Functions
- Oversight of Property or Resident Manager — If you are currently under contract with another property management company, we can provide careful oversight, insuring the long-term interests of the property are considered. We ask: How might costs be minimized and revenues maximized? Is the property manager meeting all regulatory and reporting requirements?
- Development of Strategic Plan and Property Goals — Oversee and direct long-term planning. We ask: What is the anticipated cash flow stream for the property? When do loans and other obligations mature? What type of structural improvements and other capital needs are anticipated? Are there adequate reserves?
- Hold/Sell/Refinance Decisions — We use local market knowledge and a broker network to determine value and possible exit strategies. Sales comparables are tracked to determine cap rates and price per unit for the submarket. This information is used for the valuation/recapitalization/exit strategy. We ask: Have interest rates declined substantially since the property was last financed? Under what conditions might a disposition be considered?
- Cash Management & Reserves — We ask: How does the actual cash flow of the property compare with pro-forma projections? What performance measures are best for assessing the financial condition of the property? How are reserve funds and other earnings invested? What are the anticipated capital needs for the property over the next few years? What constitutes "sufficient funds" in the reserve account?
- Communicating With Investors — Investors and other parties to the investment receive regular reports regarding the asset as well as the activities of the General Partner or Owner that materially affect the value of the asset.
- Hiring Professionals — Accountants, lawyers, contractors, etc. We ask: By what means are third-party professionals selected and hired? Who oversees the work of third-party professionals?
- Tenant Relations — We ask: What type of policy conflicts arise between one's mission as a community-based organization and one's mission as an asset manager? How might such conflicts be resolved?
- Annual Budgeting — We ask: What are the goals for the building over the next year? How has the property performed over the past year relative to other years and relative to last year's expectations? What capital expenditures will need to be made in the upcoming year? Will any third party contracts require renewal? Is any debt maturing? Is there a need for any changes in policy?
- Capital Planning — The long-term viability of a property can only be maintained if careful attention is paid to capital needs. We ask: How should we conduct long-term capital planning? How are such expenses budgeted and financed? What type of expenses should be classified as capital expenses?
- Workouts — In the event of a workout situation, we work closely with all parties to the transaction to resolve financial difficulties. We ask: What is the key cause(s) of the financial problem? To what extent can problems be rectified through changes in policy and procedures? To what extent must a negotiation with lenders and investors ensue to rectify financial problems?
- Dealing with Regulations and Obligations — TDI Properties, Inc. is highly experienced with federal, state, and local statutory regulations. We ask: Which party is specifically responsible for assuring that statutory obligations are carried out? What level of oversight is necessary to assure compliance?
- Public Relations — Part of our responsibility is to communicate with the larger community explicitly, by participating in and sponsoring community events and implicitly, through the condition of the property. We ask: What mechanisms are in place enable a free flow of information between us, the property manager, lenders, public agencies, tenants and neighbors? Is the property perceived to be an asset to the larger community? Is that perception adequately publicized?
- Crisis Management — In the event of a crisis, whether it involves the physical condition of the property, conditions within the neighborhood, tenant-relations or the finances of the property, we will have a contingency plan in place. We ask: What are the options towards the resolution of this crisis? Are there resources to implement the selected resolution? What other stakeholders need to be involved in order to resolve the situation?