Property Operations Management:

Heritage Realty Services LLC's Property Operations Management Group employs a contemporary property operating platform designed to maximize cash flow and enhance long term value. The Heritage team comes from over 50 years of experience in guiding owners with proven risk mitigation and profit oriented management.

Global representation that includes day-to-day management complemented with leasing, valuation, financing, strategic planning, and asset repositioning.

Written Property Operation Manual provides standardized and proven management procedures which include contract administration, lease administration, insurance and property liability review.

Periodic team meetings allow for full cooperation between all management group members and the sharing of ideas.

On-site staff and building management supervision provides a proactive approach to understanding each property and controlling operational costs.

Financial business plan and timetable provides a strategic written plan of action to achieve the specified goals of the project.

Capital budgets developed to protect and enhance the economic value of the asset.

Monthly property inspections along with tenant visitations and written reports provide continuous review of the asset and its tenancy.

Interactive tenant communications are utilized to support tenants and enhance tenant retention.

Reporting, Accounting and Budgeting Management:

Heritage Realty Services LLC's Reporting, Accounting and Budgeting team provides detailed, accurate and timely financial reporting in accordance with industry standards, a uniform system of accounts and generally accepted accounting principles, all under the complete supervision of an experienced in-house CPA. The Heritage financial reporting meets the stringent requirements of institutional investors, CMBS financial products, and private investors.

Accounting process and team overseen by an experienced CPA who has over two decades of real estate accounting, auditing, and reporting experience.

CPA endorsed computer accounting systems provide electronic work order processing, payroll, bank reconciliation, financial budgeting, cash management, and financial sensitivity analysis.

Transparency on all management levels provides clients and investors full compliance review and access to accounting control and property performance.

Financial reports prepared throughout the year which include:

  • Income and Expense Statement (cash and accrual basis).
  • Balance Sheet.
  • Financial and managerial accounting statements.
  • Analysis of revenues and expenses.
  • Variance reports.

Bank reconciliation and cash management provides immediate and continuously updated information on the financial operations of the asset.

  • Tenant payment records and Lease compliance.
  • Accounts receivable/accounts payable.
  • Payroll, vendors, service providers.
  • Purchase orders.
  • Loan processing and major expense management.

All reporting is subject to external review and yearly audit by a public accounting firm. The Heritage team is fully experienced in communicating and cooperating with auditors.

Operating and capital budgets prepared in accordance with Property Management, Leasing, and the Design & Construction team and are individually proven against other properties within their respective markets.

Loan Processing monitors every aspect including amortization schedules and escrow accounts.

Major expense management provides continuous detailed review of expense items such as real estate taxes, labor taxes, insurance, and utilities.