Question 1

What services are included in Property Management fees?

Accepted Answer

Our Property Management fees cover a comprehensive range of services designed to streamline operations and enhance the value of your property.

These services may include:
 • Administrative support for the board of managers/directors 
 • Financial management, including budgeting and accounting 
 • Maintenance and repair coordination
 • Resident communication and dispute resolution 
 • Compliance with local regulations and building bylaws 
 • Vendor management and contract negotiations 
 • Emergency response and crisis management

Question 2

How much are Property Management fees?

Accepted Answer

Property Management fees can vary based on the size and type of the co-op or condo, the services required, and the location. Typically, fees are structured as follows:

Monthly Management Fee: A fixed monthly fee, often based on the number of units in the building.
Maintenance Fees: Costs associated with routine maintenance and repairs, either as a percentage of the job cost or an agreed-upon rate.
Special Services: Additional fees for services like large-scale renovations or legal consultations. We provide transparent pricing and detailed contracts, ensuring you understand exactly what services you are receiving and at what cost.

Question 3

What do Property Managers do?

Accepted Answer

Property Managers handle a wide range of tasks to ensure your property is well-maintained and efficiently managed. Their responsibilities include:

Board Assistance: Supporting the board of Managers/directors with administrative tasks, meeting coordination, and day to day operations.
Maintenance and Repairs: Coordinating and overseeing routine maintenance and necessary repairs for common areas.
Financial Management: Managing budgets, collecting monthly fees, paying bills, and providing detailed financial reports.
Legal Compliance: Ensuring the property complies with local, state, and federal regulations, as well as the building’s bylaws.
Resident Relations: Managing communications with residents, addressing concerns, and enforcing community rules and regulations.

Question 4

How do Association Payments work?

Accepted Answer

Association payments, often referred to as maintenance fees or common charges, are fees paid by co-op shareholders or condo owners to cover the costs of operating and maintaining the building. These payments cover:

Common Area Maintenance: Landscaping, cleaning, and upkeep of shared facilities. Utilities for Common Areas: Electricity, water, and other utilities for hallways, lobbies, and other shared spaces.
Reserve Funds: Savings for future large-scale repairs or improvements.
Owners typically receive a monthly invoice detailing the dues. Payments can often be made online, via check, or through automatic bank drafts.

Question 5

How do I handle repairs?

Accepted Answer

Handling repairs efficiently is crucial for maintaining property value and resident satisfaction. Here’s how we manage repairs using Buildium:

Maintenance Requests: Residents can submit maintenance requests through our Buildium portal or contact our office directly.

Question 6

What is the resident screening process like?

Accepted Answer

Our resident screening process for co-op and condo units is thorough to ensure we find reliable and responsible residents. It includes:

• Background Check: Verifying the applicant's rental history, credit history, and criminal background.
 • Employment Verification: Confirming income and employment status to ensure they can afford the fees.
 • References: Contacting previous landlords and other references to assess the applicant's suitability.

Question 7

Can I access financial reports for my property?

Accepted Answer

Yes, we provide detailed financial reports for your property through Buildium. These reports include:
 • Income Statements: Detailed breakdown of income and expenses.
 • Balance Sheets: Overview of the property’s financial position.
 • Cash Flow Statements: Insight into the cash inflows and outflows.
 • Unpaid Bills by Vendor: Comprehensive list of outstanding payments owed to vendors.
 • Budget Reports: Comparison of actual expenses versus budgeted amounts.
 • Delinquency Reports: Summary of overdue payments and outstanding balances.

Question 8

How are emergency maintenance issues handled?

Accepted Answer

Emergency maintenance issues, such as plumbing leaks or power outages, are prioritized and addressed promptly to minimize disruptions and ensure resident safety and comfort. Residents can report emergencies 24/7 through our dedicated emergency hotline or directly through the Buildium portal. Our team responds immediately, dispatching qualified technicians to resolve the issue as quickly as possible.

Question 9

What sets us apart?

Accepted Answer

• Individualized Property Management Services: At Alvic Property Management we believe in providing personalized and dedicated property management services tailored to the unique needs of each building.
 • Assigned Property Manager: Each building or community is assigned a dedicated property manager who serves as the primary point of contact for all management-related matters. This ensures that residents and board members have direct access to a knowledgeable and responsive professional who is familiar with the specific needs and nuances of their property.
 • Experienced Bookkeeper: In addition to a property manager, each building or community benefits from the expertise of an experienced bookkeeper who oversees financial management and accounting tasks. Our bookkeepers are meticulous and detail-oriented, ensuring accurate record-keeping and transparent financial reporting.
 • Assistant Property Manager Support: To further enhance service delivery, our property managers are supported by assistant property managers who provide additional administrative and operational support. This ensures that no detail is overlooked and that all aspects of property management are handled efficiently and effectively.
 • Customized Service Plans: We work closely with each building or community to develop customized service plans that align with their unique needs, priorities, and budgetary considerations. Whether it's implementing tailored maintenance programs, organizing community events, or addressing specific resident concerns, we adapt our services to meet the evolving needs of our clients.
 • In-House Attorney: Our in-house attorney provides invaluable legal expertise and guidance, ensuring that all aspects of property management comply with relevant laws, regulations, and contractual obligations.

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Tel. (888) 391-0454

104 Avenue O, Brooklyn, NY, 11204

info@alvicmgm.com