United Property Associates - Apartment Rentals The original purpose of the company's formation was for the management of rental, or multi-family, communities. UPA currently represents the owners of 26 apartment communities, over 250 community associations and over 200 rental houses; these properties total over 40,000 units and UPA adds 1,000 units a year to its management portfolio. Our clients frequently comment on UPA's: complete and detailed financial statements; competitive bid procedures; detailed property inspections and knowledge of the property; varied collection practices to keep delinquencies low; quick responses to questions and problems; problem-solving skills. In the past UPA has taken on the management of several apartment properties in Tidewater which had high delinquency rates and/or financial irregularities. By replacing unproductive and unsuitable employees and by properly budgeting and enforcing tight financial controls, all of these properties are now operating profitably. The apartment properties consistently have lower vacancy rates than they have experienced in past years, and improved cash flow. GOALS Improvements in cash flow are made, not by skimping on repairs and maintenance, nor by lowering rents to improve occupancy, but by maintaining tight and competitive bidding for supplies and services. We also maintain all rental properties with the use of our full-time maintenance people. The only jobs for which outside companies must be used are those which require some special, infrequent skill or specialized equipment where it is not cost effective for UPA to maintain such infrequently utilized personnel or equipment. Maintenance personnel are certified and equipped to recover and recycle freon in accordance with federal EPA regulations. ACCOUNTING United Property Associates brings years of professional experience in effective administration of all areas of financial management. Budget projections, establishing operating procedures and maintenance of proper records for audits and tax reports are but a few of the areas of expertise required to provide successful communication with both a community's Owners and its accountant. Our data processing systems are state of the art, with detailed reporting capabilities. ADMINISTRATIVE United Property Associates offers the leadership and administrative skills necessary for the smooth operation of your property. Because attention to detail and timely execution of paperwork is critical, we customize procedures to ensure satisfactory response to requests, and compliance with the numerous regulations that govern rental property. FINANCIAL Timely and reliable reporting, stable and efficient bank relationships, and accurate and prompt deposit of funds is basic to good financial management. Further, regular advice on replacement reserve balances and expenditures is a keystone to a property's financial quality and stability. In addition to the administrative support that each Manager enjoys, there is also great depth of support in the Accounting Department as represented by the chart below. It is apparent, again, through UPA's commitment to excellence that significant resources have been committed to personnel in the accounting function to ensure the greatest accuracy and highest performance in accounting procedures, so that funds are promptly and accurately coded and deposited into the client's bank account, that financial statements are complete, accurate, and provided on a timely basis, and that other financial duties are carried out promptly and professionally. It is evident from the supervisory process that adequate personnel are available to assist anytime there are problems or unusual circumstances requiring dedicated time in the Accounting Department. The assignment of accounting duties to specialized staff rather than requiring Managers to devote time to accounting routine allows Managers to spend more time managing the community and less time with clerical duties. Of course, this is a plus for the Owner since it allows Managers to be more specialized in their efforts and dedicated to handling the major affairs of the property. MAINTENANCE A major element in rental property management is the maintenance and repair of the physical property, not only to preserve and enhance the community's value, but to keep all facilities in the best condition for use by residents and guests. United Property Associates maintains a Vendor List of professional contractors. Fully licensed and insured, they competently expedite any necessary repair or replacement as noted in our regular inspections and as authorized by the Owner. We are proud of our reputation for conscientious maintenance of our client's property and our pro-active policy for any situation that would improve the homeowner's quality of life. OWNER SUPPORT Regular and reliable advice to the Owner, and assistance for proper communication is necessary for a property to function effectively. United Property Associates provides the records, data, and backup support to help carry out its responsibilities to owners. ORGANIZATION AND LEADERSHIP United Property Associates is indeed fortunate to be of sufficient size and breadth to be able to provide outstanding support for its management staff. The flow of support is represented by the chart below. No other management company in Hampton Roads provides such in-depth support, both qualitatively and quantitatively, as does United Property Associates. Managers have the assistance of Accounting Service Representatives to handle inquiries and questions regarding correspondence to the Management Company, as well as inquiries regarding account balances. The Site and Regional Managers also have, for additional assistance, a Desktop Publishing Specialist whose duties include design, layout and publishing of newsletters. Regional Property Managers have for their assistance, a Senior Regional Property Manager. In order to attain this position, a manager must have demonstrated five years of leadership and excellence in his/her management duties, and demonstrated a desire and history of leadership as being worthy of a model for others to follow. The Senior Regional Property Manager's position is one of administrative supervision, assistance to other Regional Property Managers and to Site Managers. This position also imposes upon the Senior Regional Property Manager the need and expectation for providing guidance for the future direction of the company in order to assist in its growth and achievement of excellence for its clients. The Regional Property Managers report directly to the President of United Property Associates, the founder of the company who has achieved high levels of educational certification from the Community Associations Institute and the National Association of Home Builders. He also holds numerous other educational certifications and diplomas. The President has demonstrated his commitment to the profession through many years of participation and leadership in related professional organizations at the local, state and national level. No other company in Hampton Roads provides this high level of assistance to its Managers, proven educational and leadership qualities and success as measured by internal growth and service to its client communities. COMMUNICATIONS Effective and frequent communications between the Owner is essential for effective property management. United Property Associates has the training, procedures and personnel to help carry out these functions. PHILOSOPHY Property management is approached as a business with a business relationship established and maintained by owners, personnel and property managers. As a company, as a team, and as individuals we always strive to meet our responsibilities and, if necessary, go one step beyond. UPA is a service organization and firmly believe that we have to earn that title every day. Every aspect of our management system whether it is daily bookkeeping, meeting the plumber in the middle of the night, or collecting rent is based on a philosophy of service and we want to be able to extend this service to you. United Property Associates can significantly improve your property. UPA is not a real estate sales company, and does not solicit sales contracts; UPA is totally and completely in the property management business. You will find the management fee structure to be competitive. This, along with lower operating costs, will mean greater increases in cash flow for the property's owner. We look forward to your call, letter, or e-mail to allow us to personally discuss our outstanding service with you. Thank you for your interest in UPA.