212.319.5000 fred.rudd@erudd.com

FAQs

How many buildings do you manage?
We manage 70 properties, all in Manhattan.  40 are co-op and condo buildings and 30 are rental properties. In addition to co-op, condo and rental property management, we also manage mixed-use and commercial properties.

How many employees do you have?
We have approximately 40 full-time employees in our mid-town Manhattan offices.

What property management software does your company use? 
We use BJ Murray, which is a fully integrated property management system.

What is your process for addressing unit owner complaints?
Our policy is to return calls and emails within 24 hours. We take complaints seriously and treat people with the respect they deserve.

How do you handle emergencies and after-hours problems in your properties?
Our hours of operation are from 8:30 am to 6:00 pm, Monday through Friday. Our telephone is answered by our receptionist, not an automated system. After hours, we have an answering service that is well versed in our procedures for handling calls and emergencies.

Many buildings in our portfolio were directly affected by Hurricane Sandy. From that experience, we learned to prepare a Global Emergency Planning Manual for each building. This Manual details emergency preparedness and disaster recovery, designates a building emergency team which can include residents that serve as captains of each floor, a chain of command flow chart, a list of stock supplies which should be on hand, information regarding an evacuation plan, a fire safety plan, a power outage plan, and a plan for avoiding criminal activity and intrusions. One of our buildings took their plan to another level and we were instrumental in organizing a “Go Bag” for each resident. We will ensure that a full emergency contact list is on hand with the staff for not only residents but vendors as well.

What accounting systems do you use for paying monthly charges, assessments, invoices, and payroll?

Common Charges and Assessments:
Owners and renters can pay by check or by automatic debit from their financial institution.
In addition, Unit Owners can choose to make a one-time or recurring payment from their financial institution through our website for any assessments.

All payments are processed on a daily basis and posted to the account of the Unit Owner or Renter.

Invoices and Payments:
All invoices are mailed to our office and entered into our Accounts Payable system. We have two payment cycles, “Express” and “Monthly”. The Express items include mortgage, tax, utility and heating bills. These are paid upon receipt. Monthly bills include general repair and maintenance invoices, including supplies, and recurring service contracts. These charges are examined and approved by the property manager between the 15th and 20th of each month.

The Manager also reviews the invoices with the Superintendent prior to payment, and always initials the original invoice. Once the bills are approved, every check is signed by both company president Fred Rudd and Chief Financial Officer Gloria Amorini-French. Checks are then mailed before month-end. This ensures consistent monthly payments.

Please note that if a capital project is being funded through the reserve fund, our process is slightly different. We never pay any bills directly from the reserve account. Funds are transferred, via a request signed by the Board, to the operating account. The vendor payments are then made from the operating account so that we can clearly track the costs and the uses of the reserve fund.

Payroll for Building Employees:
We work closely with building staff to ensure that all payments are made correctly and on time. Payroll timesheets are submitted by the Superintendent/Resident Manager and approved by the Property Manager before processing. We understand the critical importance of the proper handling of payroll. This not only includes producing the paychecks but also the payment of union and related costs in a timely and accurate manner. We process our payroll through Paychex.

What is your procurement process for service contracts, professionals, capital improvements projects and emergency repairs?

Contract Services (i.e. elevator, pest control, boiler maintenance, etc.):
As part of our transition process, we carefully scrutinize all existing contracts and vendors. In some cases, we may be able to re-negotiate contracts and prices or get discounts for services. We conduct a vetting process on any new contractor or vendor before they are able to bid on work. Every contractor and vendor we utilize must adhere to our ethics standards and must be licensed and fully insured.

Professional Services (i.e. legal, accounting, etc.):
If a Board is looking for a new attorney or accountant, we are happy to provide recommendations. We work with many of the most highly regarded professionals in these fields. We would arrange for the Board to meet and interview prospective firms that fit their needs.

Capital Improvements and Repairs:
When we assume management of a property, we do a complete building evaluation to determine what conditions may warrant immediate attention and what long term planning may be required for the building’s physical and mechanical systems. We present this “Action Plan” to the Board of Managers and make specific recommendations for prioritizing projects. When a project is recommended by management and subsequently approved by the Board, we often recommend that a professional be hired to prepare specifications, recommend contractors, and aid in the bid evaluation process.

Emergency Repairs:
We have an open line of communication with all of our boards and owners and resident managers and supers, so that if an emergency takes place, we can reach out to them to discuss the problem and craft a reasonable solution. If the Agent believes that emergency repairs are immediately necessary for the preservation or safety of the building, or to comply with federal, state or local laws, the Agent shall be entitled to arrange for such emergency repair, regardless of cost, without the Owner’s prior consent. Again, we always reach out to Boards and Owners

Rudd Realty   641 Lexington Avenue, 10th Fl , New York, NY 10022

p: 212-319-5000 | f: 212-319-3095