Property Management and Real Estate Accounting

Real Estate Profile

OHI has deep expertise in accounting for the real estate sector (USA & Canada) across different parts of the real estate value chain. We work with real estate agents, property management companies, integrated real estate developers, low income housing developers, condominium associations and investors and provide real estate accounting services, financial analysis, marketing support, maintenance support and research services. OHI has worked with single family residential, multi-family residential, low income housing, commercial, retail, condominiums, student housing and assisted living centers. In real estate accounting services, we deliver the entire range of tenant accounting, accounts payable and general ledger accounting services. OHI also has rich experience in month end/ quarter end/ year end management and investor reporting, preparation of operating and financial dashboards, simple valuation services, and financial analysis services. Most of our real estate accountants and property management accountants have at-least four years of US accounting outsourcing experience. Apart from real estate accountants, we also have access to Real Estate Analysts for providing financial analysis, cash flow statement, simple valuation and investor related reporting and other tasks.

Our Credentials
  • 50+ real estate clients across North America in all major states and real estate sectors
  • Handling accounting for 50000+ units across USA
  • High client satisfaction – Most of our clients have been with us since 8+ years
  • Fully integrated real estate service provider providing services in leasing, administration, accounting, analysis and allied services
  • Specialist real estate outsourcing services provider since 2006
  • Presence across the real estate value chain – Real Estate Funds, Owner-Developers, Builders, Asset Management Companies, Property Management Companies, General Contractors, Brokerage and Advisory Firms
  • Senior management team with rich outsourcing and management experience since 2003 in global companies
  • Real Estate Accountants with at-least six years of real estate accounting outsourcing experience
  • High expertise in Real Estate software such as Yardi, AppFolio, OneSite, MRI, Timberline, Spectra and QuickBooks
  • Spacious office set-up with modern facilities and uninterrupted power supply
  • 100 MBPS high speed dedicated internet leased line

A detailed list of our services in accounting for real estate and property management firms is listed below.

Real Estate and Property Management Accounting Outsourcing Services

Please email sales@outsourcinghubindia.com or call 1- 646-367-8976 for a no obligation customized cost benefit analysis of outsourcing opportunities in your organization.

Our Services

  • Tenant Accounting – Lease setup, move-ins, move-outs
  • Accounts Payable – Entry of invoices including 2/3 way matching with POs, utilities and payments
  • Accounts Receivable – Monthly rent run, processing rental receipts and section 8 rent receipting
  • General & Month End Accounting Activities – Bank, Mortgage and insurance escrow reconciliations, month end accruals and schedules
  • Prepare/Track Fixed Assets for property including to the unit (apartment) level
  • Management Reporting – Monthly operating reports and variance analysis
  • Budgeting Support & Analysis Services – Prepare budgets, financial analysis and cash flow forecasting
  • Investor Support Activities – Investor reports and dashboards
  • Software Upgrade / Changeover Services – Prepare software transition plans, Set-up chart of accounts and handle accounting migration
  • Rent Roll Analysis – Comprehensive rent roll analysis of a property for buyers covering financial analysis, tenant analysis, location review among others
  • Lender Reporting – Financials, leasing reports, property management executive summaries and other reports with respect to the property, borrower and guarantor
  • Backlog and Clean-up Accounting Services – Clearing backlog of un-posted historic transactions, correction of existing miscoded GL entries, clean-up of chart of accounts and reconciling historic accounts with bank, credit card etc

Software Expertise

SOFTWARE
EXPERTISE LEVEL
Yardi-Voyager, Genesis
High
MRI (by Intuit Real Estate Solutions)
High
QuickBooks and Quicken
High
Microsoft Excel (in VLookUp, Pivot)
High
QuickBase
Medium
Propertyware
Medium
Timberline Property Management
High
Spectra Property Management
High
Avid Payable
High
Realpage – OneSite
High
The Property Manager
Medium

Pricing

Hourly Charges

$11 per hour

Onwards

 
Accounts Payable Specialist

$1500-1600 per month

160 hours dedicated monthly staffing

 
Property Accountant/Real Estate Accountant

$2100-2400 per month

160 hours dedicated monthly staffing

Client List

1. A midsized real estate property management firm based out of Gardena, CA. They manage properties throughout southern California, Orange County, and Inland Empire for over 30 years. The firm has about 1500 high rental premium units under management.

Software: Appfolio, QuickBooks and Advanced Use of excel

 

2. A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has more than 10,000 units under management

Software: RealPage – OneSite, Timberline

 

3. A well-known real estate firm based in Tampa (FL). They specialize in commercial real estate investment and property management services.

Software: MRI, Avid Payable

 

4. A full service management company based out of Denver (CO) with extensive experience in both single and multifamily residential rental properties.

Software: Yardi Genesis

 

5. A full service real estate firm, offering property management, brokerage, construction, and development services. The company is based in Miami (FL)

Software: RealPage, Yardi Genesis and Yardi Voyager

 

6. A well known property management firm in Tampa (FL). They manage a wide variety of commercial real estate assets and provide property management services to 3rd party commercial real estate owners. The company currently manages over $60M in commercial real estate assets.

