ABOUT US
Our full service property/asset management company began in 2000 and has already become a premiere apartment management company. Apartment Management Consultants (AMC) focuses on the need to serve our owners, employees, residents and vendors. AMC is comprised of people with diverse educational backgrounds, work experiences and personal interests. We are all driven by a unique enthusiasm, a passion and a commitment of being part of a team and reaching a higher level of excellence. AMC strives to make each of the properties we manage perform to their potential by giving its staff the tools they need to succeed, by intelligently responding to the industry's market, and by overcoming any obstacles that might be presented along the way. AMC is determined to achieve excellence within the management industry and take their owner friendly management structure to the next level by establishing, maintaining, promoting and advancing high standards of property management for yesterday, today and tomorrow.
Mission Statement
We are committed to identify the potential and maximize the earnings of our client's real estate investment. We have set standards and guidelines to help maximize these earnings. We pledge to manage each property with specific goals established for that individual asset. We feel that each asset has specific needs and maintains a distinctive position within its particular market. After intense market study, we will determine a leasing and management plan to position the asset within the market place. We will also establish a long-term management plan that includes recommendations for capital improvements and enhancement opportunities that will enable the property to maintain a steady Net Operating Income growth from year to year.
AMC Management Services
AMC gives individual attention to each property as if it were the only one we manage, and we pledge to do the same with yours.
We are dedicated to meeting the needs and exceeding the expectations of owners and asset managers like you. Our firm commitment to yielding the highest possible return on the owner's investment is based on a thorough analysis of each property, a variety of resources, and our style of comprehensive property management.
Other Income Services
AMC's Other Service is focused on delivering value to the bottom line. Every opportunity is closely evaluated for its ability to reduce cost or enhance revenue on each asset we manage.
Cost reduction is also available by utilizing AMC's expertise in utility (gas, electric, water, and fuel management. AMC has experience in re-lighting, re-metering and analyzing utility costs. Additionally, we concentrate on waste removal costs and consistently target apartment turnover and landscaping costs.
Providing a package of services that make AMC managed apartments positively distinct in the eyes of potential renter and existing renters, as well as providing a new source of revenue to the property owners. AMC has business relationships with firms in the cable television, high speed Internet, and telephone industry and we take advantage of the best revenue sharing opportunities available.
Alignments with other firms to provide additional services and economic incentives are constantly under consideration. Several currently being evaluated are renter's insurance and auto insurance, retrofitting apartments to contain washer and dryer hookups, sweat equity programs for residents, and postage reimbursement for vendor payments. Each program is evaluated for its service quality, benefit to the renter and value to the property. Each alignment is measured by its contribution to the bottom line.
Asset Accounting Service
AMC provides an Asset Accounting Service (AAS) to service a broad range of clientele from fee client arrangements, partnerships, institutional investors (banks, savings and loans, and insurance companies).
The AAS is designed around a "team" concept where highly trained professionals and support staff from various disciplines are assembled to focus on an individual client's accounting and reporting requirements. The result is that AMC is able to provide the attention to detail necessary to provide the client with financial information delivered accurately, on time, and in the format dictated.
The various components that make up the AAS division includes Accounting Support Services, Banking, Financial Reporting, Mortgages Payable, etc.
AMC has utilized Rent Roll and AMSI, on-site computerized property management tools that will provide the client and AMC with the most comprehensive database, including prospect tracking, resident demographics, payment history, accounts receivable and accounts payable detail, budget control and maintenance issues, and property financial results. Rent Roll and AMSI have been interfaced with AMC's customized accounting system to provide the client and AMC with the most current financial and resident data available.
Accounts Payable (part of Asset Accounting Services)
Trade vendor accounts payables are processed by the on-site staff through the Rent Roll, Inc. or AMSI budget control system. This process allows an immediate monitoring of purchase orders and invoice processing against an account by account budget. If a line item account is over budget, the manager must contact the supervisory staff for approval prior to the purchase of any item.
