Our Services
Serving as the owner’s representative, Novare provides a complete range of asset and disposition management services for complex multi-family projects. These services include:
Project Management
Novare’s project developer will generate a comprehensive business plan with input from the client, serving as the basis for our management of the project. The developer will oversee all of the day-to-day activities and coordinate with any third-party contractors. We will provide a comprehensive reporting package on a monthly basis.
Closing Operations
Novare will prepare and manage the execution of purchase agreements and amendments, including coordination of all special stipulations agreed to by the client and all relevant exhibits, disclosures, and acknowledgements. We will schedule and manage the unit inspection, closing itineraries and calendars as well as develop closing processes with closing attorneys for generation of HUD1 statements (including specific instructions for loan payoff, payment of property taxes, or other disbursements). One or more members of our team will attend every closing and execute all necessary documents on behalf of the client.
Construction Management
For any additional construction requirements, including renovation, rehabilitation, repairs, or tenant improvements (including improvements to homes required under purchase agreements), Novare will advise the client in engaging any architects, engineers or contractors and will act as developer on behalf of the client in managing these consultants.
Upgrade and Punch Management
Working with a third-party subcontractor, Novare will manage the process of installing any owner-selected upgrades, such as flooring, appliances, closet systems, or audio/visual systems, and manage the purchaser’s home inspection process, punch process, and the closing process. We will also implement our proprietary iIMS task management application which involves a unit inspection with the purchaser to record any issues or requested punch items and documentation of their progress to completion in support of the closing process. In addition, the iIMS database is able to generate reports across multiple units revealing trends associated with the history of the work completed by contractors in the home.
Purchaser Financing & Project Approval
Our in-house consumer finance specialist will perform the following functions for each project:
- Manage and maintain the project’s regulatory approvals, such as Fannie Mae PERS approval and the submission of the project for FHA/HUD approval.
- Develop and maintain a team of “preferred lenders” for the project, which will be able to quickly approve financing for purchasers.
- Provide consumer financing guidance to potential purchasers, especially as it relates to using lenders not familiar with the project.
Homeowner and HOA Board Relations
Novare will coordinate and manage all homeowner issues for the project, including serving on the board of project homeowner associations and representing the owner’s interests.
Inventory Management And Unit Preservation
Novare will manage the unsold unit inventory in the project and institute a preservation schedule, ensuring that homes remain in a “ready-to-sell” condition for as long as necessary.
Warranty Management
Partnering with a warranty service provider, Novare will process and handle all homeowner or tenant calls and complaints regarding unit warranty issues, as well as assisting the property management team with warranty issues related to common areas. We can also issue work orders for completion of complex claims and manage the appropriate contractors to ensure that work is completed appropriately.
Legal Review
Novare will leverage our in-house legal counsel to efficiently and cost effectively handle legal issues that arise at the project before engaging third party counsel. In addition, we will perform reviews of casualty insurance, ensure regulatory compliance is maintained, and provide counsel on the enforcement of leases and contracts.
Sales And Marketing
In conjunction with the project’s sales and marketing team, Novare will update and review competitive market analysis to refine the appropriate selling prices and strategy. We will also manage the development, production and implementation of marketing campaigns to generate condominium sales velocity, including negotiating purchase agreements on behalf of the client. Novare will represent the client at weekly sales and marketing meetings, and will continually supervise the performance of the sales team for the project to ensure the highest closing ratio possible.
Having recently formed a strategic alliance with The Marketing Directors to provide the most comprehensive sales and marketing services in the industry, Novare can also provide sales and marketing in the event that the project does not employ an existing team. Recognized by industry associations such as the Institute of Residential Marketing and The National Sales & Marketing Council of the National Association of Home Builders, The Marketing Directors have been the leading marketer and sales agent for multi-family residential properties since 1980, selling more than $29 billion of real estate across the country.