Software: Spectra

 

7. A rapidly growing real estate firm based out of Tacoma, Washington. They specialize in single and multifamily residential rental properties.

Software: Appfolio

 

8. A small property management firm based out of New York managing multifamily residential rental properties.

Software: Yardi Genesis

 

9. A privately owned company based in Austin, Texas specializing in the start, acquisition and operation of real estate and operating companies

Software: QuickBooks

 

10. A full service real estate investment management company. The company provides in-house acquisition origination, underwriting, transaction management, asset management, accounting and investor reporting for all investments. The company is based in Denver, CO

Software: MRI

 

11. A midsized real estate property management firm based out of Beverly Hills, CA. The group owns and manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.

Software: Yardi Genesis 2

 

12. A leading independent commercial real estate brokerage and property management firm in the Central Valley. They have a diverse portfolio of commercial property and have brokered over $150,000,000 in transactions.

Software: Yardi Voyager and QuickBooks

FAQ

Q. Please elaborate on your accounting experience in real estate/property management sector?

A.We have deep experience in real estate accounting across different types of real estate properties and also across different real estate players in the real estate value chain. We have elaborated our experience below:

Experience based on property type
We specialize in handling accountancy for single-family homes, multifamily apartments, condominiums, super markets, low income housing projects, student housing, assisted living centres and retail centres and commercial properties. We have deep experience in real estate accounting across different types of real estate properties and also across different real estate players in the real estate value chain. We have elaborated our experience below

Experience based on type of real estate companies
Our accounting experience covers the entire range of real estate players across the value chain. We provide real estate accounting services to real estate agents/brokers, property management companies, owners, condominium associations and real estate investment trusts. Our rich experience helps us to provide expertise across the entire range of accounting functions with minimal learning curve. We are also able to provide custom accounting reports to meet information and reporting requirements of important stakeholders such as banks, investors, customers and of-course the property management companies themselves.

Experience based on type of real estate accounting software
We have reliable experience across most popular real estate accounting packages across Accounts Payable, Tenant Management, General Ledger, Disbursement/Banking and Reporting modules. We have good experience across most real estate packages such as Timberline, Yardi Genesis and Voyager, Appfolio, MRI, Spectra, QuickBooks, RealPage Onesite among others. For more details, please refer our property management service section for a detailed list of services.

Experience based on type of geography
We have clients in real estate sector across Florida, California, Seattle, New York, Colorado, Texas among others.

Q. What areas do you handle in real estate accounting?

A.Our property accountants/real estate accountants can easily handle most aspects of property accounting, whether it is running rent roll, tenant lease management, utility bills processing and bill backs, accounts payables & vendor management, reconciliations(bank, merchant account, credit card, escrows, mortgages) contractual and sub-contract accounting, monthly closing, month operating report preparations, replacement reserve forms, CAM reconciliations, year-end finalization and detailed management reports including dashboards. We also perform non accounting activities such as Craig List postings, tenant feedback surveys, maintenance work order creation and tracking and many other miscellaneous activities. We also have good experience in preparing investor and bank related documents.

Q. What real estate accounting experience and credentials do you offer?

A. We offer you the requisite level of experience and expertise needed to perform real estate accounting from an offshore location such as India. We have junior accountants who handle transactional accounting activities such as accounts payable and bank reconciliations. We also employ senior accountants who perform property accountant tasks such as escrow reconciliations, month end closing, and preparation of monthly reports

Q. Why should I hire you as real estate accounting company?

A. Our dual expertise and specialization in real estate sector and in accounting helps us provide an unparalleled expertise in real estate accounting outsourcing. There are few service providers who can match or excel our range of real estate clients geographically, across different software platforms and types of property management companies. We are a one stop destination site for real estate accounting services. Please refer our property management services section

Additionally our robust infrastructure, emphasis on data security, highly qualified accounting staff, unique training and evaluation practices and unrelenting focus on quality makes us the right choice for your company. The strength and reliability of our value proposition is validated by high longevity of our outsourcing contracts. Most of our clients have been working with us for many years (some since inception of the company). Please refer our client profiles section for a sample list of our clients.

Q. How soon can you start managing accounts for our property management / real estate firm?

A. It depends upon the process requirement e.g. for a small property management firm we can start the process immediately. In case of large firms, there is a detailed migration and scaled up plan drafted by our transitioning team, typically followed by or performed simultaneously with a pilot phase. The pilot phase typically lasts from one-two months. Most clients are able to complete the transition and handover in a period of three months.

Q. The firm already has an accounting staff. Should I be replacing them with your services?

A. This depends on the nature of the processes and scale of operations. Most small clients prefer an outright replacement as the underlying complexity and scale of operations are limited. The larger clients typically may retain a senior accountant to supervise the entire operations, transfer funds, and coordinate with banks.

Q. Our condominium association or property management company handles our accounting. Why should we change?

A. Most condominium associations and/or property management companies try to be a one-stop shop for the real estate owners they manage. Many management companies do not have accounting staff with graduate degrees or the extensive experience needed to properly handle the accounting. Additionally, we can help clients save 40-50% on their accounting costs through outsourcing. For other advantages of outsourcing, please click here

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