Frequently Asked Questions

  • Can Silverside help with refinancing properties?

    Absolutely. We have been instrumental in placing millions of multifamily debt of various types: bridge loans, long term fannie/freddie loans, CMBS debt, life company debt. We understand the importance and nuances associated with proper financial reporting, budgeting, accounting, maintaining debt coverage ratios, preparing the property and staff for and managing the inspection process (surveys, physical condition assessments, appraisals, insurance inspections, etc). Additionally, we are able to navigate the challenges with placing affordable insurance that meets various lender requirements.
  • How does Silverside collect rent from residents?

    We collect most rental payments through the tenant web portal where we accept ACH and credit cards. Residents can also mail in their payments to the main office, or pay in person via check or money order. To make things really convenient residents also can pay rent directly to their accounts at the local CVS or 7-11 with cash.
  • What level of experience and training do the Silverside employees have?

    Silverside has a core group of seasoned property managers, leasing agents, accountants and maintenance professionals, each having decades of experience. This core group has deep experience in professional business operations, accounting, property management, engineering, construction and compliance. We have the proper depth and breadth to provide a high performing level of property management services to our clients and residents alike.
  • What detail is provided in financial reporting and at what frequency?

    Typically monthly financial packages are sent to ownership by the 10th of the month for the previous month. The reports can be customized to specific owner needs, but almost always include the following reports: T-12 Income Statement, budget vs. variance report, Balance Sheet, Operating Account Statement, Bank Reconciliation Report, Rent Roll, Accounts Receivable Report, Accounts Payable Report.
  • Does Silverside Management have experience with City Compliance in the City of Detroit and other cities?

    Yes. We work closely with the local municipality and pride ourselves on having a reputation for maintaining great working relationships with the city. Specifically, we understand the challenges associated with City of Detroit Rental Compliance and Lead Paint Inspections, Risk Assessments and Clearances for properties built before 1978.
  • How is communications handled with me the property owner and the management company? How can I be comfortable that my property will deliver the maximum profits?

    Communication between property owners is handled specifically by Silverside’s Owner, Joseph Brophy. Joe will work with you to understand your property and goals thoroughly and establish a detailed, forward 12 month looking budget based on all that is known. This budget will be used as your measure of how well the property is performing relative to the expectations that were set. You will have a ‘budget vs actual’ report to review monthly, to understand exactly how things are performing.
  • Does Silverside manage construction projects or other renovation work?

    Yes. We have implemented many renovation projects over the years ranging from planned unit upgrades, to full scale renovations. We have also successfully implemented large scale structural steel projects and city compliance projects under tremendous time and budget pressures.
  • Can Silverside be my syndication partner?

    Yes. Silverside is definitely able to provide property management services including management of your syndication. We will also partner, raise equity and invest in deals if it makes sense. Call Joseph Brophy to explore the possibilities.
  • How is it more efficient to use Silverside Management than it is to manage on my own?

    Staffing and expertise efficiencies: We have an established, scaled staff that includes hard to find, high value expertize. Our people include tenured accounting professionals, plumbers, HVAC gurus, painters, high producing leasing agents, regional and property managers with decades of experience and honed expertise in the local market.

    We aggregate our total portfolio needs and negotiate with all of the volume we manage. For example, annual landscaping services, snow/salting removal, painting contracts, tree trimming, asphalt and seal coating, roofing, etc. When possible, we coordinate similar projects across the portfolio, allowing us to garner lots of vendor interest and in turn enabling us to negotiate favorable terms for all involved parties.

    We have a number of administrative services that are shared with every property. These services offer a competitive advantage that is difficult for a smaller operator to cost effectively perform. For example, our professional accounting team understands the various needs of investors, lenders and financing institutions. This allows us to provide accurate, industry standard, professional accounting/reporting that is tailored to the investment objective at hand.

    Silverside has a dedicated HR department that does continual recruiting, payroll and talent management. Managing talent proves to be an extremely important part of running a high performing management company.

    We have a centralized tenant credit department allowing us to manage compliance requirements and separate tenant acceptance decisions from the property level staff.
  • Can Silverside be my syndication partner?

    Yes. Silverside is definitely able to provide property management services including management of your syndication. We will also partner, raise equity and invest in deals if it makes sense. Call Joseph Brophy to explore the possibilities.