Put fun in functional. How to fix your counterproductive board.
It’s great that society is opening opportunities for all! We support the LGBT community.
Have you considered a co-op for your next purchase? Check out this article and call us for a list of vacancies!
New York Real Estate is on the rise! Check out the newest skyscrapers in the article below.
President- Carmelo Milio- featured in Westchester Magazine
It takes mastery of multiple skills to succeed in real estate management. Carmelo Milio’s success in the field—and his election as president of the Building and Realty Institute of Westchester and the Mid-Hudson Region (BRI)—indicates he has them all. Milio, 36, also holds a demanding “day job” as president of two companies, Trion Real Estate Management and Trion Holdings, LLC, which invests in multi-family properties. “Every day is different,” says Milio, who lives in Armonk with his wife and two young daughters. “You’re always troubleshooting issues and helping people. There’s a sense of accomplishment when you know you’re improving the quality of life for 1,700 families.”
Those families reside in the 31 buildings Trion manages; they are split between Westchester, New York City, and Dutchess County. Milio entered the real estate business after college. In addition to managing his own buildings, he represents condo and co-op boards, as well as rental properties for other owners, a business he added in 2002.
“It’s a business with many different areas where you need knowledge and experience,” Milio points out. He says necessary skill sets include, among others, accounting, customer relations, and real estate law.
Milio was elected president of the BRI, the largest county real estate organization, earlier this year. Among the 1,500 members are landlords, condo and co-op boards, building managers, builders, and remodelers.
Juggling the interests of landlords, tenants, and condo boards is rewarding, Milio says, but adds: “I take great pride in creating growth for the people who work for me.”
This article originally appeared on: http://www.westchestermagazine.com/914-INC/Q2-2016/Managing-Multiple-Skills-With-Carmelo-Milio/
Trion Real Estate Management has introduced Avidxchange, a web-based paperless invoice management system. They are proud to team up with Avidxchange to help reduce their carbon footprint and increase efficiency for their clients and vendors.
Avidxchange mirrors your existing invoice approval/AP process. Paper invoices are either scanned into an electronic format, or electronically submitted directly into Avidxchange – either through direct data-import or through the Vendor Portal. Invoices are automatically coded, assigned to the appropriate workflow and routed electronically for approval. Once fully approved, invoices flow directly into your accounting system for payment processing.
Avidxchange is a web-based paperless invoice management system designed to automate the way companies manage accounts payable documents. This module provides finance executives and AP managers with enforceable controls, powerful reporting and added “visibility” to all documents in their organization while providing invoice “approvers” with features that make it easier to apply accounting codes and approve or dispute invoices.
Avidxchange key features:
• Enforceable Approval Workflow: Clients can create an unlimited number of custom, enforceable workflows to determine how specific invoices are routed to specific users or department for approval.
• Automated Account Code Assignments: Clients can leverage auto-coding features for assigning GL and other account codes-including allocation codes and intelligent historical analysis.
• Integrated: Avidxchange is integrated to more than 50 accounting systems.
• Extensive Reporting: Detailed management reports provide analysis of your accounts payable process and efficiency, including accrual reports, approval cycle-time reports and AP activity reports.
• 24/7 Visibility Invoices: Clients are able to view pending invoices in real-time. “Anywhere, anytime” access provides users access to a central archive-electronic filing cabinet that contains all AP documents. • Compliant: SSAE 16 Certification and Sarbanes-Oxley 404 compliance for accounts payable.
Someone once told me that if you don’t take care of business then the business will not take care of you. That line always played a major role in how I look at each and every property I manage. Yes, managing and owning a property is a business within itself and needs to be treated that way. Regardless if it’s a 140-unit apartment building in New York City or a 16-unit condo in Yonkers, you must have a plan. It’s very important that you treat every property as an individual business and a business plan is created for that specific location. At Trion Real Estate Management we create a customized property maintenance and management handbook for each and every property we manage. The handbook is our business plan for the property and helps us be efficient with our daily protocol and, more importantly, keeps everything transparent for the board members and owners.
Over the past 30 years Trion Management has created and implemented many strategies and protocols for its owned and managed properties. The real estate industry in the Tri-State area is one where the landscape is constantly changing with new laws and economic ups and downs. If you’re a local owner then I can almost guarantee that at some point in time you have felt overwhelmed by the business of running a building. The handbook that we customize for every property acts as a business plan for your property and outlines the day-to-day activity, building description, important contact information and detailed steps for preventative maintenance.
Have you ever said to yourself, “How can I keep track of everything that has to be done on-site and stay on top of rentals and collections?” Of course you have and so have I. Those questions that have kept many landlords up at night are the primary reason for the plan. As a manager the plan offers peace of mind because it outlines what the employees need to do and it helps the back office and manager keep their finger on the pulse. As an owner and board member it gives you peace of mind to know what your staff is doing and it holds them and us management-accountable for preventative maintenance and the daily upkeep of the building.
As a landlord and manager I understand the importance of the bottom line and how many line items in a budget can affect the stability of a property. Even though the handbook plays a vital role in your property management, the strength of your management team is what holds the bricks together. Our back office prides itself on being relentless with collections and reviews line items within the budget to see where we can save. A very important tip that I would like to leave you with is that no line item on your budget should be overlooked. All income lines can be increased over time with strategic planning and all expense lines should be analyzed for billing errors and excess spending. At Trion Management we pride ourselves on our services, the final outcome achieved, and ultimately our staff that helps us achieve those goals.