Property Management at Its Best The best customer service starts with great communication.

Transcription

1 Property Management at Its Best The best customer service starts with great communication. 30 YEARS OF EXCELLENCE MANAGING RESIDENTIAL PROPERTIES IN NEW YORK CITY

2 Introduction For more than 30 years, The Lovett Group has provided comprehensive real estate management services for residential buildings in New York City. We have earned our reputation as an industry leader through exemplary customer service transparent, personal communications with boards, and effective teamwork to support our buildings occupants. The Lovett Group is comprised of three companies to provide services throughout the five boroughs: The Lovett Company, LLC, based in the heart of Midtown Manhattan, is dedicated exclusively to servicing all of the Manhattan residences in our property management portfolio. John B. Lovett & Associates, Ltd., based in Queens, is the center of operations for all buildings under management in the other four outer boroughs of NYC. interests of you and your valuable property ahead of all else. Our dedication to our clients has resulted in numerous awards. Most recently, The Lovett Group was named Management Company of the Year in 2015 by the New York Association of Realty Managers. Ken Lovett Today, our portfolio of condominiums and co-ops has grown to over 12,000 units in more than 80 buildings, with annual revenue exceeding $200 million. This scale has enabled us to maximize operating efficiencies so we can deliver our exceptional services to you cost effectively. That means you get a competitive price, as well as bestin-class service. So we can meet your needs now and maximize your property value in the future. Lovett Realty, Inc., provides a full range of real estate brokerage services for all of our clients. With an unmatched organization of property management and customer support teams (see chart at right), we deliver highly responsive, collaborative service for our clients. Our promise of unsurpassed support is backed by our accessible senior executive team who are deeply involved in all aspects of day to day operations and by our attention to detail and accuracy in cost controls and financial reporting. Our services are also highly flexible, to meet the special needs of each individual building we manage. These customizable services reflect our commitment to put the

3 People The Lovett Group s management team consists of seasoned professionals with an average of ten years of experience in the field. We are exceedingly competent individuals, well-versed in all aspects of property management. Our duties include: Interacting with each property s accountant and attorney Reviewing alteration contracts, and coordinating and overseeing alteration work Handling all emergencies quickly as they arise Interacting with and overseeing the work of contractors, engineers and architects Ensuring preventive maintenance is undertaken to avoid violations and minimize costs Interviewing and recommending vendors Managing and maintaining a qualified staff Our team of professionals is one of your most valuable resources

4 Communication The Lovett Group invests significant time and energy to ensure property managers are abreast of current industry developments: We hold regular internal meetings to review current industry trends and developments, on topics such as water conservation, energy efficiency, lead abatement and Local Law 11. Periodically, we invite experts in to present in-depth information on areas of concern or changes in the industry. When problems arise unexpectedly, we hold collaborative brainstorming sessions to find the best solution. With our transparent management style, we are prompt and reliable in advising board members, building residents and other stakeholders about developments concerning their property. We enable board members to focus on critical policy decisions instead of day-to-day operations and maintenance. The service we provide includes: Regular attendance at board meetings Processing and distribution of minutes of board and annual shareholder meetings. Implementation and enforcement of policies and procedures established by the board Written notification to residents about topics of interest or matters requested by the board Prompt, courteous responses to requests and questions from building residents We believe a well informed board is an effective board.

5 Operations The primary focus of The Lovett Group s operations and maintenance management is to advance the goals and priorities of the board of each building. This often requires a customized approach to meet the specific needs of a property. Our unsurpassed, flexible service capabilities include: Staff Management Hiring and supervising staff authorized by the board for property maintenance Inspection Reporting Designing inspection logs and reports unique to each building to flag issues that need attention Providing technical assistance and advisement on mechanical installations, physical structures and landscaping (excluding engineering) Resale and Leasing Establishing and enforcing procedures to ensure that prospective new residents meet the board s minimum criteria, and that the building will be adequately protected against liability Move-In/Move-Out Procedures Strictly enforcing the building s policies to schedule moving plans, safeguard the premises properly during the process, and ensure a smooth transition for all residents Repair Supervision Overseeing repairs as authorized in budget or approved by the board Work Estimate Solicitation Ensuring all vendors understand requirements and provide commensurate written bids Supply Purchasing Supervision Managing the purchase of all materials for building operations, leveraging Lovett s bulk purchasing power for economies of scale Compliance Ensuring that building permits, inspections and service contracts are executed on time, according to regulations Service Order Repair Control Monitoring service order repairs to prioritize work and prevent schedule slippage Technical Advisory Service Regulatory Compliance We use a flexible approach to to take care of all the details.

6 Finances The Lovett Group generates a comprehensive Monthly Financial Report Package for each property we manage. Our attention to detail is unmatched in the industry, making it easy for a board to analyze transactions, ensure accurate billing, and identify areas where cost savings can be realized. Unlike some management companies, we also link payables and receivables to the general ledger for superior financial control. Our Monthly Financial Report Package includes: Statement of Operating Income and Expenses Itemizes income & expense details in period Targets areas for potential savings Compares actual results vs. adopted budget Identifies if additional income is needed to offset budget shortfalls Cash Management Report Statement of Disbursements Unpaid Invoices Report Statement of Journal Entries Residents in Arrears Report General Ledger Bank Reconciliations Other information requested by the board We encourage boards to verify the quality of our financial reporting package by asking the building s public accounting firm to review it. The Lovett Group also manages the Budget Process to create a clear vision for a building s future goals and determine how best to allocate funds to achieve those goals. We take pride in our system and are confident it is the best in the business. We prepare both operating and capital Improvement budgets.

7 Our budget preparation involves close consultation and collaboration with the professionals associated with the building: Accountant Insurance Brokers Building Superintendent Consultants engaged in special projects for property Vendors (to help us forecast future costs to avoid unpleasant surprises) Accounts Payable Ensuring prompt, accurate processing of supply / service invoices and any other bills assessed against property, consistent with the policies of the board of directors Record Maintenance Maintaining organized, upto-date records of all bank accounts, payroll activity and other account data Accounting/Auditing Liaising effectively with auditors and accountants to prepare local / state / federal government filings and other financial reports Insurance Consultation Arranging periodic sessions with insurance consultants to advise the board of directors on any changes in insurance coverage with respect to the building and its employees, officers, directors and unit owners or shareholders This meticulous process enables the board and our building management team to project the financial health of the property for the coming year and address any potential problems before they arise. Additional Financial Management Services Provided by The Lovett Group Collections Ensuring timely billing and collection of rents, maintenance and other assessments due, with lockbox capabilities, acceptance of ACH debit and online payments via either the Lovett website or a resident s bank Payroll Administration Ensuring that the building s employees are paid timely and accurately, and that all payroll related taxes are paid and properly filed Tax Statements Processing and distributing 1098s to unit owners and preparing Misc-1099s required for vendors Our expertise and proven procedures pay off for you.

8 John B. Lovett & Associates, Ltd. The Lovett Company, LLC Lovett Realty, Inc. Ken Lovett direct klovett@lovettrealty.com 1270 Broadway, Suite 408, New York, NY th Avenue, College Point, NY