Because a small problem can become very costly in the long run, we make every effort to prevent small problems from becoming big ones. For example, many properties have programs of regular roof and gutter cleaning. Annual inspections by plumbers can often save big dollars in wasted water. Wherever possible, we have the client sign up for utilities energy-saving programs in order to save dollars on the heating and lighting costs. Vendors are asked to keep their eyes open and report items that can become big problems if neglected.
ANNUAL SUMMARY AND PERIODIC SUMMARIES
Each property is provided with annual cash flow summaries. These reports provide the Property Owner/Board of Directors with useful information to determine how their property is performing.
COORDINATION WITH AUDITORS
Chatel keeps detailed books and records of all financial transactions. These provide the basis for the preparation of tax returns and/or audits, which make your auditor's work easier. That produces lower accountant bills and a quicker response for the client.
CASH RESERVE MANAGEMENT
Managing reserve funds is a priority for all Associations. Chatel works closely with each association's treasurer to develop guidelines for the investment of funds and then to implement those guidelines in a safe and prudent manner.
PREPARATION OF BUDGET
Your property manager, with back up by our accounting staff, will assist you in preparing an annual budget. Starting from historical projections, s/he will present a first draft to the Board. Open discussion and careful planning with the treasurer and Board of the condominium or cooperative will then lead to a final budget.
HISTORY AND PHILOSOPHY
The firm of Chatel Real Estate, Inc., has been in existence for more than 50 years, with offices in Georgetown and Dupont. We have been very active in property management for condominiums and cooperatives primarily at the request of many of our satisfied clientele. Our team approach, preventative maintenance and attention to detail have been the cornerstone of our success; we want a long-term relationship with each client and not just a one-time experience.
Chatel Real Estate, Inc., also offers a full retinue of service other then property management. Sales and rental service often go hand in hand with our property management. Many of our clients have asked us to represent them in the sales, management and rentals of their individual properties because of our experience with the property as well as our knowledge of the unique markets in this area.