Navigating the complexities of compliance

Managing a HUD Multifamily Property is not for the faint of heart.

There are as many idiosyncracies as there are acronyms and industry jargon.

The simple truth is it’s not possible to successfully manage and administer the operation of HUD multi-family real estate without an understanding of all the regulatory requirements at the federal, state, and local levels. 

That’s why property owners need a HUD Multproperty manager who understands the constantly changing body of regulatory materials, and  operates client properties with regulatory compliance in mind.  The results of these efforts means the achievement of satisfactory MOR ratings, high REAC scores, and independent audits with no findings.

This HUD Multifamily Property Manager uses Voyager iPHA Properties Software to manage federal, state and locally subsidized housing programs

At 3D Real Estate Management we use Voyager iPHA Properties Software to manage federal, state and locally subsidized housing programs in Maryland, Pennsylvania, Ohio, and Goergia. This softeware validates 50058 before HUD submission, provides reports for waiting lists and verification, unit inspection, rent comparability, 50058, FSS/WtW, SEMAP, and PHAS, and manages multiple types of vouchers.

Working with a HUD Multifamily Property Owner, our services include, but are not limited to, screening tenants, leasing, collections, building maintenance, unit turns, expense management, accounting, and preparing owner statements.

As each property is unique, we tailor our management services to suit your individual needs.

For more information about this HUD Multifamily Property Manager specializing in the management of HUD-insured Section 8 affordable housing, please contact us today.

Tough times

Difficulties have set in for Condo Associations, and have underscored the need for Professional Condo Association Management.

The decline in the Real Estate Market has created problems for condominium associations and homeowner’s associations. As owners and investors have lost their homes to their lenders for delinquent mortgage and association dues as well as for back taxes, condominium and homeowner’s associations have seen their revenue squeezed. 

Professional Condo Association Management

As the revenue has become less, condominium associations need be sure that every dollar is not wasted and Boards and Managers of Associations need to get by with less money. Until the real estate market stabilizes, job creation out paces job cuts and lender begin working with owners, many more condominium and homeowner’s associations will have difficulties maintaining service levels that an association was once accustomed to. 

It is important for Boards as well as Condo Association Management to communicate the challenges facing an association regularly. 

Boards and Condo Association Managers should continually work together to reduce costs and work with vendors for cost cutting when difficult times call for expense reductions, this includes Condo Association Management companies as well. Any reductions should be based on need and not be permanent but a tool to help an association move thru a difficult financial time. 

If you are looking for a Condo Association Management Firm in Ohio (OH), Pennsylvania (PA), Maryland (MD), or Georgia (GA), please contact us today.

Best Practices

3D Real Estate Management adheres to and has adopted the Best Practices in Real Estate Management from IREM.

At 3D Property Management, we pride ourselves on following the Best Practices in Real Estate Management when managing all of our clients properties.  We offer written policies and procedures, staff development and open lines of communication within our firm as well as with our clients, tenants and vendors. 

Best Practices in Real Estate Management

Our accounting practices also establish timely budgets, financials and monthly reporting to owners with respect to financial health of a property.

If you are looking a firm who follows Best Practices in Real Estate Management in Ohio (OH), Pennsylvania (PA), Maryland (MD), or Georgia (GA), please contact us today.

Communication is key

In today’s market, many owners are faced with more delinquent accounts than ever before.  There are several factors that each owner must take into consideration regarding rent collection, and the importance between factors can change from site to site even within the same portfolio of properties.

First and foremost it is important to establish contact and good communication with the tenant in the early stages of delinquency.  It is important for communication to take place so that a plan for becoming current again can be established or a better understanding of why the delinquency occurred and how long the delinquency is expected as well as how much it may grow.

Professional Rent Collection

Effective rent collection requires a better understanding of the delinquency, and the the owner must decide if they can live with the delinquency and or partial payment.  This decision should also take into account how long the delinquency will be and how much or how little the tenant will be able to pay monthly going forward.  It is important to note that if a tenant can not pay anything per month, it is most likely wise for an owner to cut their loses and have the tenant vacate the space or begin the default and then eviction process if needed. There are times, such as during winter months it may be to the landlords advantage to wait a few months to avoid assuming high utility bills along with the rental loss.  A final thought to consider is the perception of the loss of another tenant thereby increasing the amount of space that is ”dark”.

An owner should also consider the length the tenant has been with them and whether or not they have fallen behind in the past.  If this is a first time hardship, a landlord should do what they can to work with long  standing tenants or tenants that have been current during normal economic conditions.  While a long standing relationship may exist, any tenant should be able to provide financial information to include tax returns that can quantify the hardship they outline to an owner.

It is best for the owner and tenant to work together in establishing a fair monthly payment and time for any rent concessions or carry by the landlord.

