Our Role

IRPM has teams of specialists who understand the ins and outs of the real estate industry.

Although they have different roles, they are all focused on one simple goal: to help maximize the value of your real estate investment and ensure that property management remains easy and hassle-free.

Our roles are clearly defined to minimize the complications that often come with property management.

Compliance

• Timely filing of payroll and other tax and information returns
• Reviewing, signing and filing of corporate income tax returns
• Maintenance of employee files for union and labor departments
• Compliance with State Workers Comp/Disability Insurance Requirements and other City, State and Federal regulatory bodies
• Prepare 1099’s for independent contractors (payments over $600/yr) and 1098’s for shareholder notification of amounts deductible for taxes.

Site Management

• Supervision of personnel
• Periodic visits to buildings (frequency depends on size of property and projects in process)
• Supervision of contractors and capital improvements
• Respond to tenant complaints in a timely manner
• Maintain inventory of maintenance and janitorial supplies
• Conduct preventative maintenance program in conjunction with Building Policies
• Attend an agreed upon number of monthly board meetings and assist in preparation of meeting agendas

Board Policies

• Enforce all board policies relating to transfers, sublets, alteration, arrears, etc.
• Process in a timely fashion questionnaires and compliance requests from banks, government agencies, etc.
• Enforce all Building Rules in compliance with board delegations to management
• Supervise transfers of units including credit applications, arrearages, closing and where applicable provide “waivers of right of 1st refusal”
• Act as transfer agent to cooperative share transactions
• Comply with all agendas set forth by the board at each monthly meeting

Budget

• Analysis of cash needs
• Preparation of bank reconciliations
• Maintenance of bank records, paid bills and legal documents
• Preparation of monthly management report
• Providing required financial data to attorneys, accountants, insurance companies and governmental agencies.
• Risk management, including insurance and processing of claims

Income

• Collection and deposit of maintenance income
• Control of accounts receivable including application of policy for past due accounts
• Monitoring of other income i.e. laundry, parking, late fees
• Chargebacks of non-co-op/condo expenses to shareholders and residents
• Notification and collection of assessments and changes in maintenance fees and common charges

Disbursements

• Payroll (including knowledge of union rules)
• Payment of vendors including invoice review, sales tax and available payment discounts
• Maintain accounts payable schedule and control cash flow
• Mortgage and escrow payments
• Transfers between bank accounts