Don't worry. RG is not a new City agency created to give a property manager more work. RG is a phenomenon that all managers should be keenly aware of. A REVENUE GENERATOR [RG for short] is not a term you would normally associate with a property manager. After all between managing buildings, attending board meetings, notices, correspondence, reports and repairs - it is a wonder managers have any time at all.
Savvy managers are keenly aware that being an RG is part of being a manager. Some specific examples are as follows:
You learn that a co-op is unhappy with their management firm and may be looking to switch. You immediately meet with your principals to work on a joint presentation to win the contract.
An office tenant with a large block of space is moving/downsizing [dot gone]. Once again you develop a strategy to get the sublease listing - which leads to a sizable commission.
You attend a co-op trade show on a Sunday (instead of relaxing, golfing or fishing.) At the show you meet three Board members looking for new management. You ask your principal to pitch the buildings.
Managers may label the person who does the above a brown nose or a nut. I respectfully submit that the manager who is an RG in any of the above examples is entitled to a commission and/or a bonus in the "thousands of dollars" neighborhood (depending on building/contract size). Any management firm would be happy to pay a bonus equal to 3 months of fees to an RG. A
commission on a sublease could easily exceed $25,000 of which a (licensed salesperson) property manager would be entitled to up to half.
RENT REGISTRATION SEASON
April marks the beginning of the annual Division of Housing and Community Renewal (DHCR) rent registration season. Owners and/or managing agents of all rent stabilized housing accommodations (including SRO's and co-op/condos) must register the units with DHCR. Some important facts are as follows:
Forms and instructions are available from any DHCR Borough or District rent office (see attached list) during regular business hours. Owners/managers of fifty (50) or fewer units may have forms mailed by calling (718) 739-6400.
Managers should have last year's registrations and a rent roll (as of April 1, 2001) prior to starting the project. If you do not have last year's records you can get a printout by requesting it in person at any of the Borough or District Rent offices. The summary form must be notarized.
Send the completed forms (via certified mail - return receipt requested) to:
DHCR Rent Registration Unit
38-40 State Street
Albany, NY 12207
This information only skims the surface of all of the requirements in filling out these forms. Even veteran managers should carefully read the instructions prior to commencing this difficult
task.
DHCR BOROUGH AND DISTRICT RENT OFFICES
LOWER MANHATTAN - 156 William Street, 9th floor, NYC 10038
UPPER MANHATTAN - 163 West 125 Street, NYC 10027
BRONX - One Fordham Plaza, Bronx 10458
BROOKLYN - 250 Schermerhorn Street, Brooklyn 11201
WESTCHESTER COUNTY - 55 Church Street, 3rd floor, White Plains 10601
STATEN ISLAND - 60 Bay Street, 7th floor, Staten Island 10301
QUEENS - Gertz Plaza, 92-31 Union Hall Street, Jamaica 11433
ROCKLAND COUNTY - 94-96 North Main Street, ground floor, Spring Valley 10977
NASSAU COUNTY - 50 Clinton Street, room 605, Hempstead 11550
Stephen Elbaz, nyarm, is the Secretary off the NYARM Board of Directors and is President of Esquire Management Corporation - a full service management company in New York and New Jersey. Readers are encouraged to contact Stephen at 718-623-2300 or fax 718-623-2322 with real estate management questions,
concerns, and helpful hints. Questions will be thoroughly researched and answered in this column.