How are service provider payments handled after we become an ASM client?
Once we begin managing your contracts, we become responsible for collecting, distributing and managing all income that is received from the providers. We have to assume this role in order to ensure that the service provider fulfills all of their obligations under each contract and it enables us to assess the accuracy of each payment. It also relieves our clients of the enormous responsibility of managing and tracking the payments from these programs.
All revenues we receive from the service providers are deposited into a no-interest “Lockbox” account. On a monthly basis, ASM provides one check for each property to our clients with a breakdown of the payments received by service and provider. The revenue tracking process becomes extremely streamlined for management, and very easy to verify. We are so confident with our processes that a client has the right to review our books at any time.
How do you manage all the data and information?
We have developed a proprietary software program called FoliEdge that allows us to manage and track the necessary information. The program provides detailed information on every contract, its’ terms, expiration dates, and compensation structures on a property-by-property basis.
Are there services you do not handle?
If we feel that we are not equipped to handle a program or service we will tell you upfront and, if requested, we will work with you to locate someone that is capable of handling that particular service or program offering on your behalf. Once you have worked out a program we will be happy to enter any program data into our database for tracking purposes.
Does ASM represent any service providers?
We solely represent owners, management companies and/or developers. Our philosophy is that we serve as your ancillary services department and by doing so we can objectively look at all the providers and help you make the best decision for your properties.
What legal fees does ASM cover?
Whenever possible we will assume all legal fees associated with developing the contract and making any reviews that are associated with requests to change the contract language made by the service provider (as well as from your internal review). If we are unable to assume the legal costs – we will inform the client as soon as possible so the client can decide how to proceed. In all cases, the client will assume any legal costs associated with their internal reviews.
Can ASM help us if we only focus on new construction and development?
If you are managing the properties after they are developed, yes we can.
Who makes the final decisions for committing to a program or a provider?
Just like with all other aspects of your business, YOU are the final decision maker and You, the Client, will be signing the agreements. Unless ASM can improve the term and benefits of a program by creating an “ASM Master Agreement” all contracts are between the individual ownership entity and the provider (and you the Client will need to sign an addendum adding your communities to any ASM Master Agreement).
What size clients does ASM typically represent?
Our clients vary in size (and we are willing to consider any portfolio size), but we typically represent multi-family owners and management companies with portfolios ranging between 1,500 and 20,000 apartment units.
Where does ASM represent multi-family properties?
We can represent any property in the USA.
Does ASM oversee the implementation of ancillary programs?
Yes. We handle all aspects of the program from the location, to the negotiations, to the implementation to the management.
How do you find out what opportunities our properties have?
By constantly reviewing existing programs and services, along with ongoing discussions with our client on a property-by-property basis, as well as continually monitoring the markets and meeting with service providers.
Will residents pay more for services because of the revenue you generate for the properties?
No. Your residents will received the same or better rates than those offered to the general public. We also take great pride in identifying quality service providers for your residents. We are in this for the long haul, therefore shoddy or low quality service providers are expeditiously removed.
Does ASM work with the providers servicing our specific properties?
We are provider agnostic – we will work your existing providers and when the time comes we will see if there are any other providers that we believe can do a better job and/or do the same job, but with better results (happier residents, employees, better savings, improved revenue).
Does ASM monitor contract renewal dates?
Yes. We use proprietary software to ensure the renewal process is managed correctly. Specifically, enabling us to terminate contracts so they don’t automatically renew (unless you want them to renew). It is our goal to begin renegotiating new contracts well before existing ones expire so you get the best deal.
Is the agency agreement between ASM and us an exclusive agreement?
Yes. We ask for an exclusive arrangement so that all parties know who is managing the programs on your behalf and who to talk to in case an issue arises. Providers will not work with companies that have multiple “consultants” trying to make a deal for the same property.