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.
- 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.
- 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
- 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
- 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
- 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
- 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