Property Management Capabilities | Denver, CO
To enhance revenue return and assure the continued appreciation of each property managed on behalf of its clients through the use of effective tenant retention programs and the application of proven operating cost controls.
Panorama has substantial experience in property management, leasing, construction supervision and tenant relations. The day-to-day property management and accounting is overseen by a highly skilled Real Property Administrator (RPA).
Panorama provides comprehensive property management and marketing services that maximize the income and appreciation potential of the client’s asset. In-house accounting ensures greater control and confidentiality of the asset’s performance.
Property management services include, but are not limited to, the following:
Tenant relations, financial reporting, budget preparation and implementation, annual adjustments, rent collections, operating cost control, maintenance supervision, lease review and administration and tenant construction supervision.
Clients and tenants receive personalized attention and the benefit of long-term relations with vendors. The accounting function is an integral part of the company’s operations and excels in accurate and timely financial reporting. Panorama also benefits from its membership in BOMA.
State of the Art property management software provides invaluable information relating to the asset. The system is capable of creating customized financial reports according to the client’s specifications.
The standard monthly operating report includes a narrative, income and expense statement, balance sheet, budget comparisons and variance analysis and tenant information such as a rent roll, tenant activity and aging report. Supplemental accounting information, i.e. check register, general ledger and bank reconciliations are also included in the monthly report. Copies of monthly paid invoices are also available upon request.
The preparation of an annual budget for all property income, costs and operations will be presented to ownership for review in accordance with the client’s budgeting schedule requirements.
Annual Expense Adjustments
The adjustment of tenant operating expense escrows to actual costs will be completed on an annual basis in accordance with the provisions of tenant leases. This reconciliation will be completed by the property manager and the assistant property manager. Panorama prides itself in its ability to calculate these reconciliations in a timely and correct manner. They are presented in a tenant-friendly format after being approved by Ownership. The property management team has extensive experience in preparing even the most complicated and involved expense reconciliations, which in many cases results in a financial advantage for the property.
Collections of rent and additional rent is a very high priority. The standard procedure includes monthly statements to the tenants, daily monitoring of cash receipts and demand letters to tenants when necessary. Follow-up phone calls or tenant visits are conducted as needed. Legal action may be initiated with owner approval.
Services will be provided by outside and independent contractors and suppliers. Annual bidding for these services provides the opportunity to keep a high level of quality in concert with competitive pricing. When taking over a new property, expenses can usually be reduced and the quality and level of maintenance increased. Preventive maintenance programs are conducted on a routine basis on areas such as roofs, HVAC systems and parking lots.
Operating costs are monitored and controlled by the preparation of an annual budget, review of the monthly budget variance reports and approval of all invoices by the property manager. All service contracts are bid on an annual basis to ensure the costs for services are competitive and fair. Specifications for each service are developed and submitted to the vendors for bidding purposes. All bids are reviewed and compared before the contracts are awarded.