All processing is validated against the controlled chart of accounts, vendor list, and budget. In addition to tracking processing by account, the same information is accessible to vendor so that a manager immediately knows what items are outstanding to a vendor.
As part of the entry process on a property pre-defined level, batches of accounts payable are "flagged" for audit. These batches are submitted to the corporate office for review. Until these items are reviewed, no supervisory approval or payment can occur. This process forces quality and internal controls over the on-site processing. Current audit guidelines have been set at 15%.
All vendor payment information is passed to the AAS system for inclusion in the general ledger, as well as accounts payable system. Concurrently, vendor accounts payable history is passed to the property thus providing the manager with up to date vendor payment history. All service vendors must carry workers compensation insurance along with substantial liability insurance that is no less than $1,000,000.00 per occurrence and $250,000 auto-insurance coverage.
Accounts payable checks are generated on a Laser Printing System. Accounts payable personnel match the checks to supporting documentation and submit them for review.
Accounts Receivable (part of Accounting Support Services)
All resident rental receipt processing is accomplished through Rent Roll, Inc. or AMSI. Information is processed by the on-site manager and his/her staff processes all resident transactions including move- in and move-out, resident demographics, rental receipting, and security deposit refunds.
All information is available to the manager through a comprehensive reporting system within the Rent Roll, Inc. or AMSI product.
The flexibility of the system allows tracking of revenues based on client preference. The receivable tracking allows significant history detail for review and audit purposes.
Mortgages Payable
AMC has separated the payment of taxes, insurance premiums, and mortgages into a separate function due to the timely sensitivity to payment.
The Accounting team is responsible for initiating payments of mortgages on a monthly basis, monitoring the various taxing authorities for their payment schedules and making payments accordingly, and verifying that insurance does not lapse due to a missed premium payment. In addition, this group monitors and reconciles escrow accounts to determine that they are adequate.
Taxes for those properties are tracked automatically from year to year and fluctuations are brought to the client's attention for possible valuation analysis. Additionally, all taxing authority information is maintained to ensure that all tax bills are accounted for on an annual basis.
Banking
The controller opens and closes all bank accounts as dictated by the client. In addition, this group processes the movement of all funds in and out of all property accounts such as depository accounts, reserve accounts, money market accounts, savings accounts and certificate of deposits.
The banking group's primary responsibility is to reconcile all bank accounts and work with the accountant to resolve any discrepancies such as deposits in transit and stale dated checks.
Asset Accounting Divisions
Accountants, AMC Controller and staff assigned to properties assist in the preparation of any owner reports, the review of the financial reports and are directly responsible for the completion of the financial statement package.
The financial statement package undergoes a final review by Greg Wiseman, President of operations, before being submitted to the client.
Under the client's direction, the accountant interfaces with the client's asset manager or accounting contact in order to establish a close, on-going working relationship so that any accounting questions or issues can be resolved in a timely manner.
Asset Management Service
Our Asset management division specializes in providing clients with an impartial, but definitive performance review of an individual asset or an entire portfolio.
Our review consists of a thorough analysis of the current condition of the asset. We will identify and breakdown the factors that are contributing to the current condition of the asset. The main factors that we will be offering opinions on are as follows; Management Operations, Marketing, Physical Condition, Resident Relations, Operating Expenses, Real Estate Tax Review, Audit and Compliance Issues, Risk Management and Liability issues, Capital Spending, Replacement Reserve Compliance, Upgrade opportunities, and Ancillary Income opportunities. We will provide a written action plan that will incorporate solutions and counter the deficiencies that are exposed in our performance review. In our written review, we will research, interview, and recommend a third party management company. We will assist during the transition period to make sure our client's interests are protected.
Our division is structured to operate in a long-term capacity and can operate as a buffer between management and ownership. We can provide monthly reports to our clients consisting of; monthly financial statement review (providing trend reports of any fluctuation in performance), impartial market reviews, physical condition reports (providing pictures and descriptions of any deferred maintenance items), capital improvements (tracking owner or lender mandated repairs), quarterly resident surveys, and an overall monthly summary of operations.
