Frequently Asked Questions
What is a full service management company?
A full service management company oversees all aspects of the building’s operations; from the building’s staff to resident relations and financial oversight.
We are available 24/7 for all emergencies and all emergency calls after-hours are answered by an operator who will route the call to the appropriate party.
How are reports received by clients?
Financial reports for each client are prepared by Excel Bradshaw’s Controller, Tom Spatarella. We run all of our properties on BJ Murray, a complete real estate oriented software package.
Financial reports are completed around the 25th of each month, for the month prior. These financial reports are distributed via PDF to those Boards who choose to utilize e-mail and by hard copy for those who request it.
In addition to the monthly financial reporting, we are also submitting to the Board a PDF of all checks that were written during the month prior, showing both invoices and copies of Should the Board meet before the 23rd of the month, we will craft a financial update on or around the date of the meeting so that each client can know its financial position at any given time.
Copies are sent monthly to the client’s independent accounting firm so that they can be kept abreast of all information as the year progresses and so that they will be prepared for their yearly audit with as much information possible.
Does the Property Manager Attend Meetings?
Your Property Manager will attend all regularly held monthly Board Meetings, scheduled Special Meetings and Annual Meetings. In addition, the Controller, Tom Spatarella, will also attend the Annual Meeting to give the Shareholders / Unit Owners a financial recap of the prior year, should your accountant not attend.
Do you charge for Sales and Leasing Applications?
Our typical charge for handling Sales and Transfer applications is $500, to be paid for by the Prospective Purchaser or Transferee. Our standard fee for Refinance and Sublet Applications is $350 per application and is paid for by the Shareholder / Unit Owner applying for the refinance or the prospective Subtenant applying to sublet.
Do you have additional in-house services?
Excel Bradshaw Management Group, LLC has an in-house AIA Architect who oversees a variety of projects for our clients, when requested; from interior renovations to large-scale projects such as Local Law 11 facade inspections. While these services are not included in our normal fee, the hourly rate for our clients is less than their hourly fee on the open market.
While we do not have an in-house attorney, we have a variety of real estate lawyers whom we can call upon for expert guidance on any particular issue.
Are there any fees incurred during the transition period?
We do not charge for the implementation of your account and as such we will begin our charges on the start date of the contract.
Who should we contact if we would like more information about making the switch?
Please contact Mark Levine of Excel Bradshaw Management Group, LLC at either 212-502-7048 x.201 or via e-mail by [email protected].
Do we need a professional management company? Can we self manage?
Although some smaller (and larger) Condominiums and Cooperatives choose to self manage, hiring a professional property management firm offers each client the peace of mind that your largest asset is being taken care of, professionally.
In addition to taking care of the physical plant and resident relations in the building, we ensure that all of the proper government mandated filings are taken care of, local laws are followed and we are proactive in alerting our clients to changes in existing codes that may affect the property.
Professional managers have a fiduciary responsibility to our clients to ensure that we are doing everything in our ability to ensure that your buildings runs properly, and legally.
How many employees are assigned to each property?
On any usual account, at least five (5) employees of Excel Bradshaw Management Group, LLC, are involved on the day-to-day management of the building.
Besides the Property Manager, each account has a dedicated Accounts Receivables, Accounts Payables and Sales / Leasing Liaisons. In addition, our Controller will prepare your monthly financial reports and a Partner of the firm will be kept abreast of all issues and concerns.
Does the property manager visit the property often?
Depending on the needs of your property and what terms are agreed upon in the Management contract, your Property Manager will visit as per those terms and also on an “as-needed” basis.
Should an emergency arise at any time during the course of the month, a responsible party (usually the Property Manager assigned to your account) would visit the property and report back to the client as needed.
For Cooperatives, do you handle closings?
We have many clients that use our firm as the transfer agent for their closing of units. Should the Board not use outside counsel to act as the Transfer Agent, we are happy to do so for the Cooperative. The fee that is charged for this closing is paid for by the Seller at closing.
If we hire your firm, what is the typical transition period?
In order to properly set up your account on our accounting system and to have enough time to gather all of the necessary information from the previous Managing Agent, we request at least 30 – 60 days to transition into your building.
Typically, contracts call for between 30 – 60 days notice for termination of your prior agreement, so this time frame may run in concert with your old agent’s time frame as well.
Let’s Talk Further
To get more detailed information based on your specific needs, contact us today for more information. Click the button below or call 212-502-7048 x.201