By permission of Alex Katz

General Property Management

Residential Property Management

Cooperative and Condominium management. The protection of your home and investment is big business.
General Property is the medium size company that approaches this big business in a small-company way.

Personal service, attention to detail, and sincere concern are the old fashioned ingredients we combine with the most modern methods and practices of the industry.

Our strong, qualified leadership, which believes in and knows the value of “back to basics” property management, coupled with the ability to impart the same belief to every member of the team, will result in the efficient management of YOUR cooperative or condominium.

The General Property way…

...is to provide competent management of your property, using sound  business judgment based on knowledge and experience, and to keep expenses under control while maintaining the property in the best physical condition commensurate with long term investment policies.
We will attempt in these few pages to separate the functions of management into three major divisions and itemize sub-divisions of each. This should prove helpful in your consideration of General Property Management as the managing agent for your property.

Back office

We will use our best efforts to collect all maintenance charges in the first week of each month, or as they may become due, and take necessary action for the collection of any arrears, including instituting legal proceeding if required.

Modern bookkeeping methods are employed by use of our own in-house Risc IBM computer and software package designed specifically for us. Personal attention is given to arrears and hardship situations which are always considered. The cooperative or condominium policy concerning late payment charges is carefully adhered to.

Each month a statement of the collections and disbursements is carefully prepared and presented to the Board and your Accountant. This statement will include copies of the paid bills and a list of the bills that are due but not yet paid. Disbursements are listed by date, check number, and invoice, and are shown against budget lines for the current period as well as year-to-date. Our statement is complete but easy to follow and is prepared under the personal supervision of a principal of our firm. Standard bookkeeping procedures are used and full cooperation will be given to your accountants.

The preparation of a budget requires a full understanding of required capital improvements, price fluctuations, contract expirations, and other factors. Experience and research combine to yield a comprehensive and accurate budget for the property. Keeping within the budget is of prime importance and is carefully attended to by our staff.

Requisitions by the building superintendent for supplies and materials will be approved by the agent before ordered. Satisfactory completion of labor and delivery of supplies will be approved prior to payment. Competitive bidding and “shopping” will be used to determine the best possible price, giving consideration, of course, to quality and service. Our purchasing power will be used to your advantage, and all savings, discounts and allowances will be credited to your account.

Other Expenses
A continual review will be made in the area of insurance, real estate taxes, and payroll in addition to other operating expenses. In the area of taxes, we will prepare necessary data to assist the attorney in any proceedings concerning tax reduction or abatement. When required, the Board will be advised well in advance of capital improvements necessary to maintain and improve the equity of the property and comfort of the residents. Where practical, improvements are implemented so as to avoid irregular imbalances in future cash flow.

Government Supervision
We are familiar with the requirements of the various Federal, State and City agencies and their administrators. Our relationship with all of them is good and based on mutual understanding. It is important to note, however, that we follow the direction of the Board in dealing with these agencies. We work for you, not them.

Field management

We realize the responsibility of being Managing Agents for a property such as yours. Maintaining the property in the highest possible standards will be of prime concern to us. Every effort will be made to ensure long life and proper service of the building equipment.  The best minds in the various fields of heating, plumbing, elevators, etc., are available to us and at our beck and call. Up-to-date information concerning equipment, supplies and maintenance is constantly directed to our office and utilized by us to the advantage of the properties we manage.

Regular inspections by the manager at various times will result in proper attention by the building staff to matters of cleanliness and preventive maintenance. Work orders to the building staff will be followed up on so that no job remains undone without coming to the attention of the agent. Field management is always under the close supervision of an executive of our company. No building is left in the exclusive care of an employee.

We maintain adequate supplies at the building so that no job has to be put off for the lack of proper parts. However we do not overstock,  because of the ready availability of most items. The use of supplies is checked against purchase orders and work tickets.

Building Staff
We know what to expect from our employees and we know what they are entitled to. We really “work together” and the job gets done. Work schedules will be prepared, where necessary, and adhered to. Employees will be supervised and given proper instruction in the performance of their job functions.

