From the day Cagan takes over as the management company of a foreclosed property until its disposition, we work to enhance the value of the property. We start by securing the property, and immediately begin making initial assessments of factors that include physical and aesthetic condition, maintenance needs, and budget considerations. In the event that improvements are necessary, we carry them out expeditiously while staying within the approved budget.
As a court-appointed receiver, we've been responsible for managing, overseeing and eventually liquidating hundreds of millions of dollars worth of property. By working with both the court system and leading financial institutions, we have the insight and know-how to carry out receivership functions as efficiently and cost effectively as possible. Due to our high levels of service, new property owners often choose to keep us as their property managers.
At Cagan, we understand that financial institutions are not in the business of managing property. With sensitivity to the position lenders find themselves in, we are mindful of the expenses required to operate a property, and make every effort to reduce those costs and maximize long-term equity val ue. Our hands- on management style ensures that properties are enhanced for maximum value, in order to alleviate some of the burden placed on lenders in a foreclosure situation.
The upkeep of any property is essential. With a direct effect on value, resident satisfaction and ongoing costs, Cagan ensures that maintenance is a priority. Cagan's management team will establish a maintenance schedule, encompassing deferred maintenance, and provide the asset manager with the information necessary to make informed decisions. We'll take care of all the details like transferring the utilities and providing monthly financial reports, ensuring that everything is taken care of.
From collecting and ensuring that rents are paid, to keeping occupancy levels up, Cagan knows what steps to take to maximize property values and minimize cost. With decades-long experience managing properties of all sizes, types, and value
At Cagan we understand the importance of communication, especially in a foreclosure situation. Transparency saves everyone time, and is an essential part of maintaining expected levels of service.
Here are just some of the ways we keep everyone informed:
Welcome Pack for Tenants -Containing relevant information and complete contact details for the property manager, bookkeeper and maintenance personnel.
Monthly Status Reports -Detailed reports are sent to the asset manager and court informing them of property status, all financials, building updates, and receipts.
Notifying the Public -One of the first things we do, is change the signage at a property and post the proper notification so that the public and any interested parties know whom to contact.