State-of-the-art software essential to building managers

Real Estate Weekly, March 30, 1994

More than ever in today's high-tech world, co-op and condo owners must be served by sophisticated accounting software, according to Oskar Brecher, managing director of American Landmark Management Corporation.

"Today's business environment depends on speedy and accurate access to information, and the managing agent who can provide resident-clients with current and precise status reports will achieve the greatest success," says Brecher.

An example of the kind of software helpful for co-op and condo owners is one employed by American Landmark, The Property Management Accounting System (PMAS).

"We believe that PMAS is the most technologically advanced system available for property-management accounting," Brecher says. "It lets us provide each client with a completely up-to-date package tailored to his or her individual needs."

For example, if a client's building is in the process of turning co-op, American Landmark can produce two separate financial statements each month: one for owners, and one for rental units. It also can supply separate statements for a building that has both residential and commercial units, which requires them for tax purposes.

"Because our system is updated every single day, we can generate a completely current financial statement at any time of the month," says Brecher. "For our clients, there is no such thing as a closing-out period."

The PMAS system also permits American Landmark to handle most special requests. For example, if a board is undertaking a major renovation of its building, the computer can be programmed to track the capital program separately from ongoing operating revenues and expenses.

In addition, the system lets American Landmark automatically compute, for an indefinite period of time, any recurring increases or late changes a client might require. This eliminates the need for an agent to remember and manually enter these items, and reduces the possibility of errors.

American Landmark also has introduced micro-encoded checks, which enables it to run off a computerized check on demand. This ensures an immediate, up-to-date record of funds in the account. It also offers bar-coded rent bills, an innovation that facilitates entering information on accounts received. The managing agent simply scans the bar code, and the current information is automatically entered into the computer.

American Landmark now manages about 5,400 units in 53 buildings throughout New York City, mostly in Manhattan. The firm's services include: supervising operating systems; evaluating building structure; code compliance, inspections, licenses and environmental audits; project management; corporate services; staffing; accounting; financial services; budgeting; reports to the board; resolving day-to-day shareholder problems; and interacting with board members in implementing corporate policies.