Receivership Management Services in Milwaukee & Surrounding Area
The following services are offered in our full-service Management Division. We will work with you to design a management package that will address your specific goals.
Click on any of the services below for additional information on each:
Within 30 days of the Receivership Appointment, we will provide the court with a Project Operations Manual which will outline in detail all service related specifications, a lease synopsis for each tenant, all critical dates for leases, services, insurance, real estate tax reviews, etc.
During the initial management and receivership services 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 counsel to defend your position. All critical dates, negotiations and obligations will be reviewed with the owner.
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.
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 a trust account which is registered with the State of Wisconsin Department of Regulation and Licensing.
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, subject to court approval.
All bills are paid promptly with funds from the Trust Account. At the direction of the court, Boerke Company Property Management will pay, from the Trust Account, all amounts due to mortgagees or land contract vendors. For each property that we manage, a separate Trust Account is opened. This account is registered with the State of Wisconsin Department of Regulations and Licensing.
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, if any, will be disbursed as previously established by the court.
Our management would include the filing of all forms and reports. This would include Employer’s Quarterly Federal Tax Return (Form 941), Wisconsin Withholding Tax Deposit Report (Form WT-6 and Annual Form WT-7), Federal Unemployment Return (Form 940), Wisconsin Unemployment Return (Form UCT-101), Employee Wage Statements (Form W-2), and all Informational Returns (Form 1099).
The typical reports provided on a monthly basis are as follows:
- Trial Balance
- General Ledger
- Profit and Loss Statement
- Balance Sheet
- Cash Flow Statement
- Bank Records
- Check Register
- Accounts Receivable Detail
For more information on making a smooth transition into The Boerke Company’s Property Management Division and our Receivership Services, contact us.