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The
following services are available for additional fees paid
to Bernard/Allison which are generally based upon the scope
of the work required and dollar amount of the work to be
done. Bernard/Allison will also be reimbursed for all direct
expenses incurred in providing these services:
| 1. |
Major remodeling and construction projects including
evaluation of alternatives, project conceptual design,
bid supervision, construction management, job supervision
and construction project accounting. The fee for this
type of project work will be negotiated prior to the
initial investigation or start of construction. |
| 2. |
Ownership
entity bookkeeping and preparation of year-end work
papers. |
| 3. |
Customized
reports utilizing conversion from Bernard/Allison chart
of accounts to owners’ chart of accounts or format.
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| 4. |
Preparation of sales, refinance, and appraisal packages
if the information required is beyond what is contained
in the monthly owner's reports. |
5. |
The
following list summarizes the new development/construction
services that are available. The cost for these services
is negotiable and is dependent on the number of units
and properties and the ownership interests of the
parties involved:
- Market
analysis to determine which areas will provide maximum
equity growth for new apartment developments
- Preliminary
site selection and estimate of costs involved in
preparing the site for construction
- Preliminary
apartment operating budgets and 5-year financial
projections
- Purchase
negotiations and land acquisition
- Obtaining
gap financing
- Site
plan development, unit selection, amenity selection,
and interior design
- Architect
selection review
- Working
drawings review
- Contractor
selection
- Bid
review
- Procurement
of construction and permanent financing
- Construction
supervision and construction draw review
- Construction
punch list management
- Rent-up
supervision and operating responsibility
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6. |
Property
Sale Support.
Bernard/Allison
has been successful in working with owners to develop
a sales scenario and sales price strategy that enable
brokers and real estate salespersons to better understand
how a property can best be presented to yield a price
acceptable to both buyer and seller. By providing
a preliminary package and assisting owners in the
broker selection process, we have been able to help
lower the cost of sale and increase the probability
of an actual closing. The following items are included
in our sales package:
a)
Metro Phoenix - freeway maps
b)
Market area - aerial
c)
Street map
- Property
description narrative
a)
Interior amenities
b)
Exterior amenities
c)
Site pictures
d)
Floor plans
e)
Site plan
- Sale
summary of price, terms, and other requirements
- Financing
summary of all terms and conditions of underlying
loans or seller carry-back requirements
- Normalized
budget and 5-year cash flow projections, including
IRR for new buyer over holding period
- Property
data, including lease matrix, rent roll, vacancy/notice
to vacate status, resident profile, security deposit
summary
- Preliminary
title report and copies of other pertinent documents
- Prior
accounting period financial statements
- Summary
of vendor contracts, obligations of the property,
and estimates of items in need of repair or estimates
of improvements that could be made to generate more
income
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By
providing this assistance, Bernard/Allison has been
successful in maximizing the sales price of buildings
under our management.
If
the owner has provided the buyer with carry-back financing,
Bernard/Allison will periodically inspect the property
and review vacancy status, pricing, and the property's
financial reports to ensure the property is making progress,
and if not, alert the seller as to the potential problems
that could arise if the property's direction is not
changed. |
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