PROPERTY MANAGEMENT

Why Choose Cornerstone?

Cornerstone Property Managers, LLC has proudly served clients across New York State with outstanding, award-winning service and impressive results since our inception in 2013. We offer clients a unique combination of property management experience, a vast array of resources, and immediate access to a wide range of value-added services and capabilities in virtually every area of management and operations. We streamline processes and deliver results.

Our Promise

Integrity is the Cornerstone
“Cornerstone Property Managers, LLC shall deliver quality management services, with a special emphasis in affordable housing for residents in communities that Cornerstone serves, while maintaining the highest integrity in its business practices.”

Excellence in Property Management

With a dedicated staff of over 100, we have the experience and personnel required to effectively oversee multifamily properties of any size. While owners naturally want access to services that support their on-site and behind-the-scenes success, they must balance the benefits they receive against the cost. At Cornerstone Property Managers, LLC, we understand this simple fact, and aim to keep costs as low as possible. On any given property we oversee, the majority of what owners pay for our services comes from limited, predetermined portions of the asset’s gross monthly income.

Comprehensive Services

Cornerstone Property Managers, LLC provides a full range of comprehensive services, the most notable of which include the following:

Marketing, Advertising, & Resident Acquisition

Apartment community owners have a constant need for marketing and advertising capable of attracting the attention of prospective residents. They also have an ongoing need for an efficient method of processing applications, running credit and background checks, and arranging lease signings for qualified candidates. Cornerstone Property Managers, LLC’s comprehensive services for apartment owners begin with a complete program for marketing, advertising, and resident acquisition. Once up and running, this program greatly simplifies these crucial ownership tasks.

Rent & Fee Collection

Prompt rent collection can be a challenge, even for relatively small apartment buildings. In larger complexes, this challenge can escalate sharply, and virtually all owners must deal with late rent notifications and collection of any associated fees. No matter the number of units on a property, we take all the required steps required to streamline the tenant billing process, issue appropriate notifications for late payments, and collect all related fees. When required, we also handle all the details of the tenant eviction process, including the referral of accounts to a collection agency.

Rule Enforcement

During lease signing, all occupants agree to abide by certain legally binding rules and conditions. Unfortunately, not all residents will honor their agreements, and rule enforcement plays a vital role in an owner’s ability to maintain adequate living conditions and the value of the property. Cornerstone Property Managers, LLC is committed to spearheading the owner’s efforts in this area by conducting regular checks for possible lease violations. When violations are noted, we follow up with enforcement techniques that produce results, while avoiding any conflict escalation. We also enforce site-specific norms established for individual properties.

Rental Unit Preparation & Inspections

Owners have a predictable need to make provisions for resident move-ins and move-outs and prepare vacant units for their future occupants. In addition, to ensure livable conditions, they must regularly assess the physical condition of their occupied and vacant units. The professionals at Cornerstone Property Managers, LLC can handle all phases of move-ins and move-outs, including floor-to-ceiling preparation of vacant units. We also perform weekly inspections of the grounds, exterior, common areas, and building systems to ensure conditions of the asset are maintained.

Resident Service Requests

In an apartment community of any size, resident requests for maintenance services are quite common. While most of these requests involve routine issues, they may also occur in response to emergency situations. The ability to respond quickly to both routine requests and emergencies is often key to keeping income-generating units occupied long-term. In recognition of this fact, Cornerstone Property Managers, LLC offers a live 24/7 telephone-based communication system for all properties under our supervision. With this system operating around the clock, we promptly receive, register, and respond to our valued residents’ service requests, with emergency services provided on evenings and weekends as necessary.

Vendor & Contractor Oversight

There is another crucial factor in an owner’s ability to provide residents with all required services: the quality of the vendors and contractors hired to perform on-site work. As part of our ongoing services, we provide regular reviews of these third-party vendors. The review process allows us to gauge the insurance coverage, pricing, quality, skill, and efficiency of each vendor and contractor. It also allows us to identify ways to increase the quality of services received without significantly increasing overall costs. In addition, we compile a list of pre-approved providers with proven track records of ability and budget friendliness.

Risk & Liability Management

Cornerstone Property Managers, LLC identifies, evaluates, and prioritizes risk, and coordinates the application of resources to minimize, monitor, and control the probability or impact of unfortunate activities that can be a threat to an asset. We oversee the key components to risk and liability management in the negotiation and oversight of property liability insurance, and the tracking of Certificates of Insurance for vendors and contractors providing services on properties we manage.

In-House Development Team

Our parent company, Rochester’s Cornerstone Group, Ltd., is a leader in the Development of affordable housing. Our team understands the complexity of the development process and works with Owners every step of the way. Cornerstone’s development team possesses expertise in supportive housing, senior housing, rehabilitation of existing locations, and adaptive reuse of historic sites. Their previous development experience includes rural properties, urban sites, and suburban locations which each present unique challenges and opportunities. Recognized as one of the premier developers in New York State, Rochester’s Cornerstone Group can make your dream project a reality.

Financial Services

No business can stay solvent for long without accurate, reliable accounting procedures in place. This is especially true for owners of apartment communities, who must frequently reconcile income and expenses from a wide range of sources. Cornerstone Property Managers, LLC’s comprehensive services make it easy to manage the finances of the largest of multifamily or mixed-use apartment communities. We take care of every detail, from basic monthly account reconciliations to regular expense reports, yearly income statements, and budget preparation and analysis. We maintain an accounts payable system that requires approval and posting of all outstanding debts before payment is issued. In addition, we provide detailed monthly reports that clearly outline the expenses associated with each property. At the end of each year, we also generate a year-end income statement. In addition to basic accounting, a critical component of successful apartment community ownership is the verification of all income accounting, and expenses. This process allows owners to monitor cash flow and expenditures and assists in identifying specific issues that that could lead to an avoidable decline in profitability. Cornerstone’s verification process covers all areas of potential concern, gives owners the ability to keep current rental rates in line with market expectations, and identify discrepancies that could lead to a loss of income.

Compliance

Our dedicated team of certified compliance professionals provides expertise in HUD, RD, HOME, LIHTC, and blended funding. These industry leaders have a thorough knowledge of required monthly and annual compliance reporting, TRACS, iMAX, Procorem, EIV, MINC, and USCIS SAVE Verification.
  • HUD: Our professionals process and transmit HUD-50059 tenant certifications and vouchers to TRACS, provide recertification reminder and rent change notifications, provide initial notices at move in and recertification, monitor compliance percentage, reconcile monthly vouchers with HUD and CGI, the contract administrator, review and correct any TRACS error messages, and process Special Claims.
  • LIHTC: Our team reviews and approves the Tenant Income Certifications (TICs) created by our Boston Post Software to ensure 1st Year File Compliance, at move in, and at recertification. We guard against the recapture of tax credits, failure to meet the minimum set aside, or receipt of an 8823 (IRS LIHTC Agency Report Non-Compliance) by reviewing initial eligibility determination, verifying documents, and verifying TIC calculations.
  • RD: We transmit Tenant Certs electronically via MINC to USDA Rural Development, verify monthly worksheets, and request monthly payments.
EXPERIENCE. INTEGRITY. RESPECT. CONTACT RCG

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Rochester's Cornerstone Group, Ltd. 
460 White Spruce Blvd.
Rochester, NY 14623

585.424.1400