Management / Reporting
Maximizing Returns Through Standards of Excellence
For the last 18 years, our company’s objective has been to preserve and enhance the value of the properties it manages in accordance with each owner’s investment and operating philosophies. We view our management services as we do our leasing and investment sales services: to operate with the utmost of integrity and to the highest standards of excellence.
Our involvement in all these different areas – management, leasing, and investment sales – helps give us a different level of insight into each.
I. Income Generation & Cost Control
Tenant Relations. Ongoing communication, co-operation, and service is vital to positive landlord / tenant relations and tenant retention.
Billing & Collections. Accurate billing and enforcement of various lease provisions can be significant to the bottom line. Admiral also collects and maintains security deposits, LOCs and other forms of security, and is fully versed in landlord tenant court proceedings and collection laws within the tri-state area.
Cost Control. Admiral regularly reviews building costs and contracts, such as water, oil and electric costs, insurance premiums and operational expenses. Admiral has also overseen numerous tax certiorari proceedings.
II. Administration & Reporting
Lease Administration. Admiral administers all leases, using our best efforts to ensure the timely performance of the owner’s lease obligations, as well as to secure tenants’ compliance with the terms, payments, covenants and conditions of the same leases.
Reporting and Budgeting. Admiral maintains detailed accounts and records, and prepares detailed monthly reports, including income statements, receipts and disbursements reconciliations, balance sheets, lease expiration schedules and aged accounts receivables reports. Additionally, we formulate annual operating and capital expenditure budgets as well as leasing plans.
III. Insurance / Risk Management
Admiral recommends amount and type of coverage, obtains competitive bids, places coverage, files claims, and negotiates with insurance adjusters. Admiral also reviews tenants’ and contractors’ insurance coverage and ensures compliance with the statutory requirements of various policies. We have substantial experience in post-9/11 insurance issues and negotiations.
IV. Building Maintenance
Standards of Operation. Admiral establishes appropriate standards for the operation, repair and maintenance of each property, consistent with the owner’s objectives. Admiral is experienced in working through a municipality’s violation procedures, while minimizing the client’s costs and fees.
Repairs, Services and Operations. Our company’s maintenance program emphasizes maximum utilization of in-house staff, supported by a select group of service contractors, all of whom are evaluated for scope of service and competitive pricing. Admiral supervises and directs required repairs or alterations and arranges the on-going maintenance of each managed property.
Services, Material and Supplies. We contract for the purchase of all services, materials and supplies required for the property and renegotiates above-market vendor contracts.
Capital Improvement Programs & Construction Project Management. Admiral personnel have formal training in construction services, including estimating, scheduling, competitive bidding, and insurance, contract, and claims management. Admiral benefits from years spent building relationships with contractors of all sizes and disciplines. Projects have included a $1.3 million demolition and reconstruction in the Bronx, over $4 million in tenant and capital improvements in Bronxville and Mt. Vernon, NY and $3.5 million of structural repairs in 30 NYC buildings.