
Property Management Services
Management Services are provided in house only to Paramount Investments company owned portfolio properties.
BUDGETING AND REPORTING
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Prepare calendar year budget on or before December 15th of each year.
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Provide quarterly operating statements with detail within 20 days following the previous Quarters end.
QUARTERLY REPORTS:
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Executive Summary
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Balance Sheet
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Budget Variance
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Rent Roll
ANNUAL REPORTS:
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Market Rent Survey
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Insurance
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Maintenance Contracts (Sweeper, Landscape, Dumpster, Window Washing, Pest Control, etc.)
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Property Leasing Plan
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CAM Itemized Report
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Annual Budget for upcoming new year (includes Leasing and Renewal Schedules)
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Annual Review of Leases for Landlord Reimbursement, I.e., CAM, Taxes & Insurance
AS NEEDED OR DUE:
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Lease Escalations Adjusted
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Emergency Maintenance Reports
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Accident Reports
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Lease Renewals
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Compute and allocate CAM and tax participation charges for each tenant and invoice monthly estimated payments.
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Collect and maintain records on sales figures for all tenants (when applicable).
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Meet with Owner as necessary to review Investment Portfolio.
GENERAL OPERATIONS
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Onsite visit to properties minimum Bi-monthly - A.M. as well as P.M. to check lighting.
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Monthly Property Inspection Report (pass/fail/corrective action)
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Landscape (weed control, adequate watering, mowing, shrubs/trees trimmed, pest control, sprinkler system operation)
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Sweeping/Dumpster Collections
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Parking (unauthorized or abandoned vehicles)
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Lighting Operations (sign bands, tenant signs, marquee, security/ pole lighting)
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Maintain personal contact with tenants; monitor sales, listen closely to complaints, assist with marketing advise where possible.
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Community involvement; Chamber of Commerce, Metro Rotary Club, etc.
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Community awareness: keep abreast of proposals for roadways or traffic lights in the area, new or closing industries and/or new centers.
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Promptly enforce each violation of use clauses, sign criteria, outside storage or other unacceptable activities to maintain steady control.
COLLECTIONS
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Invoice each tenant monthly.
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Collect rental payments in a timely manner.
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Apply late charges when applicable and send letters after the 5th of the month.
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Personal contact and/or default remedy letters immediately after cure period expires.
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Resolve default status w/tenants experiencing financial difficulties, i.e., temporary payment plan.
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Determine economic feasibility of pursuing liability under leases, retain attorney when justified, file suit and appear as witness, make settlement agreement, and/or pursue judgment for rent due.
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Notify tenants of annual percentage rent due, CAM, Taxes & Insurance reimbursement participation and insure timely collection.
EXPENSE CONTROL
Taxes:
• Compare annually with taxes comparable centers elsewhere in state.
• Compare annually with other improved properties in the same city.
• Render annually.
• Appeal unjust assessments.
• Negotiate adjustments in unfair tax escrow accounts maintained by lenders.
• Ensure all taxes are paid before due date.
• If lender is maintaining an escrow account, ensure tax statements are forwarded for timely payment.
Insurance:
A. Policies
• Obtain bids and acquire most favorable policies available.
• Ensure that policy issuers have financial capacity and willingness to pay claims.
• Ensure that policy amount is high enough to avoid coinsurance problems and meet lender criteria.
• Ensure that all lenders have current copies of policies and have approved same.
B. Claims
• Immediate notification to agent.
• Negotiate claim settlement.
• Obtain necessary lender approvals.
• Execute construction contracts and supervise work.
• Collect proceeds, obtain lien waivers, pay contractors.
C. Shell Structure:
• Semiannual inspection of roof, parking lot, HVAC systems and tenant spaces. Status Report to file.
• Determine intermediate term (3-5 years) maintenance plans (some flexibility necessary).
• Obtain multiple bids and contract for necessary repairs and replacements.
• Supervise work, obtain lien waivers (when ready) and pay contractors.
D. CAM:
• Retain and supervise parking lot sweeping service, common area maintenance, landscaping contract service, dumpster, irrigation system, lighting.
• Review common area utility service to ensure economic usage.
• Obtain bids and supervise completion of parking lot power washing/re-striping, as needed.
LEASING
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Maintain a list of all uses that are restricted by existing leases so that a negative covenant will not be violated.
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Develop a list of store types that would most complement existing tenants and direct special efforts toward locating and leasing such stores.
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Make courtesy calls on all strong local merchants every 2-3 months to keep the property on their minds.
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Personally, call on strong merchants having stores in similar centers within a 50 mile radius. Follow up on potential prospects.
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Use existing tenant and Chamber of Commerce as sources.
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Respond to calls from signage and show space.
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Negotiate lease and finish out terms with prospective tenants.
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Negotiate renewals for leases as they expire.
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Anticipate vacancies before they occur by using sales figures and personal tenant contact.
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Consistently use existing tenants regarding expansion in present centers and additional locations in out other centers.