We provide detailed monthly income and expense reports. These reports contain the payment status of each individual tenant and keep track of all vacancies. We also provide sales reports and analysis for retail properties, as needed. Budgets are prepared in the last quarter of each year for the upcoming year for the property owner’s review and approval. We also keep track of all tenant insurance requirements and certificates. We maintain a Lease Summary for each property which shows the current status of each tenant’s lease. We will also provide custom reports for any items not covered above.
Owner Meetings with Updating Reports
We track all the tenants to ensure that current certificates of insurance are on file at all times. All notices of rent escalations and cost of living increases are sent to the tenant on a timely basis. Each tenant is contacted prior to any lease termination or option to extend so that the future status of each tenant is known as much as possible. We also track tenant insurance renewals. This ensures that current certificates of insurance are on file at all times.
Periodic Reports of Property Activity
We provide timely written reports, supplemented with personal discussions concerning such aspects of property operations as maintenance problems, tenant comments, and any other items, which indicate what is happening at the property.
According to the Management Agreement, we will collect all rents and other receivables including impounds for operating expenses such as utilities, trash collection, insurance, real property taxes, and other common area maintenance needs. We also receive all billings related to the property. Any unusual or non-budget expenses would be paid, subject to the expense limitations outlined in the Management Agreement, and only with the owner’s approval.
Payment of operating expenses – Bill Payment Procedure
We provide detailed monthly reports of all cash receipts and expenditures made for the month. Any unusual or non-budget expenses would be paid, subject to the expense limitations outlined in the Management Agreement, and only with your approval.
Budget Preparation, Review, and Cash Flow Analysis
Review and Analysis of Cash Flow Projections and Real Property Tax Assessments
We provide an estimated budget of projected cash receipts and disbursements, which would be reviewed periodically to determine if the budget projections are being achieved. You will be notified of any unusual fluctuations from the budget, and you will receive our recommendations for corrective action. The real property assessment notice for the property would be reviewed to determine if it exceeds the fair market value; in which case, we will assist with an appeal to the Assessment Appeals Board, and coordinate our work with your legal counsel, if necessary.
Building Operating Expense and CAM Adjustments
Both common area maintenance calculations and building operating expenses adjustments are carefully monitored. We prepare both annual CAM budgets and building operating budgets and we bill each tenant in accordance with the terms of their lease. We reconcile estimated tenant pass-throughs (CAM and Building Operating Expenses) to actual expenses at the end of each calendar year.
Lease and Document Analysis Services
Upon obtaining your property for management, we review all tenant leases to ensure that all CAM charges or operating expenses are being applied properly in order to ensure maximum cash flow for the property owner. We also ensure that tenants are adhering to the other terms of the lease.
The managers at our firm have negotiated thousands of leases. We generally handle all new leasing and renewals for the properties we manage. Since our inception in 1977, we have been well known in the brokerage community and we cooperate with all outside leasing agents. Should a property owner believe that an outside broker would better serve their leasing requirements, we would be pleased to let the owner select any broker to handle new leasing for the property. The list of tenants for which we have negotiated new leases and renewals is extensive and includes:
- Bank of America
- Subway Sandwich
- Bank of the West
- Radio Shack
- Kentucky Fried Chicken
- Burger King
- Taco Bell
- several regional chains
- and literally hundreds of independent tenants
Additionally, we have several regional chains and literally hundreds of independent tenants. We can prepare office, industrial, and retail leases for execution subject to the owner’s review and approval.
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We would love a chance to win your trust and your business.Call Us! (408) 371-8770