Archive for the ‘Property Management’ Category

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December 7th, 2011  Posted at   Property Management
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Maintaining your commercial property properly takes a lot of time and dilerberation in order to complete the day to day hassles that come along with property ownership. Many business owners overlook the effort that is needed to put forth to simply keep the foundation running smoothly and only think about the big picture. It takes no more effort than hiring another employee for your company to inquire about property management services and get back to that worry free mindset you initially had when opening the sprouting asset. After all, what is the point in owning your commercial property if you have no time to reap any benefits between handling the finances and day to day struggles?

Commercial building owners have much more responsibility than your common clothing or grocery store owner; therefore, the help of a property management service is essential and in many circumstances deemed mandatory for the property. The 24 hour a day commitment to tend to any unexpected arising problems will be the back bone in your structure. The space to allow you a family get away or a dinner out with your closest friends while having full confidence that the management team will be on immediate duty upon any direct notification.

More involved services than the promise of keeping all the parts of your commercial building functioning adequately that they provide are the attendance to all board meetings on your behalf to make sure that the structure is accomplishing exactly what you want. Not only are your thoughts crucial in these lengthy meetings, but so are those of the people who are present. Composing these ideas and thoughts for improvement from the people and analyzing then relaying them to the commercial owner makes for an ideal business. Among the ideas of all there will be positive ones, but also irrelevant non-beneficial ideas that can be sifted through in these meetings as the management services allow opportunities for bids and making sure every complaint is recognized. (more…)

December 7th, 2011  Posted at   Property Management
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Commercial and retail property management are special disciplines of a good real estate agency. Especially skilled people are involved in the running of the management property portfolio for landlords. As part of that process it pays to have a systemised annual approach to the management year. You can break the year into 4 separate phases; each phase leads to the next.

So annually cycled property management systems help the agent and the respective property managers keep on top of the portfolio challenges. The greater number of properties in the portfolio, the bigger this need.

There are 4 distinct and main stages to the property management year when you look at any property type (office, industrial, retail). For this discussion we will base the comments on a standard financial year (July to June), although some owners and managers have used other 12 month cycles quite successfully (January to December is quite common).

Using those 4 main stages you can successfully do many things in a controlled way to help the overall property outcomes. The main stages are:

  • Budget Planning (March to May)
  • Financial Results Analysis (June to September)
  • Tenant Mix Planning (October to December)
  • Property Performance Planning (January to March)

Each of the 4 stages leads to sub-issues and events. This simplifies your management year and keeps you on some track to control and progress for your landlords.

  1. Taking them separately and splitting the requirements of each here are some guidelines to which you can add any other issues specific to your area or property type:Budget Planning- review outgoings for the year to date, allow for expected vacancies, review net and gross rentals in the market, rent review analysis and expectations on a tenant by tenant basis, option term expectations, set budget targets for income and expenditure in the coming year, maintenance contracts costs and repairs expectations, assess increase potential in all outgoings for the coming year, capital expenditure projections, and landlord funding or property holding plans.
  2. Financial Results Analysis- actual income and expenditure results for the year, reconciliations, arrears recovery reports, budget adjustments for current year, capital expenditure analysis for end of year, net income analysis, and property valuation review.
  3. Tenant Mix Planning- Anchor tenants stability and performance, specialty tenants location and sales performance, sales figures in retail groupings, customer demographics, product and service groupings by tenant, lease expiries, vacant tenancy marketing, vacancy controls and remedies, commissions for reletting, leases for renegotiation, tenant retention plans, marketing of the property (relevant to retail), and lease documentation review.
  4. Property Performance Planning- Planned and unplanned maintenance allowances, capital expenditure works planning, contractors working on the property, refurbishment and renovation planning, retendering of maintenance works (where appropriate), risk management, energy management, essential services contracts planning and compliance, building code compliance, allowances for any heritage components or restrictions, and any improvements or changes to the property. (more…)
December 6th, 2011  Posted at   Property Management
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You smile with satisfaction as you leave your commercial property as a memory from just a year prior of this engagement floods your mind. Last year at this time you were leaving your stressful job to come home to manage the finances and rummage through piles of complaints and suggestions. Not to mention having to come home to your residential property and deal with your household and neighborhood duties as a homeowner. Upon discovering a property management service for residential and commercial areas you were finally able to leave work without taking it with you throughout the rest of the evening.

These services graciously offer home owners, commercial property owners, or both the opportunity to pass on the paperwork and create the ideal place to live or work in. When you are working toward your daily goal, they are working to strive for excellence in the community. There is never a moment of the day these services aren’t available for your attention. There is no way to predetermine whether something will need immediate repair so property management services have no hesitancy to commit to their 24 hour service any day of the week.

In order for these services to complete their duties to the fullest and understand what the community desires they attend all board meetings to get a full grasp of the needed improvements. They will organize meetings and undoubtedly listen to every person involved. By creating bids for individual topics, each suggestion is adhered to equally and fairly. They encourage your ideas and invite you to share them so they can help to voice them in meetings that you may or may not be able to attend.

While dealing with the aspects to create an ideal environment for all they will also use their time to manage the financial portion that comes with property management. When improvement suggestions are passed there are numerous documents that call for attention which will all be handled by these professionals. Charts are produced of the financial welfare and are made easily accessible to allow the community to decide what can be afforded. (more…)

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