About Steve Lefkovits

This author has not yet filled in any details.
So far Steve Lefkovits has created 5 blog entries.

The Telecom Revenue Share Detectives

By Steve Lefkovits

The complexity of contracts and property sales mean that as an industry, we are always contriving new ways for the revenue-share payments from telecom to go unpaid, or underpaid. Megan Jackson, Senior Accountant at RealtyCom Partners has turned into a bit of a telecom revenue share detective. Here are a few high-dollar examples from recent experience:

  • An upfront payment check for $25,000 goes uncashed because it was made payable to the wrong entity in the signature block;
  • A 500-unit property is underpaid for seven years by a provider because the provider’s records incorrectly show the property as only 180 units. The revenue-share payments for 320 units were unpaid for the entire time the ownership group was in control;
  • An upfront payment for more than $45,000 on a new development project goes unpaid during the internal transition from development to property management;
  • A property owner submits a W-9 form whose taxpayer identification number is incorrectly formatted. $30,000+ goes unpaid for more than a year.

In any given quarter, 30-40% of the revenue share payments reviewed by RealtyCom are flagged for review. Catherine Ratté, Vice President of Accounting at RealtyCom calls Megan “eagle-eyed” for her ability to sort through the points […]

By |2020-09-15T15:43:28-06:00September 14th, 2020|

Income Generating Tech

By Steve Lefkovits

Multifamily technology and innovations drive new revenue. As technology increases in complexity and scope, the need for a cross-functional sponsor that can advocate for the entire organization and anticipate the competing demands of the enterprise is becoming a requirement. Responsibility for profitable innovation is shifting to dedicated senior executives and new roles like Chief Experience Officers, Innovation Officers and Vice Presidents of Strategic Initiatives. These roles open up new responsibilities beyond simply implementation, but thoughtful consideration on impacts to the organization when making a change.

Consider some of the new revenue being driven (or projected to be driven) by new-ish tech. Unlike the point solutions of the last decade, today’s tech touches most or all departments in a company, and impacts core operations:

  • Amenity services like dog walking, catering, laundry outsourcing, and retail experiences may soon earn a portfolio $5-10 per unit per month. In order to achieve this, the management company and its service provider must coordinate access (operations), setting up an app (marketing), marketing to residents (legal, vendor), insurance (risk management) and resident engagement (operations again.)
  • Smart home upgrades from companies like Stratis and SmartRent promise operational savings (reduced staffing, self-guided tours), enhanced monitoring of […]
By |2020-06-22T10:18:29-06:00June 22nd, 2020|

A Business of Pennies

By Steve Lefkovits
Partner

I live in a 55 unit condo community, with seven separate buildings. Like many people in commercial real estate, I’ve ended up serving on the condo board by default. Our excellent manager recently questioned a 28% increase in our costs for the eight copper, analog telephone lines that run to our ancient building callboxes, from $63 monthly to $81 monthly. That’s eight total phone lines for the property.

Even by the standards of phone companies, this increase seemed egregious. So I called a company that RealtyCom works with and refers to its clients to evaluate the expense and find us some options. We don’t do this specialty work, but know its importance. Within two days we learned:

  • Without changing infrastructure, we could lower our paid telephone expense 66%.
  • That savings translates into $6,600 of annual savings on our small property
  • Our partner would do all of the paperwork and manage the cost for a 3-year period
  • The work that they did inside of a week is completely outside of the scope of anything that our manager, or me as a real estate professional understood.

We will save $120 per unit per year from a third-party audit.

In 2018-2019, this same telephone […]

By |2020-04-29T10:57:27-06:00April 29th, 2020|
Go to Top