Property Management Expertise

Property Management Organizational Responsibilities

I. ADMINISTRATION
Maintain and manage records and issues regarding:

  • Corporate Operations
  • Service and Construction Contracts
  • Vendor Information
  • Property Insurance
  • Tax Appeals
  • Regulatory requirements
  • Personnel Files (property and corporate)
  • Mortgage Information
  • Correspondence (property and corporate)
  • Fair Housing and EEOC complaints
  • Corporate General Liability Insurance


II. HUMAN RESOURCES
Maintain and manage issues and records regarding:

  • Interviewing, screening, hiring, payroll, vacation, sick leave and termination of employees 
    • All site specific personnel are hired and costs are reimbursable from the property
    • All supervisor and other corporate personnel are hired at the Management Agent's expense
  • Employee Benefits HR Policy Manual
  • Work Safety
  • Job Description and Delegation of Responsibilities
  • Performance evaluations
  • Performance incentives
  • Training and certifications
  • Worker Compensation Injuries
  • Drug Free Employee Policy

III. PAYROLL

  • Calculation and Payment of Wages
  • Federal & State Withholding Tax
  • FICA
  • State & Federal Unemployment Taxes
  • Workers Compensation Insurance
  • Employee health insurance
  • Issue 1099 forms, 941 forms, W-2 forms
  • Monitor and Maintain Payroll Time Sheets and Time Cards
  • Monitor and Maintain Employee Compensatory Time
  • Monitor and Maintain Employee Vacation information
  • Monitor and Maintain Employee Sick Leave Information

IV. ACCOUNTING
A. Financial

  • Verification, coding, recording and payment of Payables
  • Verification of Property Receivables
  • Reconciliation of bank statements (both operational and security deposit)
  • Monitor of delinquent or late rents and bad debt
  • Monitor of monthly rent roll
  • Preparation of monthly financial statements that show detailed breakdown of revenues, expenses, escrow accounts and current position on either a cash and accrual basis
    • Balance Sheet (showing Assets and Liabilities)
    • Income Statement (Actual to Budget and Year to Date information) 
    • General Ledger
    • Delinquency Report
    • Rent Roll
    • Bank Reconciliation's (operational and security deposit)
    • Narrative discussing budget variances, leasing, occupancy, repairs, etc.
    • Analysis of financials including actual vs budget and capital expenditures/improvements.

B. Budgeting - realistic & detailed, spending controls

  • Revenue (gross rent potential, vacancy loss, and other income)
  • Operating expenses grouped by accepted industry types (personnel, administrative, marketing, repairs & maintenance, make ready, cleaning & decorating, contract services. professional fees, utilities, taxes & insurance, debt service and other i.e. WCLC expenses) 
  • Budget Control
    • Purchase Orders
    • Budget control ledgers (track monthly budget amount for each account code) 
    •  Corporate approval for manager to exceed monthly line item budget
  • Financial Audits
  • Monitor Reserve for Replacement accounts
  • Monitor Residual Receipts accounts
  • Capital expenditures
  • Extraordinary expenses
  • Depreciation expense
  • Net Operating Income (NOI)
  • Net cash flow