Lease management
Not all leases are the same, we need to define the responsibilities of the tenant, the owner, and critical dates. We need systems to keep track of this, whether it’s in a legal dashboard or through a property management program. This allows us to stay on top of critical dates in leases, such as escalations, concessions, and when the lease needs to be renewed.
Tenant relations
Returning phone calls, emails, text messages, and being available at your property on a regular basis allows you to build a relationship with your tenants that will prevent mold hills from turning into mountains in their eyes and keep them as your tenants. Tenants want to be sure that you care.
Managing operating expenses
If your competitors are better at controlling their operating expenses than you are, you risk losing your tenants and being able to attract new tenants. Cost management is a key issue. First, you have to find contractors who are affordable, reliable and can get the job done. Every manager has faced a situation where a contractor disappointed us and we had to redo the work, which ended up costing twice as much. Second, you have to balance spending money on improvements or repairs with the long-term investment in your building’s occupancy. You are looking to achieve two things by making repairs or improvements; tenant retention and tenant attraction.
Annual budget
The annual budget is a roadmap that sets our course for the coming year. It gives us our forecasts and our revenues, our expenses and our cash flow.
Monthly financial report
The monthly financial report is an easy-to-read but detailed report that you and all your partners will receive by the 30th business day of the month. It informs you of what has happened to your assets in the previous month. This allows you to stay in touch with your investment and also frees you up to focus on your core business.
Capital improvements to long-term budgets
Nothing lasts forever, and unfortunately, that includes static things like your sprinklers, alarm systems, fire control systems, parking spaces, and HVAC equipment. We need to determine the expected life of your equipment, the projected replacement cost, and then determine what we can do to extend the life of that asset.