Frequently 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 Georgia. 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. 

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 for the management 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 associated benefits in areas of increased organization, job descriptions, procedures, manuals, etc., will provide a substantial benefit to the community.