Reporting and Analysis
- Financial Statements using Generally Accepted Accounting Principles (GAAP) as established by the Financial Accounting Standards Board (FASB).
- Our record keeping systems are audit-friendly with 24/7 client access, yet secured, preventing unauthorized access or use.
- We employ cutting-edge information systems that prevent fraud, reduce expenses, and that automatically record the transactions and events of each business day.
BMG's standard services include:
- Preparing annual budgets and other comprehensive financial plans
- Full accounting of income and expenses
- Maintaining accounts receivable, ensuring correct resident billing
- Monitoring resident collections, vendor income, mortgage/insurance/tax rebates, and replacement reserve
- Tracking purchasing activity, ensuring adherence to budget and policy
- Centralized accounts payable, includes processing vendor 1099s
- Administering payroll, ensuring compliance with local, state, and federal requirements
- Maintaining required insurance, ensuring risk management, and proper loss controls
Both owners and managers are provided personalized monthly financial summaries that are unique to the customer’s requirements. Our information systems enable us to easily adapt reports and other deliverables which will ultimately increase the efficiencies of the clients we serve.
- Financial Statements
- Collections and delinquency
- Cash flow distributions
- Rent Roll and unit availability metrics
- Rent schedule and history
- Turnover costs
Conventional Multifamily Housing
The executive staff of Block Multifamily Group (BMG) has managed conventionally financed multi-family assets for over thirty years. As each executive cut his/or her teeth in the field, we have a prospective of property management from all directions.
The key to our success is in our value enhancement approach to management of the asset. Be it maximizing the rental rates, to saving dollars on the expense line, our executives and property managers know how these events relate to maximizing the value of the asset.
Each managed asset is thoroughly analyzed as to its position within its submarket. Is the property positioned correctly regarding the scheduled rents? How does it compare? What is the physical condition? What has to be done to achieve maximize rates, leading to maximize value? Is the submarket vibrant?
A physical assessment of each asset is conducted by the VP of Construction and Management. What are the physical issues, what are the best corrective measures and how do these items effect the value and NOI growth of the asset. This department reviews all capital items, insuring the best possible price is achieved. All insurance related claims are reviewed and negotiated by this group.
All of the above are part of the daily mission of BMG. The absolute goal of the management group is — increase the value of the asset for the owner.
Block Multifamily Group (BMG) is active in the management of multifamily properties operating under the guidelines of the U.S. Department of Housing and Urban Development (HUD) and operates all assets in conjunction with the HUD's Fair Housing Policy. The mission of the HUD's Office of Fair Housing is simple:
To create equal housing opportunities for all persons living in America by administering laws that prohibit discrimination in housing on the basis of race, color, religion, sex, national origin, age, disability, and familial status.
BMG has been required to submit over 15 HUD-2530's (Previous Participation) during the past 24 months. Each was successfully approved for the property management of assets operating.
Our staff is familiar with Real Estate Assessment Center (REAC) Inspections and Management Reviews conducted by the Department. We have received scores ranging from 70 to 98 for REACs and have fully completed successful Management Reviews. Our proactive management in training and pre-inspection enables the assets to maximize the potential outcome.
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Acquisition Assistance and Due Diligence
Block Multifamily Group (BMG) will provide acquisition assistance and due diligence for the client. Our site unit by unit inspection, the market survey program, rent roll and cost analysis are part of a comprehensive analysis conducted by our staff.
The BMG Team will focus on areas of income such as maximizing rents, ancillary income collections, and utility charges. In addition, the costs germane to property operations, from a thorough payroll analysis to expenses incurred for replacement items, will be analyzed. Our extensive experience in both property repositioning and renovation enables BMG to quickly ascertain the viability of current property operations as well as facilitating projections for ownership's ongoing investment objectives.
The services include:
- Analysis of current operations
- Unit by unit inspections
- Current market survey
- Operational financial analysis
- First year budget projections
- Lease and file audits
- LIHTC compliance related issue will be addressed if required