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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®).
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
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.
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