Services

Due Diligence

Due Diligence, Buying and Acquiring a Multifamily Asset

Looking at a business opportunity and not sure if it’s a good investment? Flaherty & Collins Properties can help investigate and evaluate this opportunity. Our due diligence team will provide you:

  • Unit by unit walk-through inspection
  • Exterior physical inspection, building by building
  • Contract review
  • One hundred percent complete lease file audit
  • Market survey of competition
  • Marketing advertising analysis
  • Historical and current financial review
  • Recommended budget
  • Risk Management

Accounting

At Flaherty & Collins Properties, we are focused on customer service in all aspects of the multifamily industry. Our dedicated accounting team works every day to provide the most up-to-date and accurate financial information to property owners ensuring that we exceed all expectations in quality of service.

  • Prepare monthly Financial Statements for each property. Financial Statements and report packages are customizable to meet specific reporting requirements of property owners, lenders and other stakeholders.
  • Pay property operating expenses in a timely, efficient and accurate manner.
  • Manage property cash flow to insure payment priorities are met on time.
  • Reconcile all bank accounts monthly.
  • Monitor Debt Service Coverage Ratios and other debt covenants.
  • Complete draws from lender-held replacement reserve and capital repair escrows timely.
  • Meet all audit and tax reporting deadlines.
  • Owners have online access to real time financials.

Marketing

The marketing department at Flaherty & Collins Properties works with each site staff and Regional Property Manager to ensure that the community is hitting their budgeted occupancy goals, as well as receiving the best return on investment in advertising and marketing efforts.

The marketing department requires each site to fulfill a number of items on an annual and monthly basis, as well as, providing services during lease-up and after stabilization.

  • Annual marketing plans submitted with budgets
  • Monthly rent analysis of competitors
  • Monthly internet and print advertising checklist
  • Monthly detailed marketing plan if occupancy is below budgeted occupancy
  • Website design and maintenance
  • Design of marketing collateral, including brochures, stationary, business cards and press releases
  • Evaluation and suggestions on advertising including print, internet, billboards and other media avenues

Compliance

Flaherty & Collins Properties’ Compliance Department directs and monitors federal, state, and local compliance of approximately 4,000 affordable housing units and has worked extensively with the Indiana Housing and Community Development Authority (IHCDA), and its administration and monitors, as well as respective housing agencies in Georgia, Illinois, Kentucky, Michigan, Ohio, Tennessee, Texas, and Virginia.

All tax credit communities are visited by members of the Compliance Department regularly each month to review files and provide training, answer questions and provide assistance. In addition, all tax credit communities receive a 10% – 20% file review each month performed by Compliance Monitors.

Monthly Activities

Monthly Event Tracking Reports; lists all move-ins, move-outs, and re-certifications that occurred within that month.

Monthly re-certification notices are sent to all residents who reside in our affordable communities.

Training

In-house training
One-on-one training
Outside training

The Compliance Department consists of team members that are well trained and, as a whole, has earned the following designations:

HCCP – Housing Certified Credit Professional
COS – Certified Occupancy Specialist
COSP – Certified Occupancy Specialist for Public Housing
AHM – Assisted Housing Manager
LIHTC – Low Income Housing Tax Credit Specialist
TCS – Tax Credit Specialist
MORS – Management Occupancy Review Specialist

IT

Flaherty & Collins Properties provides IT services for all managed properties, 24-hours per day, 7-days a week through a strong consultant relationship.

Receivership

Flaherty & Collins Properties Management understands the complexities of properties in Receivership. Our 20+ years of experience puts us among the industry leaders in managing and leasing these properties.

Since 1997, Flaherty & Collins Properties has managed 30 multi-family properties for receivership, totaling over 7,000 units in Indiana, Illinois, Iowa, Michigan and Ohio. We also managed five office buildings totaling, 180,000 square feet; four industrial buildings totaling 1.5 million square feet; and one 150-unit hotel. Receivership periods of these properties range from six months to three years.

Our goals of receivership include: keeping all parties informed of activities occurring at the property; file all required reports with the court; protect and preserve the asset; and maximize the monthly net operating income.

As the management company for your property, Flaherty & Collins Properties will provide all the services that our owned and fee managed properties receive from the accounting, compliance, IT and marketing departments.