“We need to be with a bank that has a strong balance sheet, is highly rated, with superior technology and that’s financially strong,” Kersner said. 

Property management with an owner’s mindset

Top-notch residential buildings require top-notch service. It’s why Brown Harris Stevens has remained committed to a model that emphasizes individualized support and local expertise. 

“We’re not looking to be the manager of every residential apartment building—that’s not where our strong point is. We feel it would dilute the way we service buildings and our ability to maximize the value of the apartments and properties,” Kersner said. 

The privately held real estate company, which has separate brokerage and development marketing companies, assigns two managers to each property: one focused on day-to-day operations and one on strategic oversight. This collaborative approach helps Brown Harris Stevens navigate New York’s complex and ever-shifting regulations while strengthening management across its portfolio.

To seamlessly handle the nuances of third-party property management finances, Brown Harris Stevens sought support from a bank that matched its focus on dedicated support and deep industry knowledge.

Why property managers need a bank with real estate expertise 

Property management companies operate transaction-intensive businesses with complex account structures—typically with multiple accounts for each property. General business banking solutions aren’t always equipped to meet those needs. 

But seamless financial management is critical to building and maintaining strong client relationships. Residential third-party property managers aren’t just responsible for buildings—they take care of clients’ homes. 

“We need people to know their money’s going to be safe,” Kersner said. “J.P. Morgan offers products that allow people living in these buildings to know their mortgages are being paid, their maintenance funds are safe and their building service employees are being paid in a timely manner.” 

Working with a bank that understands the third-party property management industry streamlines financial management tasks, freeing Brown Harris Stevens to focus on serving properties and pursuing clients’ strategic goals.

J.P. Morgan offers dedicated real estate-specific payments and liquidity teams with tailored products and services addressing the residential property management industry’s challenges: 

• Accelerated account opening: Property managers with established J.P. Morgan relationships benefit from streamlined agency account structures with expedited due diligence and onboarding. “Speed of execution is important,” said Jen Chung, senior treasury management officer at J.P. Morgan. “They may start a new contract with a building and need a bank account with the ability to make vendor payments within a week.”
• End-to-end payment capabilities: From rent payments to repair fees, property management involves complex transaction flows. J.P. Morgan works with property managers to make those transactions more efficient. Brown Harris Stevens implemented a purchasing card program for building superintendents that simplifies expense management. “We’re able to handle the whole cycle, from money coming in, managing it while it’s here and assisting with making disbursements and payments,” said Peter Piazza, senior client executive for J.P. Morgan Real Estate Banking. 
• Individualized client support: Piazza works directly with condo and co-op board members at Brown Harris Stevens’ properties to find investment options to support their goals. For some, that means preserving liquidity amid market volatility; for others, maximizing returns. “We spend time with them to understand their needs and come up with a program that works best for that specific board,” Piazza said.
• Security deposit management: Property management businesses must safeguard renters’ security deposits while complying with varying local regulations. “We have a dedicated team that understands what’s required in various cities and states,” Piazza said. 
• Fraud prevention: Commercial and residential real estate payment systems face sophisticated fraud attempts—a critical risk when managing client funds. 
• Dedicated support: Property managers require consistent access to specialists who understand their business. “Because of the number of accounts and products Brown Harris Stevens uses, there’s not a day that goes by that we aren’t on the phone with different contacts at their company,” Piazza said. 

Continuing a decades-long collaboration

Today, Brown Harris Stevens remains focused on sustainable, strategic growth. 

“We don’t want to be in every building in the city, but we want partners who operate at the same caliber as us, who understand commitment and responsibility,” Kersner said. 

Piazza and Chung aim to keep supporting Brown Harris Stevens’ success. 

“They’ve stood the test of time as one of the few large, independent property management companies, and we’re happy to have had a long and illustrious relationship with them,” Chung said.