ABOUT US  |  PROPERTY MANAGEMENT SERVICES  |  CONSULTING SERVICES  |  BROKERAGE SERVICES  |  SYNDICATION
 

PROPERTY MANAGEMENT SERVICES

Management Innovations, Inc. provides a full-service real estate management program that includes all on-site operations and financial accounting functions. However, our clients may customize their management program to meet their specific management needs. Within our management division, we have two departments: On-site Operations and Financial Accounting. Both departments are personally supervised by Jennifer Berman, our company's president who has earned the elite real estate management designation of CERTIFIED PROPERTY MANAGER (CPM®).

On-Site Operations

The key to successful on-site operations is intensive supervision. Our management style is proactive as opposed to reactive. The tight control we exercise over our portfolio allows us to anticipate and prevent challenges before they become performance problems. In order to manage in this manner, the physical plant must be thoroughly known and understood. Frequent and regular visits will be made to your property to observe its physical condition and curb appeal, to over-see the on-site personnel at work and interact with the residents in the community. During these visits, the buildings and grounds are inspected for cleanliness, maintenance and safety. Vacant apartments are inspected to ensure a high quality product for marketing. On-site files and accounting records are inspected for thoroughness and accuracy. Collection and delinquency records are carefully monitored. On an annual basis, all apartments are inspected for condition and needed maintenance. All of this enables us to maintain an excellent working knowledge of your property.

Management Innovations, Inc. carefully selects and formally trains the on-site staff employed at your property. Performance standards and expectations are clearly outlined at the commencement of employment. Employee performance and effectiveness are monitored very carefully. Our employer/ employee relationship is conducted fairly and in accordance with government guidelines. We are loyal to our employees and seek those who will give that in return. However, we are not afraid to make personnel changes if and when they are necessary. Your on-site personnel can be officially employed by Management Innovations, Inc. which maintains the required Worker's Compensation Insurance and administrates employee benefits including a group health/ dental plan with Blue Cross of California.

A thorough understanding of the existing rental market is an important aspect of operations. Therefore, we routinely "shop" neighboring complexes to update a rental market survey for the property's geographic area and closely study the advertising and marketing efforts of our competitors. You will be provided with a copy of this report on a monthly basis.

We understand the old adage, "How much you spend is just as important as how much you earn." To that end, we have developed a cost control and tracking system that works. At the commencement of the management relationship, a budget will be developed for your property and updated annually. This will be used in conjunction with a detailed income and expense tracking and purchase order system that enables us to plan monthly expenditures and accurately anticipate your cash flow. Working within a conservative operating budget does not mean deferring maintenance. Each budget includes a capital expenditure amount which is designated for special projects and preventative maintenance. The capital budget is maintained and administrated by the property supervisor.

We do not own a property maintenance company. Your property will be staffed, within budget parameters, to meet its own needs. Vendors are carefully selected for quality service and value pricing. All vendor services are bid out periodically to ensure price competitiveness. As part of our cost management system, on-site personnel have access to only select credit accounts. This provides assurance that no "surprise" expenses will be incurred.

Our commitment is to manage your expenses wisely. To demonstrate our commitment, we allow our clients to choose a management agreement option where part of our monthly fee is based on Net Operating Income which takes into account both income and expenses.

Financial Accounting

We believe that thorough, detailed and accurate financial accounting is the only way to generate meaningful reports that will enable investors to accurately track, evaluate and plan for the success of their investment. Accounting services you can expect from our advanced computerized accounting department include centralized full-service accounts payable and receivable processing as well as complete and professional payroll services.

Management Innovations, Inc. uses YARDI software written exclusively to meet the needs of real estate management. Whether you desire weekly, semi-monthly, monthly, quarterly or yearly reporting, our accounting department will customize the timing and the information contained in the reports to meet your investment needs. The monthly report package is made available by the 10th of the following month. Our standard report package includes an income and expense summary and detail, a budget variance report, a rent roll, an executive summary of operations and an updated rental market survey. In addition to this, you will receive a weekly status report of occupancy and operations.

Our financial department provides so much more than just excellent bookkeeping service. We use sophisticated financial analysis to derive meaning from your reports. This enables us to anticipate and plan for the success of your investment. Excellent communication between on-site operations and accounting are essential to successful investment performance. This communication is facilitated by the company's president who oversees the operations of both departments and has a "big picture" view of the overall operations.

We have extensive experience in the accounting of properties in bankruptcy and receivership. We have been highly successful in working with cash collateral budgets and preparing the reports necessary for interim operating statements required by the Bankruptcy Court. We are also very experienced in the administration of Affordable Housing Programs for tax credit and bond financed properties.