When required, major contractual work or capital improvements will be given to contractors based on their quality of work and competitive bids. This type of work will be coordinated by the agent and checked against contracts and specifications. Alterations on apartments will be done according to approved plans, the cooperative’s policy, and an alteration agreement. Work of this kind will be monitored for governmental compliance.

Emergency Situations
Emergencies are handled quickly and efficiently. We employ a reliable 24-hour answering service to answer our telephone when the office is closed at night, on weekends and holidays. At least one of our agents is always “on duty” to handle an emergency situation. When building staff is unavailable or unable to handle the problem, local contractors are utilized for emergency repairs when required. We manage buildings throughout the metropolitan area, and, can very often get a superintendent from a neighboring building to cover an emergency. A designated board member will be apprised of any emergency.

Emergency Conservation
This extremely important concern of the property manager requires a broad based understanding of the building’s mechanical systems. In-depth surveys will be made in the areas of heating and electric consumption to determine any wasteful practices and determine possibilities for cost savings. New products, ideas, and recommendations are being made on an almost daily basis, and all reviewed for their potential application. Funding, grants, and tax savings are available for certain conservation installations. We will advise the Board how to qualify for these.

Safety & Security
Are of great concern to us. The building’s security system- from the simplest door lock to the most sophisticated electronic program-will constantly be checked for proper operation. Suggestions for improvement will be made. The entire staff, and all residents, will be made aware of the great importance attached to this subject. We will train the staff to be alert for any breaks in the security system and potential safety hazards in and around the building.

Resident and board communications

We will endeavor to promptly answer and rectify any complaints. We will always give an honest answer in accordance with  building policy. Any request for service, a repair, or interaction of any kind is addressed in a timely manner. Your residents will appreciate this, as it's the only proper way to handle communication.  The very delicate job of often having to say “NO” is done with care and  without confrontation. Letters and phone calls are answered quickly and professionally.

Education & Information
We constantly provide information of interest. From time to time we send out bulletins on topics of health, safety, neighborhood activities, etc. Flyers are often circulated to remind residents of the proper use of compactors, electricity, public areas, storage rooms, and the care of their apartments, building and grounds. People like to feel they have a part in caring for the property they own a piece of, and they like to hear from management about how they can improve their quality of life and reduce costs.

You, on the Board, are elected to care for a multi-million dollar corporation and the property it owns. Many Boards are on call day and night, weekends and holidays, for fielding complaints of every kind. All without compensation. Our professional management staff will aid you in the performance of your duties. You set the policy, rules, and regulations, and we will implement the policy once set. We attend meetings of the board, the annual meeting, and necessary special meetings. We will keep committee chairpersons advised of important items between meetings. Based on our performance, you will not be embarrassed in your position on board.

About General Property Management

General Property Management presents the qualifications that can only be found in a company exclusively engaged, for more than 37 years, in the management of residential properties.

In the past years, since the landslide of cooperative and condominium conversions, there has been a deluge of newcomers into the co-op and condo field. Many of them have their roots in sales and/ or the rental management business. The motivation for many of the new participants has typically been the “easy quick buck”.

Were They Surprised!

General Property has been a rooted force, not a Jonny come lately following the trend. Managing a cooperative or condominium is hard work; requiring careful time consuming attention to detail and dedication to the personal service concept. But then again, we learned that years ago and to this very day we have the reputation of being true specialists in a broad spectrum of areas.

The firm is not involved in any ancillary business ventures as we devote all our working hours to the affairs of building management.

Our back office staff has an in depth understanding of real estate accounting practices and takes a bold leadership role in charting the course of all financial functions affecting your property. The staff will be available to your treasurer and other Board members, as well as your C.P.A.; and such other financial institutions requiring our involvement.

Jeff Brown, our CEO, supervises the field management of the properties, the account executives who are responsible for establishing the management programs, mechanical maintenance, purchasing, conservation, employee guidelines, vendors and contractors, labor unions, government agencies and regulatory bodies, and overall operation of the structure and plant.