O'Dwyer Property Management expanded on our core business of residential and mixed use multi-unit development management to offer expert services in the related areas of asset management and insolvency services.
Our expertise, knowledge and in-house resources resulted in our appointment to a panel of professional advisers to the National Asset Management Agency (NAMA) in 2010. We have also been engaged by a number of financial institutions on preparing strategies for short, medium and long term asset management. In late 2011 we received our first appointment from NAMA as Statutory Receivers to a significant portfolio of land and properties in Dublin and the south east.
Our objective, when dealing with distressed properties, is to achieve the best possible outcome for all parties; financial institutions, receivers, solicitors, developers, and owners. In many cases immediate disposal of assets is not the most advantageous solution so we utilise all of our experience in property management to develop strategies for the short, medium and long term management of these assets. The management arrangements, designed and effected professionally, ensure the asset operates in the short to medium term to a high standard avoids costly deteriorations and dilapidations, assures future capital appreciation and ultimately successful disposals.
This strategy is enhanced by our expertise in key areas.
- Our in-house Chartered Surveyors, Valuers and Technical Engineers allow us to develop accurate profiles of the properties and to plan individual asset strategies accordingly
- Our Property Managers have a history of managing properties at all stages of construction to completion and apply an in-depth knowledge of all the challenges associated with the various phases
- Our team of Accountants have an extensive background in manage the finances of property portfolios as well as in financial modelling and strategy
- Our ISO Accredited quality systems and procedures allow us to provide our clients with regular and detailed reporting on the performance of their assets together with projections for future market trends
- Our scale and expertise allows us to actively manage the assets and to respond quickly to any change whether market or client driven
Our asset management and insolvency service offerings encompass the following key areas of expertise:
1. Asset Management
2. Fixed Charge Receivership
3. Revenue Assurance
4. Distressed Property Advice and Recovery
1. Asset Management
Our main focus is on maximising returns to secure the longer term value and capital appreciation of the assets under our care and management. With over 20 years experience, we are experts in determining the right management and maintenance programmes to protect long-term value and avoid dilapidation.
- Asset Management - increase rental income, stronger security of income and detailed reporting
- Asset Disposal Strategy - developing an individual approach for each asset based on likely best outcomes for the short, medium and long term
- Lease Tracking - lease information of all properties and notification of critical dates
- Financial Modelling & Management - analysis of current market conditions and future trends, income / cash-flow projections and analysis, transaction recording and full audit trail
- Rent Management - monthly certification detailing rents received, agreed deductions such as fees, repairs etc., rent arrears and eviction process
- Void Management - driving occupancies to reduce rent loss and voids, actively managing and marketing vacant units
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2. Fixed Charge Receivership
As receivers we prepare and implement detailed business plans for client asset portfolios. As with asset management, our primary objective is to actively manage all assets in the portfolio, seeking to maximise investment performance by optimising the rental value and sharpening yields in tandem with a strategy for the potential assets' disposal or on-going asset management.
Specifically the role involves taking possession of the property and its documentation, securing all assets within the portfolio, examining title and documentation, ensuring the insurance is appropriate and adequate, preparing a risk register, undertaking a legal review to include planning, information notice, judgements and other encumbrances, formulation of a strategy to maximise revenue income, including short term income, revenue generation (where assets are vacant), and turnaround solutions or disposal strategies where assets are non-performing.
This role also involves considerable expertise and administration in terms of financial management, taxation and statutory reporting, all of which our office is fully capable of dealing with.
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3. Revenue Assurance
This specialised service has been a requirement of asset managers and financial institutions who are seeking assurances that they are achieving optimum returns from the assets under their control. Our in-house expertise allows us to consult with them and provide reports on the efficacy of their current procedures, analysing any areas where rent slippage might be occurring and determining whether yields achieved are at optimum levels given conditions within the current market.
This service addresses many of the issues commonly facing lenders and asset managers within financial institutions:
- Accuracy and reliability of projected income / cash-flow and collection from the property portfolio
- Verification of rent collections to projected income / cash-flow / market rates
- Below market rental levels avoided
- Potential revenue leakage avoided
- Void management - loss of income due to unwarranted vacancy periods
- Impartial rent reviews
- Expenditure deductions / outgoings not being paid / passed over
- Non-compliance with landlord obligations
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4. Distressed Property Advice and Recovery
This is a service provided to the boards of directors of Owners' Management Companies (OMC's) of multi-unit and mixed use developments.
Many OMC owners and directors are experiencing difficulties within their developments as a result of unfinished buildings, insolvent management companies and dilapidations and many of the more common problems are exacerbated when the original developer is no longer available to them.
These problems can inhibit the quality of life within the development and significantly affect the value and marketability in the event of an owner's desire to sell an apartment.
The objective of our service is to help resolve the problems through our Distressed Property Advice and Consultancy service.
Our in-house resources include property management, technical and financial experts who have significant experience in the strategic restoration of value.
We also offer advice on the solutions that may be available to the directors following the enactment of the Multi-Unit Developments (MUD) Act 2011. In addition we can provide independent director services should there be a need for additional expertise at board level or concern over the liability involved.
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