Asset management typically refers to one of two categories of property management. These categories are the management of the physical properties as well as the management of all financial aspects of a property. At MPM, this is achieved through both the administration office as well as our staff of highly trained technicians.
Some of the tasks provided, pertaining to the economics of our properties include an initial business plan outlining the approach that will be undertaken for each building managed. MPM is typically responsible for collecting all rents, billing for any additional rent such as tenant electric and additional building services provided by the MPM technicians or subcontractors under our control. We typically pay all invoices pertaining to the operation of the property including property taxes. In most cases, MPM handles all the financial responsibilities of an owner, which is included in our management fee. All properties are operated as if MPM were the owner.
Prior to each fiscal year, a comprehensive budget is prepared for the owners to review at least sixty days prior to the upcoming year. Each month, the owner receives a complete analysis of the prior month's income and expense. These reports include:
The management of the physical assets of our properties is handled as if we owned them. Our property managers are responsible for providing a list of capital improvements prior to each fiscal year, when presenting the proposed budget. In addition, routine visits to all buildings are done on a weekly basis to insure that the services being provided, such as cleaning, waste removal and general maintenance, are being performed properly. It is the responsibility of the property manager to foresee any issues with the maintenance or operation of the building before a problem arises.
- Balance sheet
- Monthly budget comparison
- YTD comparison
- General ledger
- Check register
- Income register
- Vendor ledger
- Reconciliation of monthly bank statements