Southeast Wisconsin's Property Management Experts
After merging with Richter Realty & Investment, Inc in late summer 2013, we have been able to offer the following services in our full-service Milwaukee Property Management Division. We will work with you to design a custom management package that will address your specific goals while providing you the confidence that your real estate is in the right hands for all your property’s needs. Boerke Property Management Company provides property management services to Milwaukee, Waukesha, Racine, Kenosha, Washington and Ozaukee Counties. If you have a property in a different area in the state of Wisconsin that needs property management services, still call us, we can handle it.
Below you will find a general overview of the process and services offered. Click on any of the services for additional information on each:
During the initial management takeover phase, our property management division will be gathering, organizing and analyzing information in order to prepare your custom Property Management Plan and Annual Budget. Ideally, much of the information listed below would be available to us prior to our management takeover:
- Leases – Review all leases; confirm base rent and expense reimbursements. Set up a lease synopsis for each tenant outlining terms, conditions and critical notice dates
- Financial Data – Past operating information will greatly assist us in setting up the budget and the forecasting process. In addition, it will provide us with the detail needed to examine the level of services and maintenance being provided
- Service Contracts – Review and re-bid where appropriate or as directed by the owner.
- Preventative Maintenance Programs – Based on our inspection of the property and analysis of the information provided, we will recommend specific maintenance programs for all aspects of the property.
- Tax Bills for Review
- Review Insurance Requirements
- Utility Consumption / Energy Audit– Our personnel will track kilowatt hour consumption and therms per degree day. Past consumption history will enable us to more accurately forecast future expenses and pinpoint problem areas. The energy audit will point out ways to save on energy costs as well as develop payback periods for any energy saving projects
Included in this introductory phase, we will be working with you to prepare a management plan that will match your short and long-term goals for the property. Based on your goals, we will be making recommendations to you on everything from tenant retention plans to daily maintenance requirements.
It is our policy to administer and enforce all lease agreements. Both monetary and non-monetary defaults will be enforced only after consulting with the owner or in accordance with the management contract. We will work with your legal council to defend your position. All critical dates, negotiations and obligations will be reviewed with the owner.
Our management of the subject premises will result in the best possible first impression for the tenants and patrons of the building. We feel that this first impression goes a long way to insuring maximization of your investment by creating a positive image for the building. Listed below are some of the maintenance functions we will perform and oversee:
-To hire, supervise, and discharge all employees, contractors or other personnel necessary to be employed in the maintenance and operation of the Premises. All employees shall be deemed employees of the Agent.
-To inspect said Premises as necessary.
-To schedule and cause to be maintained all common area maintenance, interior maintenance as required, common utility facilities, utilities and HVAC, all as set forth in various leases between landlord and tenants; including, without limitation, the following:
- Interior janitorial, repairs and maintenance as required;
- Plant and planter maintenance;
- Snow plowing, removal and salting;
- HVAC service contracts during warranty period or in accordance with Landlord’s maintenance policies;
- Structural and exterior building maintenance;
- Lawn care, including mowing, weed eradication, fertilization and watering;
- Shrubbery and tree care, including replacement, pruning, fertilization and watering;
- Parking lot, sidewalk and island maintenance, including asphalt repairs, concrete repairs, parking lot striping, parking lot sweeping and litter removal;
- Common area lighting and, if required, tenant interior lighting;
- Fire alarm system checks including insurance inspections;
- Security system management;
- Handling of tenant inquiries or problems in reference to maintenance, warranties, repairs and or remodeling.
- Prior to contracting for common area services, submit all bids to the Owner with an accompanying comparison breakdown noting our recommendations.
Within thirty (30) days after we take over the management of your property, we will submit a maintenance plan to you outlining:
- The current physical condition of your property.
- Immediate repair recommendations.
- Expected remaining life of your major systems, i.e., roof,
- HVAC, parking lot etc.
Our property management division is available for emergencies 24 hours per day, 365 days a year. If the situation warrants, we will be on site to expedite handling of the emergency.
As part of our management plan, we will review the assessed value of the property on an annual basis or as required, due to additions or remodeling. It is also our policy to regularly review the assessed valuations on comparable properties within the specific municipality. After the reviews are completed, recommendations will be made to the owner. If warranted, we will file objections on your behalf and prepare and submit the necessary data to the taxing authority. Please note that our management fee does not cover the cost of preparing for and filing the objection, legal counsel or appraisers. This service is quoted on a case by case basis. In most instances, disputes with the taxing authority are settled prior to appearing before the Board of Review. By knowing the market value of your property and the comparable property values, we will be able to ensure that you will receive the lowest possible real estate tax bill.
After preparing the annual budget, it will be given to you for approval. If unbudgeted items (within a preset limit by you) were to arise, we would obtain your approval first. Budgets are reported by month with an annual total. Comparison reports can be processed including actual figures, budgeted figures, the variance between the two, and percentage comparisons as well.
Our Property Management Software assists us with tracking all important dates which need to be followed up on daily. Examples would be lease renewals, rent increases, late charges, insurance expiration dates, tenant common area maintenance billings, real estate tax billings, utility billings etc. This software allows us to be a premier Milwaukee property management firm, that is able to not only service the 7 county region of Southeastern Wisconsin, but bring property management services to Ozaukee county, Racine, Kenosha, Madison, and more.
All tenant files are kept current on a daily basis and are updated to reflect all charges and payments. All funds received are deposited daily in your Operating Account. Keeping receivables current and to a minimum is perhaps the most important process in the collection process.
All charges to tenants and payments from tenants are posted on a daily basis. If a tenant should fall behind in making payments, delinquency notices are mailed out. These notices are followed up on and if a payment problem continues to exist, strict enforcement of the leases will be exercised. If legal action is necessary, it will be taken before delinquent balances get out of control.
All bills are paid with funds from the Operating Account. Invoices are paid on a regular payment schedule. We feel that it is very important to maintain good credit with all of our vendors. Every attempt is made to have all bills paid on time and to take advantage of early payment discounts. Good relationships with our vendors results in good servicing for our clients.
Excess operating funds will be disbursed as previously established by you in the Management Agreement.
A set of books will be maintained for your property to include, cash receipts, cash disbursements, general journal, and a general ledger. A trial balance will be prepared monthly. Monthly reports that will be forwarded to you depend on your personal needs. Bank statements, deposit records, bank reconciliations, etc. will be retained by our office. We do not assume responsibility for preparation of State and Federal income tax forms. If desired, we will have our accountant prepare an annual audit and tax return for an additional fee.
Our accounting system has many options when it comes to processing monthly reports. The standard statements which can be run are the Profit and Loss Statement, Balance Sheet, Cash Flow Statement, Trial Balance and General Ledger.
For more information on making a smooth transition into The Boerke Company’s Management Division, contact us.