Although specifics vary depending upon individual property needs when assuming management of a property, Greystone implements the following systematic approach designed to meet the objectives of the owner:

  • Initially a thorough analysis of the property, local economy and sub-market is conducted.  A strategic marketing plan is developed and short and long-term budget strategies are prepared. 
  • The next stage involves training, implementation and continued refinement of marketing campaigns.  Greystone property supervisors are skilled in developing and utilizing effective marketing techniques and promotions for both new construction and stabilized properties.  In addition, they have experience with all types of media advertising, on-site graphics, signage and printed materials.
  • Additional support is provided through the corporate office and in concert with the Greystone Training Director, accounting, administration and human resources. 
  • The property supervisor’s focus shifts to staff motivation and design of customized incentive programs for on-site personnel. The Greystone approach means that the on-site staff is performance oriented and incentive plans focus on bottom-line results.  
  • In addition to the adoption of programmed maintenance schedules, regular physical inspections of each property are conducted by the manager, supervisor and principals of Greystone.  Inspections are conducted to determine if the property is properly maintained, to identify required capital maintenance, and to interact with residents. 
  • The property supervisor, in concert with the property manager hires, trains, supervises and directs on-site maintenance staff to ensure proper maintenance of the property and also negotiate vendor contracts on behalf of the owner. Owners directly benefit from volume discounts received from major suppliers and service providers.
  • Both the property manager and supervisor conduct regular visits of area competitors and utilize outside data sources to develop the best course of action and rent levels for each property.
  • Simultaneously, training and implementation of the One Site computerized reporting systems, administrative procedures, and accounting procedures are implemented. 
  • All personnel involved are encouraged to play an active role in trade organizations such as local and state apartment associations and Institute of Real Estate Management, which keep them aware of industry issues, trends and changes in landlord/tenant law and provide access to the best personnel in the industry. 
  • The final stage includes a formal evaluation of results through analysis of financial and operation al reports and incorporation of any necessary modifications to ensure the owner’s goals for the property are achieved.

Accounting and Reporting

Accurate and timely financial controls and reporting systems are essential to effectively monitoring property performance.

  • Monica Morrison, a Certified Public Accountant (CPA), leads the full-service accounting department centralized in Houston. A staff of accountants with over 80 year’s multi-family experience assists Monica. 
  • Greystone utilizes the WEB Based One Site Property Management System software at the properties and at the corporate office. 
  • Accounts payable and general ledger accounting functions are performed at Greystone’s corporate office. The assigned accountant and accounts payable professional maintain close communication via telephone and e-mail with the on-site staff to assure accuracy and timeliness of reporting.
  • On-site personnel deposit funds received, including rent checks, security deposits and other income, on a daily basis. Information regarding those deposits are E-mailed to the accountant, who updates the cash ledger. The bank accounts are reconciled monthly. 
  • Invoices are sent directly to the property (with the exception of certain bills such as utilities) from the vendor. On-site personnel enter the invoices into software and match the invoice with the purchase orders. The manager reviews and approves all invoices for payment. In addition, the supervisor must approve all invoices over a pre-determined limit. Each week, the invoice batch is transmitted to accounts payable, and the supporting approved invoices and purchase orders are sent to the corporate office. The accounts payable professional processes the invoice batch, produces checks, and matches the checks with the approved invoices. 
  • Greystone’s accounting system allows for customization of financial reports to fit the requirements of our clients. Both on-site and executive accounting personnel carefully review these reports before distribution. Greystone can also enter journal entries provided by the client to create a complete set of books at year-end.
  • Financial reports, along with a detailed narrative description of income and expenses and variance to the approved budget are prepared and distributed to clients on a monthly basis per the terms of the management agreement.