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Can Silverside help with refinancing properties?
Absolutely. We have been instrumental in placing
millions of multifamily debt of various types: bridge loans, long term fannie/freddie loans, CMBS debt,
life company debt. We understand the importance and nuances associated with proper financial
reporting, budgeting, accounting, maintaining debt coverage ratios, preparing the property and staff for
and managing the inspection process (surveys, physical condition assessments, appraisals, insurance
inspections, etc). Additionally, we are able to navigate the challenges with placing affordable insurance
that meets various lender requirements.
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How does Silverside collect rent from residents?
We collect most rental payments through the tenant
web portal where we accept ACH and credit cards. Residents can also mail in their payments to the
main office, or pay in person via check or money order. To make things really convenient residents
also can pay rent directly to their accounts at the local CVS or 7-11 with cash.
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What level of experience and training do the Silverside employees have?
Silverside has a core group
of seasoned property managers, leasing agents, accountants and maintenance professionals, each
having decades of experience. This core group has deep experience in professional business
operations, accounting, property management, engineering, construction and compliance. We have
the proper depth and breadth to provide a high performing level of property management services to
our clients and residents alike.
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What detail is provided in financial reporting and at what frequency?
Typically monthly financial
packages are sent to ownership by the 10th of the month for the previous month. The reports can be
customized to specific investor needs, but almost always include the following reports: T-12 Income
Statement, budget vs. variance report, Balance Sheet, Operating Account Statement, Bank
Reconciliation Report, Rent Roll, Accounts Receivable Report, Accounts Payable Report.
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Does Silverside Management have experience with City Compliance in the City of Detroit and other
cities?
Yes. We work closely with the local municipality and pride ourselves on having a reputation for
maintaining great working relationships with the city. Specifically, we understand the challenges
associated with City of Detroit Rental Compliance and Lead Paint Inspections, Risk Assessments and
Clearances for properties built before 1978.
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Does Silverside manage construction projects or other renovation work?
Yes. We have implemented
many renovation projects over the years ranging from planned unit upgrades, to full scale renovations.
We have also successfully implemented large scale structural steel projects and city compliance
projects under tremendous time and budget pressures.
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How is it more efficient to use Silverside Management than it is to manage on my own?
Staffing and
expertise efficiencies: We have an established, scaled staff that includes hard to find, high value
expertize. Our people include tenured accounting professionals, plumbers, HVAC gurus, painters, high
producing leasing agents, regional and property managers with decades of experience and honed
expertise in the local market.
We aggregate our total portfolio needs and negotiate with all of the volume we manage. For example,
annual landscaping services, snow/salting removal, painting contracts, tree trimming, asphalt and seal
coating, roofing, etc. When possible, we coordinate similar projects across the portfolio, allowing us to
garner lots of vendor interest and in turn enabling us to negotiate favorable terms for all involved
parties.
We have a number of administrative services that are shared with every property. These services offer
a competitive advantage that is difficult for a smaller operator to cost effectively perform. For example,
our professional accounting team understands the various needs of investors, lenders and financing
institutions. This allows us to provide accurate, industry standard, professional accounting/reporting
that is tailored to the investment objective at hand.
Silverside has a dedicated HR department that does continual recruiting, payroll and talent
management. Managing talent proves to be an extremely important part of running a high performing
management company.
We have a centralized tenant credit department allowing us to manage compliance requirements and
separate tenant acceptance decisions from the property level staff.
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Can Silverside be my syndication partner?
Yes. Silverside is definitely able to provide property
management services including management of your syndication. We will also partner, raise equity
and invest in deals if it makes sense. Call Joseph Brophy to explore the possibilities.
