PROPERTY MANAGEMENT

The management plans Lieberman Management Services, Inc. (LMS) implements for its clients are distinct from those of its competitors in philosophy and spirit of purpose. Others will promise to maintain properties, Lieberman Management Services, Inc.'s management programs actually enhance and improve them.

The professionals at LMS possess the widest range of experience in every aspect of property management, obtained through the operation of 90,000 residential units in more than 100 markets located in 30 states. They have mastered all varieties of real estate: residential, commercial, retail and mixed-use properties; garden apartment complexes to high-rise towers; at urban and suburban sites alike.

In property maintenance, staff training, union relations, cost control and emergency preparedness procedures, the Lieberman Management Services, Inc. team's performance is specifically directed toward the overall objectives of maximizing value and service to residents. In the financial reporting sphere, the firm employs the latest generation of fully integrated accounting systems to optimize fiscal monitoring. Regularly scheduled building inspections, knowledge of competitive bidding, the ability to prepare adequate reserve plans, determining methods of dealing with deferred maintenance and a familiarity with construction techniques are evidence of expertise in all areas of property management, extending far beyond the basic tasks of collecting assessments and good housekeeping.

LMS recognizes the occasional need for outside professional services to supplement staff capabilities. Whether related to aspects of physical maintenance and improvements, technical changes or financial conditions, the partnership is able to draw on a stable of consultants with expertise specifically geared to the issues at hand.

The team's management philosophy emphasizes decentralized responsibility by placing as much of the decision making as close to the property as possible. Property managers must know the real estate as well as - or better than - anyone else. Personalized service, responsiveness and a management team that can make the correct decisions are the result; a property that functions smoothly and whose value is continually enhanced is the end product.

Utilities

Our in-house Property Accountants will ensure that all utility bills are paid on a timely basis, avoiding any exposure to late payment service charges. We will record the monthly usage of all utility accounts to identify trends or misusage, as well as a basis for projecting accurate budget amounts. We will also assure that the Association is paying the lowest and most appropriate rate for all utility charges.

Energy Conservation

Our management staff is highly experienced in state-of-the-art energy conservation methods and equipment. We will identify areas where cost savings are apparent and develop proposals for retrofit.

Because of our large scale buying power, various manufacturers and distributors of energy conservation equipment regularly provide us with the latest innovations in energy conservation products, equipment, and services.

Administration

We will manage all unit maintenance and financial resources. We will administer the unit resale document procedure, issue paid assessment letters and waiver of right of first refusal letters, and will effect the delivery of certificates of insurance for unit owners.

Reporting

We will report to the President, or a designated representative of the Board, on a regular basis. A written Management Report (well documented and detailed) will be delivered to the Board members in advance of all meetings.

Budget

It is our practice that the budget is the most important working tool in the management of the Association. We pride ourselves on our ability to develop a concise, practical, and well researched annual budget.

The budget, however, is only a piece of the financial plan. We will incorporate the Life Study, (Capital Reserve Study), property maintenance history, historical expense reports, and other documents to produce the budget. The working budget will be prepared for the Finance Committee or Board approximately 60 days prior to the end of the fiscal year.

Insurance

We will maintain all insurance documents, prepare bidding specifications, and solicit bids for the multi-peril, Directors and Officers Liability, General Liability, etc.

Due to our wide range of experience within the Chicagoland market, we have a strong working relationship with all major casualty insurance brokers and agents, especially those who focus their practice on the multi-family markets, thus allowing us to present the most comprehensive packages at the most competitive prices.

We regularly call upon the services of Loss Prevention Departments of major insurance carriers to assist our team in managing the insurance risk. We also use this resource to assist us in life-safety engineering matters, as part of the budget and capital reserve process.

We will assure that all contractors and vendors who perform work on the property are properly insured, at limits set by the Board and Lieberman Management Services, Inc., and that the association and managing agent as named as "Also Named Insured" under all appropriate policies.