WHAT WE DO…
Though organizational change is necessary at times, it is often unsettling. Although change is often complex, FMG’s structured approach assures it is seamless, professional, and successful, leading to lasting benefits. Our experienced transition team takes your concerns seriously and responds to them proactively. We obtain and carefully review your community’s records and then document our findings. After assessing your property’s current situation, our transition team meets with the board to identify future goals and recommend and discuss strategies to assure these goals are achieved. Once we establish a transition plan, we take all necessary steps to ensure that owners, residents, employees, and contractors are both comfortable and confident in our ability to create smooth, well-organized change.
Since ours is a service business, we assure that all board members, owners, and tenants receive prompt, caring, and careful service. Because we are sensitive to the importance of maintaining and improving the quality of life for all residents to preserve the comfort, security, and familiarity of a home, your property manager and his or her team of experienced professionals are chosen based on their knowledge and experience with your specific type of property. Our team members are available 24 hours a day, 7 days a week for emergencies, to meet the needs of your residents. In turn, we communicate clearly and act swiftly to ensure that your property’s rules and regulations are consistently followed. We will
- process maintenance and service requests and follow-up with residents and the board to assure that complaints are permanently resolved.
- systematically inform and remind residents of existing and newly implemented safety, quality-of-life, and regulatory policies.
- successfully negotiate and mediate difficulties between residents and/or property employees.
- survey board members and residents on a regular basis regarding the quality and value of amenities and services; make recommendations for improvement.
- maintain a visible on-site presence to personalize relationships with residents, employees, and contractors.
- attend all board meetings and property functions and events to assure your residents that your property’s designated management team is both concerned and involved.
Residential Notification System (RNS):
RNS, or Residential Notification System, is a state-of-the-art communications support system offered by The Ferrara Management Group Inc. This innovative system allows our managers the ability to keep your community informed by sending out immediate notifications in the event of an emergency or service interruptions during times when staying informed is critical. Residents can be informed within minutes of emergency or other critical situations that may be time-sensitive.
While essential for issuing alerts regarding service interruptions or emergencies, RNS also makes it possible for residents to stay informed regarding community events, meetings, and other important matters. Notification of power outages, water shut downs, interruption of services (elevator, heat/air conditioning, pool status) and other critical information can be delivered almost instantly via voice, text, email, and social media messaging. Ultimately, residents are able to stay more engaged, aware of both emergency and non-emergency events in their own community.
Our Residential Notification System also reduces the need for posting paper notices on properties, ultimately reducing costs and assisting with our green initiative. Safety and security are huge concerns in the world we live in today; being informed quickly of an urgent situation or event is paramount
Accounting and Financial Services:
In addition to your property manager, your designated financial team will assure that your property continues to be both profitable and economical. On a monthly basis, we will provide the following documents to the board, assuring that you stay well-informed of the fiscal health of your property. Your dedicated management team will review these reports with the board on a monthly basis to assure that your property is using available funds effectively and efficiently, and will make recommendations as needed. In addition, our financial experts will assure that you are compliant with IRS reporting and make recommendations to maximize your property’s value.
- A detailed monthly bill, including any relevant charges for each unit owned, as well as any other charges the shareholder is required to pay the corporation. Each bill includes a return envelope to assure that you receive your funds as quickly and seamlessly as possible. Alternative billing methods are available such as coupon booklets and electronic billing. Shareholders have the option to pay electronically, using credit and debit cards, e-checks, online bill payment and ACH. Your property incurs no additional charges for these enhanced bill pay services and your funds are processed at the lock box and immediately available.
- Deposit insurance through our banking services for each Federal Identification Number up to $50 million dollars at no additional charge, current FDIC limits at other banking institutions is only $250,000.
- Debit and credit cards available for board members without fees and is subject to credit approval.
- A monthly agenda for all board members, prepared prior to each board meeting, which includes a minimum of three proposals for any large projects you plan to initiate. In addition, it will include multiple bids (sealed bids are highly recommended) for any annual contracts that are set to expire, so that you are able to make sound financial decisions that maximize quality and minimize cost.
- A financial statement and bank reconciliation to all board members, including monthly expenditures, fees collected, arrears, bank balances, and budget analysis, is distributed to each board member. Our financial professionals can customize this statement to suit the unique needs of your property, so that you have access to all essential information at a glance.
- An arrears report for board members, so that it can initiate and plan for any collections that must take place. Our experienced team is available to offer suggestions and solutions, and guide you and your board through this often difficult and sensitive process.
- Work with your appointed accountant and track yearly audited financial statements and assist in preparing for tax certiorari proceedings.
- We provide cooperative shareholders with a detailed analysis of their STAR, veterans, and/or senior credit(s) (cooperatives only).
- Preparation of 1098 mortgage interest statements to shareholders (cooperatives only).
- Customized quarterly and/or annual reports to board members on any other financial, compliance, occupancy, or personnel information.
Our management team’s years of experience allow for effective and proactive human resource management. It is our firm belief that employees are at the heart of any organization, and understand the role of every staff member in maintaining and improving both the intrinsic and extrinsic value of your property. Our managers and our team of human resource professionals will
- Create a comprehensive recruitment and hiring process specific to the needs of your property to assure that each and every employee is the very best in his or her area of expertise.
- Design and provide ongoing, customized training to both current and new employees to maintain the highest level of quality and service, and assure that every staff member receives the most up-to-date and service-oriented training available.
- Work with the board to handle all employee relations issues, including management and regular evaluation of new and existing employees.
- Handle all aspects of payroll and benefits administration, including regulatory procedures, insurance, worker’s compensation, and fair hiring practices.
Asset & Project Management
To maximize your property’s current and future value and protect your investment, we work with your engineer/ architect to provide knowledgeable, proactive consultation in the following areas. We will
- Plan, budget, and oversee all capital improvement projects, including working with the board to solicit and negotiate sealed bids from multiple contractors and vendors to assure value without compromising quality.
- Assist in obtaining necessary financing including capital improvement loans, lines of credit and equipment loans.
- Establish and monitor progress benchmarks to assure efficient management of time and resources.
- Conduct frequent walk-throughs and share status updates to assure quality control.
- Conduct comprehensive background & credit checks of all prospective owners and renters, including personal interview at the board’s request
- Closely monitor the status of unoccupied units and recommend marketing strategies and pricing to maximize occupancy ratio and minimize turnaround time without compromising the value of your property.
- Identify current and emerging markets for your property and execute all sales and rentals.