The Property Management Specialists

1 14381 North Road Fenton, Michigan 48430 Phone: (810) 750-7000 Fax: (810) 750-7840 Email: A Procedures Manual For "The Property Management Specialists " Release December 10, 2001 2000-2001 Independent Management Services/Independent Management Services Procedures Manual Release Dear Team Member: Welcome to Independent Management Services! As you begin your tenure with our firm, please take the time to read the IMS Procedures Manual, which has been developed over a period of many years of trial and error, beginning with a long-hand version I drafted in 1989. This contemporary version will continue to evolve, and is a fair representation of our current systems and standards.

2 I trust that you will find it useful. You are probably aware by now that Independent Management Services is a full service Property Management and marketing firm, specializing in the revitalization of under-managed multifamily housing developments. The company was founded in 1989, born of a natural desire to take a hands-on approach, at each site, to achieve the highest possible level of professional housing Management services available in the industry. Our successes have been many, including the turnaround of several developments where owners, lenders, government agencies and residents had lost all hope for recovery. Our failures, if any, have been few.

3 Occasionally I am asked to what our successes are attributable. There are many answers. There are however a few principles which, if adhered to, will always produce positive results. I believe them to be the cornerstones of our organization. Always try to do the right thing. Most of us learned the difference between right and wrong at an early age. When in doubt, always ask yourself if the decision you are making is, in your heart, the right thing to do. Those decisions are often the hardest ones, although they usually have the easiest answers. Never move anyone into an apartment you wouldn t live in yourself. It is my sincere belief that every human being is entitled to decent, safe, and sanitary living conditions.

4 It is my sincere desire to enhance the housing environment in every possible way, at every possible opportunity. You can t manage real estate from behind a desk. Having personally held every position available within this business, I am utterly convinced of this. A good Property Management professional must be in the units, in the hallways, in the units, in the laundry rooms, in the units, in the storage areas, in the units, in the maintenance shop, in the units, on the grounds, and in the units every day. I am grateful to you for having selected Independent Management Services as your employer. We will do our best to make our Property Management experience mutually rewarding.

5 Please feel free to contact me if I may be of service. Sincerely, Frank Carswell President 14381 North Road Fenton, Michigan 48340 Phone: (810) 750-7000 Fax: (810) 750-7840 Email: 2000 Independent Management Services/Independent Management Services Procedures Manual Release v Introduction Who We Are The Carswell Group Inc., doing business as Independent Management Services, was founded in 1989 to provide professional marketing and Management services for multiple housing developments of all types. With a broad range of Management experience, IMS clearly understands the urgent need for superior Management services whether a development is federally subsidized or insured, conventionally financed, syndicated, or financed through a local or state agency.

6 IMS is dedicated to providing the highest possible quality service in the multiple housing environments. To achieve that goal, a standard of operation is employed which was gained through first hand experience in the successful revitalization of distressed properties. Our Mission Statement We are a professional Property Management and marketing firm that provides services for clients by offering the highest possible quality service at the lowest possible cost. Our Company Philosophy Our fundamental principle requires that individual operating plans and strategies be developed to address unique Property situations. The practices of the Managing Agent will dictate the success or failure of a development; Independent Management Services takes that responsibility very seriously.

7 Our system of beliefs, concepts and attitudes is simple and effective. To provide our clients with specialized, quality Property Management and financial operations. To be dedicated to our clients and be responsive to their concerns and the needs of the real estate. We are a company of great achievements and excellent cultivation from intellectual development of relationships with our clients. IMS solidly believes that is the key to success for our company, and our client s investments. Our dedication and interdependent respect will help our relationships grow and meet our client s needs. Independent Management Services professionals are a remarkable, talented and self-motivated Management team committed to the firm s goals.

8 It is our primary discipline to ensure that our clients receive only the highest level of Property Management services. COMPANY INTRODUCTION GLOSSARY & SUPPLEMENTS QUICK REFERENCE GUIDE OFFICE Management MAINTENANCE PROCEDURES PERSONNEL Management UNIT TURNOVER FINANCIAL Management FORMS 2000 Independent Management Services/Independent Management Services Procedures Manual Release viIntroduction Our Vision Our accomplishments in the Property Management industry have turned our imagination and dreams into reality. As we progress into the future, our continuous hard work and effort will make us unstoppable in providing the best quality services at the lowest possible cost.

9 By maintaining our professional Management team, we take pride in watching our success. In addition, Independent Management Services recognizes that a successful Management organization must possess the ability to adapt to constant changes in economic fluctuations, and industry-related technologies. Synergy It s plain and simple. We see it every day in the relationships we develop with our clients. Our Management staff, clients, and residents work together toward common goals. Obtaining outstanding financial and physical Property performance. Overall resident satisfaction. Positive contributions to the community. Significant Property improvements resulting directly from our hands on, teamwork approach.

10 Our Approach to Strategic Property Management While realizing our vision, we will strive to provide the highest possible quality Management in multiple housing environments at the lowest possible cost. To be successful in constituting our strategy we will strive to excel at: Maintaining a focus on the practice of our philosophy. Maintaining a professional Management team. Utilizing technology to optimize service. Communicating our Management capabilities to our clients and potential clients. This is what we do, and we do it better. COMPANY INTRODUCTION GLOSSARY & SUPPLEMENTS QUICK REFERENCE GUIDE OFFICE Management MAINTENANCE PROCEDURES PERSONNEL Management UNIT TURNOVER FINANCIAL Management FORMS