In closing, an owner must make the final decision on accepting delinquent payment by reviewing the overall delinquency for a site, the vacancy and whether or not their loan document will even allow a temporary rent concession.  In some cases a loan document will not allow for rent concession and landlord could therefore jeopardize their loan and or the recourse type they have by engaging in rental concessions.  There are many factors to consider regarding rent collection and landlords should take the time to investigate all options and weigh them carefully before making any decisions.

If you are looking for a Property Management Firm to help you with Rent Collection in Ohio (OH), Pennsylvania (PA), Maryland (MD), or Georgia (GA), please contact us today.

Just right

How much insurance is too much insurance?

When it comes to insuring your commercial properties, you should really apply the goldilocks principle.

“Not too much. Not too little. But just right.”

Some Commercial Insurance Audit questions to consider to get your premiums “just right”:

1. Have you recently reviewed the amount of insurance on your building? Building costs have decreased in value and you could unwittingly become overinsured and be paying more money than you need to.
2. Have you conducted a though inventory of your business personal property? Keep in mind, while building values may have decreased, other types of property may have increased in value.
3. Have you added any security systems, including alarms, surveillance cameras? If you have, you may be eligible for additional premium discount.
4. Have your revenues and costs of your business changed? If so you may not be adequately insured against your loss of business income.

The more money saved on total insurance costs — from reducing premiums to broadening coverages to minimize losses — the higher returns on your properties.

The goal of the audit is to assess if your insurance premium accurately represents the proper risk exposure—no more, no less.

If you are looking for a property manager who specializes in Commercial Insurance Audits, please contact Norm Slemenda at 216.641.1400 or 1.866.641.2552. If you are looking for a Commercial Insurance Audit in Ohio (OH) Pennsylvania (PA) Maryland (MD) or Georgia (GA) please contact us today.

If you have a green building, you know very well that you cannot simply “set it and forget it.” 

Green buildings do not operate on auto-pilot.

No matter how sustainable or “green” a building may have been in its design and construction, it can only remain so if it is operated responsibly and maintained properly.

Creating your Green Building Maintenance Plan

What was it specifically designed to do? And is it being operated accordingly?

A green building, also known as a sustainable building, is a structure that is designed, built, renovated, operated, or reused in an ecological and resource-efficient manner. Green buildings are designed to meet certain objectives such as protecting occupant health; improving employee productivity; using energy, water, and other resources more efficiently; and reducing the overall impact to the environment.

Green Building Maintenance

Every aspect of green building is integrated into the O&M phase of a building’s life. The addition of new green technologies also falls on the O&M Property Manager. Although the goal of waste reduction may be applied during the design, construction and demolition phases of a building’s life-cycle, it is in the O&M phase that green building maintenance practices such as recycling and air quality enhancement take place.

If you are looking for a property manager who specializes in Sustainable Building Operations in Ohio (OH) Pennsylvania (PA) Maryland (MD) or Georgia (GA), please contact Norm Slemenda at 216.641.1400 or 1.866.641.2552. Or if you looking for a Property Management Firm specializing in Green Building Maintenance please contact us today.

What you should do

If you’ve been in the real estate industry for any length of time, you have probably, at one time or another, ended up owning a property you did not intend to own.

A unique part of the commercial real estate business is receivership, i.e., the management of a business or property that is involved in a legal process such as bankruptcy.

When a building enters foreclosure, the courts often appoint lawyers as trustees of the building. Or in some instances, they’ll recommend a particular company, instead of a law firm, for Managing a Property in Receivership.

Hiring a specialist to manage a foreclosed building is a great benefit to all parties. A specialist in this sector will go into a building, quickly identify all of the problems, whether they are structural or operational, and work quickly to turn them around and ready the building for a sale to a new owner.

Managing a Property in Receivership: 5 Things Your Property Manager Should Do

To ensure proper conduct of the receivership role, the manager Managing a Property in Receivership should:

1. Fully disclose all negotiations and obtain the necessary approvals, in writing, before taking any action.
2. Maintain detailed records of each and every financial transaction during the receivership period.
3. Document any differences between the records of account and leases, invoices, etc.
4. Make all reports to all parties on a timely basis and in as complete detail as is practical.
5. Not let one side or the other sway him or her into making decisions that are not favorable to the property

Finding the right property manager for Managing a Property in Receivership can be the difference between lots of unforeseen headaches that won’t go away, and turning a bad sitution into a good one quickly and painlessly.

Contact Norm Slemenda at 216.641.1400 or 1.866.641.2552. If you are in in Ohio (OH), Pennsylvania (PA), Maryland (MD), or Georgia (GA), and you are looking for a Property Manager who specializes in Foreclosed Properties and Managing a Property in Receivership please contact us today.