Connecting Sound Economics With Experience in Real Estate

Property Accounting / Property Financial Administration

Having a roof on your property adds no value but not having a roof can make your property worthless.

Outsourcing Property Accounting / Bookkeeping / Property Financial Administration allows you to leverage your resources to rapidly scale up or reduce as necessitated by deal flow and changing market demand.  

Many owners view Property Accounting / Bookkeeping as a necessary expense.  Concordia Realty converts accounting/financial administration from a cost center into a savings center.  

Concordia Realty has the experience, industry knowledge, cutting-edge technology, innovative solutions and systemization for Commercial Real Estate Accounting / Bookkeeping / Property Financial Administration to save you money but more importantly your precious time.  Time spent on something that does not add value or create additional opportunities is time wasted.

Concordia Realty is familiar with all property types including Multifamily, Single Family Residential Portfolios, Shopping Centers, Net-Lease Single-Tenant Properties, Office, Industrial, and Storage.  

Concordia Realty can provide a full complement of property accounting, bookkeeping, and financial administrative services as well as lease administration to property owners and property managers.  

Our experience extends to Individuals, Limited Liability Companies ( LLC ), C Corporations, S Corporations, General Partners and Limited Partnerships and Institutional Real Estate held by publicly traded Insurance Companies, Federally Chartered Banks, Hedge Funds and Private Equity Funds. We are conversant with Fiscal Year, Tax Basis or Calendar Year in addition to Cash or Accrual methods.

Concordia Realty’s understanding of Tax Matters Partner ( TMP ) compliance with US Internal Revenue Service ( IRS ) code regulations includes domestic companies in addition to Foreign Investment in Real Property Tax Act ( FIRPTA ) situations.  

Trustworthiness and financial integrity are fundamental to your financial services needs, which is why we operate in an Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) SSAE 16 compliant environment.

We provide superior commercial property accounting and financial services and use the most advanced accounting and reporting technology that enables our accounting professionals to design, implement, and track Key Performance Indicators (KPI).  This provides our clients with innovative solutions that are scalable from your first property to entire portfolios of properties.

We are conversant with and run the latest versions of software from Spectra, MRI, Yardi, Skyline property management solutions along with Quickbooks accounting/bookkeeping software, plus Argus and Project analysis software.

Concordia Realty can customize a financial record keeping solution to your needs including property accounting, construction project progress payment processing, bookkeeping, cash management and financial services for your property.   In addition to property level services, Concordia Realty maintains consulting relationships with Perry Weinstein, CPA, MS Taxation, who is FGMK’s senior tax partner and leads the firm’s real estate practice and Chris E. Elliot, CPA, former Chief Financial Officer ( CFO ) of The Mutual Fund Store LLC for all accounting needs.
Below is a list for some of the Property Accounting/Bookkeeping/Property Financial Administration services provided by Concordia Realty Management, Inc.:

Property Accounting Services

  • Provide Monthly (or Quarterly) and Annual Financial Reports on a Fiscal Year, Tax Basis or Calendar Year (Cash or Accrual)
  • Assist with Creating Annual Operating Budget
  • Budget Entry and Year To Date/Year End Budget to Actual Comparison Reporting
  • Capabilities to Provide Year to Year Comparisons
  • Capabilities to Provide Portfolio Consolidation and Reporting
  • Updated Rent Roll – Regular Monthly Reports and Upon Request Any Time
  • Income/Expense Statements – Monthly / Quarterly /Year-To-Date / Annual
  • Balance Sheets – Monthly/Quarterly/Year-To-Date/Annual
  • Bank Reconciliation Reports with Bank Statements – Monthly
  • Aging Report – Monthly
  • Notifications to Property Owner / Property Manager of Tenant Late Payments and Delinquencies
  • Security Deposit Accounts and Compliance with Municipal/State Security Deposit Laws, Regulations and Ordinances
  • General Ledger and Journal Report
  • Tenant Sales Reports – Monthly / Year-To-Date / Annual / Year Over Year Compilations & Comparisons
  • Accounts Receivable / Tenant Billing
    • Post All Rents and Tenant Charges
    • Post Reimbursed Expense Payments: Real Estate Taxes, Common Area Maintenance, Insurance, Janitorial, Utilities, etc.
    • Post Tenant Improvement Reimbursement Payments
    • Post Retail Tenant Percentage Rent Payments
    • Post Miscellaneous Income including Laundry, Parking, Sign Fees and
    • If Applicable: Post State and Municipal Incentives
  • Tenant Bill-Back Charges
    • Real Estate Tax Reimbursements and Reconciliations
    • Property and Liability Insurance Reimbursements and Reconciliations
    • Common Area Maintenance Reimbursements and Reconciliations
    • Utility Reimbursements and Reconciliations
    • Special Assessments
  • Accounts Payable
    • Pay Mortgage(s) per Loan Terms
    • Pay Ground Lease Rent per Terms
    • Pay Property Taxes when due and any Personal Property Taxes Assessed to the Property
    • Employee Services
      • Employee Record Keeping
      • Payroll Processing
      • Payroll Tax Process
      • Benefits Coordination and Payments
      • Court Ordered or Mandated withholding for Child Support, Settlements
    • Pay all Regular and Authorized Service Contracts
    • Pay Bills/Invoices as Presented and Approved by Ownership/Property Manager

