Outsourcing of Real Estate, Notes and Mortgages

OUTSOURCING OF REAL ESTATE, NOTE & MORTGAGE,
LIMITED LIABILITY COMPANIES AND CLOSELY HELD COMPANIES

Full Management: PDS functions as a full-service “plug-and-play” specialty assets management and accounting department. It provides all of the operations management for specialty assets and assumes the day-to-day management of the portfolio in compliance with state, federal, and fiduciary rules and regulations. As a Full Management specialty assets department we will provide all of the operations management duties and assume the day-to-day management of the portfolio in compliance with state, federal, and fiduciary rules and regulations including the following:
  • Preparation of pre-acceptance/initial review;
  • Preparation of an annual investment review;
  • Periodic valuations, appraisals and inspections;
  • Administration of the payment of real estate tax, including due dates and special assessment notices;
  • Determination of insurable risks, recommendation, and maintenance of appropriate coverage, tracking of insurance policy expirations;
  • Review and selection of 3rd Party Managers, and oversight of functions of 3rd Party Managers, including collection and review of operating statements, rent rolls and other standard property management accounting;
  • Revenue and expense review and reporting;
  • Multiple ownership accounting where required;
  • Tracking of deposits, late and delinquent rents and payments;
  • Preparation and delivery of standard management reports;
  • Maintenance of a standard Procedures Manual and Operations Desktop Guidelines;
  • Oversight and review of the purchase of services required for asset management;
  • Supervision of routine contract and repair work;
  • Review, approval and payment of routine invoices;
  • Routine distribution of properties;
  • Lease/Sale negotiations;
  • Evaluation and management of the purchase and installation of capital improvements;
  • Environmental project or remediation management;
  • Foreclosure;
  • Preparation or oversight of preparation of land use or best use plans;
  • Insurance claim adjustment and negotiation;
  • Financing/refinancing (note modification and extension);
  • Imaging and image retrieval of all documents including trust, wills, leases, receivable checks, and accounts payment invoices and checks;
  • All of the Operations Management section below.

Operations Management. PDS handles all operations and accounting, and leaves management for specialty assets to the client.  As an Operations Management service, we will handle your trust accounting and systems, including the following:

    • Revenue and expense processing
      °  Accounts Payable with unlimited expense codes
      °  CAM and other bill back entry and tracking
      °  Disbursement approval process
      °  Rental revenue entry
      °  Liability payment revenue with automatic principal & interest split
      °  Note payment revenue with automatic principal & interest split
      °  Tracking of open invoices & delinquencies
      °  Expanded explanation for trust interface/client statements
      °  Security deposit processing and tracking
    • Records maintenance for accounting records pertinent to the portfolio including:
      °  New trust and asset set-up
      °  Routine file maintenance
      °  Trust and asset close-out
      °  Property/lease
      °  Fee calculation
      °  Multiple owner (including outside owner) tracking
      °  All funds received and distributed.
    • Verification, review and audit of rent, liability and other revenue to ensure accuracy and timeliness
    • Verification, review and audit of routine expense payments to ensure accuracy and timeliness
    • Track deposits and delinquencies
    • Income tax reporting including 1099, 1098 and annual summaries
    • Ad Valorem tax payment or payment verification
    • Insurance premium payment or payment verification
    • Maintenance of a Standard Procedures Manual and Operations Desktop Guidelines
    • Trust interfaces including transaction, account and compare system reporting
    • Multiple owner (including outside owner) tracking
    • Principal and income accounting
    • Special client, audit and regulatory reporting
    • Supply information to a trust tax preparer
    • Track pending events, such as delinquencies, reviews, inspections, etc.