PROPERTY MANAGEMENT

 

PROPERTY MANAGEMENT

Services

Web Based Technology – The technology behind property management accounting is evolving as the industry moves from software products to software as a service (SAAS). AREA uses Aria as its accounting software of choice, and Building Engines as its work management software. We are prepared to utilize any client-preferred SAAS accounting software, including Yardi or MRI. Utilizing Aria, our accounting team will provide complete accounting services including:

  • Lease Abstracting
  • General Ledger Maintenance
  • Financial Report Generation
  • AP/AR Management
  • Bank Reconciliation
  • Budgeting
  • Gross Up Calculation
  • CAM Reconciliation
  • Lease Encumbrance Tracking
  • Critical Date Tracking
  • Vendor and Tenant Insurance Administration

Proper lease administration begins with a thorough, complete and accurate lease abstracting process. The AREA accounting team utilizes a dual abstracting process. Two individuals independently abstract every lease and their work is then compared and reviewed by a supervisor. The abstract is not complete until there is 100% concurrence between all three persons.

Our accounting team has resources to scale up or down services, short-term or long-term, as the need may arise.   We also recognize clients may wish to self-perform accounting and we are happy to adjust its management plan accordingly. In such cases, AREA performs a limited scope of services, typically bid contract services; approve invoices; provide monthly operational narratives and financial variance explanations; and assist with annual budgeting.

Efficiency & Mobility – In addition to Aria, we utilize Building Engines, which is far more than work management software. Building Engines provides basic work order processing and preventative maintenance scheduling. Through the application of Aria and Building Engines, AREA managers have many capabilities, such as:

  • The ability to create a uniquely branded building website, which is the tenant portal for submitting work requests and scheduling resources.
  • Electronically administer tenant handbooks and emergency procedures.
  • Manage mass communication to both tenants and the general public.
  • Utilize the building website as a marketing tool to display amenities and available space.
  • Conduct real time tenant satisfaction surveys upon the completion of work orders.
  • Seamlessly convey tenant billable time and charges from work orders to accounting.
  • Create building stacking plans automatically utilizing tenant information from Aria.
  • Electronically document and photograph inspection tours and immediately submit work orders through a smart phone or tablet.
  • Track critical dates and information such as certificates of insurance, lease encumbrances, notification deadlines, and fire/life safety inspection expirations.

Building Maintenance – AREA has formed a strategic partnership with Blackfin, which is capable of providing a greater depth, breadth and capacity of engineering service.  Blackfin is an operations and maintenance contractor based in Kansas City since 2006. They employ 40 engineers who operate and maintain approximately 9 million square feet of office, retail and industrial real estate in 9 states. As a specialty contractor, Blackfin invests heavily in training, both technical and safety.

Consulting – As consultants, AREA’s experienced Property Managers apply their own knowledge, as well as working collaboratively with vendor and contractor partners. Exercising relationships and economy of scale on behalf of our clients, AREA can bring together teams of skilled technicians, engineers and business persons with the ability to help building owners favorably resolve difficult design and operational problems.  AREA has also assisted buyers with due diligence inspections, as well as provided property condition reports for owners seeking an independent third-party opinion.  We also review operating expenses and CAM’s to verify market consistency and identify expense anomalies.

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