Lease Administration Services

  • Lease Abstraction
  • Temporary Tenant License Abstraction
  • Lease Entry and Updating in Property Management Software System
  • Lease Database Set-Up and Routine Maintenance
  • Property Management Software Conversion/Data Migration
  • Common Area Maintenance Reimbursement Audits for Landlords
  • Real Estate Tax Reimbursement Audits for Landlords
  • Lease Data Auditing and Organizing/Systematizing Lease Data
  • Lease Document Scanning, Bookmarking, Management, and Storage
  • Tenant Reimbursement/Recoveries Set-Up and Annual Reconciliation/True-Up Billing
  • Collect Tenant Insurance Certificates on an Annual Basis
  • Collect Retail Tenant Sales Reports: Provide Year-To-Date and Year-Over-Year Sales Performance Analysis
  • Provide Retail Tenant Health Ratio Analysis
  • Notify Property Owner/Property Manager if Tenant Fails to Exercise Option per Terms of Lease
  • Notify Tenant of Periodic Maintenance Requirements per Lease such as HVAC, Grease Traps, Restaurant Exhaust Hood/Vent Cleaning  
  • Notify Tenant of Use Violations including Too Many Occupants, Non-Permitted Sublease, Overloading Utilities, Non-Permitted Merchandise Category, Parking Violations, etc.
  • Responding to Tenant Inquiries – Resolving Tenant Disputes
  • Responding to Tenant Vendor/Contractor Inquiries including Property Rules and Regulations, Sign Criteria, Delivery Procedures, Insurance Requirements/Named Additional Insureds
  • Net Present Value Analysis for New Lease Transactions or Lease Terminations
  • Real-Time Client Access to Reports, Rental Income, Revenues, Expenses, Payment Status, Bank Statements all Ensure Client Controls  

Property Administration Services

  • Assistance With Property Entity Set Up
  • Title Document Scanning, Storage and Retrieval
  • Reciprocal Easement Agreement Abstraction, Scanning and Bookmarking
  • Assist with Financing / Refinancing
  • Loan and Mortgage Terms Abstraction
  • Loan Terms Entry and Updating in Property Management Software System
  • Lease Database Set-Up and Routine Maintenance
  • Property Management Software Conversion/Data Migration
  • Ground Lease (if any) Abstraction
  • Service Contract Scanning, Bookmarking, Management and Storage
  • Utility Account Set-Up and Database Maintenance
  • Utility Account Auditing
  • Utility Bill Year-Over-Year Analysis
  • Property Survey Digitization, Storage and Retrieval Services
  • Property Management Contract Digitization and Record Keeping
  • Environmental Report Digitization, Organization, Storage
  • Federal and State Environmental Report Filing and Tracking Assistance
  • Building Code / Ordinance Violations: Tracking, Process Management, Filing Required Documentation and Payment Processing
  • Construction Plan Organization, Storage, Digitization, CAD File Conversion
  • Concordia Realty also provides record storage in accordance with best practices and the latest IRS requirements.
  • Tax Matters Partner compliance
  • FIRPTA Withholding and Compliance
  • Annual Audit/Review Preparation – Deliver Work Product and Materials Require for Auditors to Properly Perform Duties
  • Communicate and Interface with Auditors

  Construction/Development Project Accounting and Administration Services

  • Perform Financial Modeling for Development or Redevelopment Project
  • Complete Financial Analysis for Condominium Conversion Projects
  • Development Contract Digitization and Record Keeping
  • Construction Contract Digitization and Record Keeping
  • Collect Contractor and Subcontractor Insurance Certificates – Confirm Proper Additional Insureds: Owner/Lender/Developer/Property Manager
  • Collect Evidence of Up-To-Date Contractor and Subcontractor Workers Compensation Policies
  • Title Company Construction Escrow Set-Up and Agreements
  • Building Permit Fee Applications and Payments
  • Process Tap Fees
  • Utility Account Applications and Set-Up
  • Process Contractor Progress Payment Applications
    • Escrow Agreements:Interface with Title Company, Contractors, Subcontractors, Municipal Inspections and Lender
    • Owner/Property Management Disbursement
      • Compile Contractor Payment Application Information
      • Review Percentage Completion Billing with Architect/Owner/Property Manager/Construction Manager
      • Review Contractors Profit, Overhead, Markup and General Conditions Charges
      • Review Partial Lien Waiver and Final Lien Waivers – General Contractor, Subcontractors and all Suppliers  
  • Punch List Completion Monitoring
  • Occupancy Permit Applications
  • Close-Out Documentation Digitization and Storage
  • Warranty / Guarantee Tracking for Defective Workmanship and Materials
  • Construction Plan Organization, Storage, Digitization, CAD File Conversion
  • Real-Time Client Access to Reports, Expenses, Payment Status, Title Account and Bank Statements all Ensure Client Controls

Single Asset Ownership Entity / Portfolio / Multi-Property Fund Financial  Administration Services

  • Record Keeping / Auditing
  • Fund and Partnership Accounting
  • Investor Reporting – Payments
    • Monthly – Quarterly – Annual Reports
    • Investor / Member / Shareholder Prefered Return Calculations and Payments
    • Waterfall Calculations and Distributions
    • Statement of Cash Flows
      • Operating Activities
      • Investing Activities
      • Financing Activities
    • Statement of Changes in Equity
      • Partner/Member Capital Contributions or Purchase of Shares
      • Partner/Member Distributions – Dividends Issued
      • Profits or Losses
    • Prepare and Distribute K1 to Partners / Members / Shareholders
  • Property Management / Asset Management Contract Digitization and Record Keeping
  • Contracting and Coordinating for Cost Segregation Analysis
  • Develop and Execute a Property Business Plan and Portfolio Strategic Plan
  • Data Management: Easy to Access Reporting and Record Keeping – Document Scanning and Indexing
  • Create a Professional Services Team for Legal Services for Acquisition, Securities, Leasing and Construction Issues and Tax Matters Consulting
  • Maximize an Asset’s Value
  • Talent Acquisition and Retention – Maximize Personnel Potential
  • Cost Management: Reduce Costs Through Auditing Expenses, Bidding Services and Economies of Scale Purchasing Power
  • Portfolio Financial Statement Aggregation
  • Financial Modeling in Argus or Excel for Acquisition or Disposition Analysis
  • Real-Time Client Access to Reports, Expenses, Payment Status, Title Account and Bank Statements all Ensure Client Controls  

Outsourcing Property Accounting / Bookkeeping / Property Financial Administration allows you to eliminate overhead costs, employee and payroll hassles, conserve capital and give you flexibility to rapidly scale up or wind down as you find new opportunities.  

DISCLOSURES, LEGAL AND TAX COUNSEL: Concordia Realty Corporation is a licensed Illinois Real Estate Broker – License #478.006849.  Concordia Realty Corporation, Concordia Equity Partners LLC, Concordia Realty Management,Inc. (collectively “Concordia Realty”) and their affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction or undertaking. Concordia Realty and Concordia Equity Partners LLC highly encourage individuals and investors to seek the counsel of a qualified attorney as well as seek the counsel of a tax professional or Certified Public Accountant (CPA) to determine if there are any potential tax liabilities or consequences as a result of anything contained herein.  NO GUARANTEE: All users of this website should understand there are NO GUARANTEES of any success, outcome or profitability of any transaction or undertaking, expressed or implied by Concordia Realty, Concordia Equity Partners LLC or any of its members, shareholders, officers or affiliates and will NOT be liable for any financial or other losses or damages incurred as a result of any undertaking. Go HERE to view complete DISCLOSURES.