Property Management Services

BUDGETING AND REPORTING

Prepare calendar year budget on or before December 15th of each year.
Provide quarterly operating statements with detail within 20 days following the previous Quarters end.

QUARTERLY REPORTS
	• Executive Summary • Balance Sheet • Budget Variance • Rent Roll
ANNUAL REPORTS
	• Market Rent Survey • Insurance • Maintenance Contracts (Sweeper, Landscape, Dumpster, Window Washing, Pest Control, etc.) • Property Leasing Plan • CAM Itemized Report • Annual Budget for upcoming new year (includes Leasing and Renewal Schedules) • Annual Review of Leases for Landlord Reimbursements, I.e., CAM, Taxes & Insurance
AS NEEDED OR DUE:
	• Lease Escalations Adjusted  • Emergency Maintenance Reports • Accident Reports  • Lease Renewals

Compute and allocate CAM and tax participation charges for each tenant and invoice monthly estimated payments.
Collect and maintain records on sales figures for all tenants (when applicable).
Meet with Owner as necessary to review Investment Portfolio.

GENERAL OPERATIONS

Onsite visit to properties minimum Bimonthly - A.M. as well as P.M. to check lighting.

• Monthly Property Inspection Report (pass/fail/corrective action) • Landscape (weed control, adequate watering, mowing, shrubs/trees trimmed, pest control, sprinkler system operation) • Sweeping/Dumpster Collections • Parking (unauthorized or abandoned vehicles) • Lighting Operations (sign bands, tenant signs, marquee, security/ pole lighting)

Maintain personal contact with tenants; monitor sales, listen closely to complaints, assist with marketing advise where possible.
Community involvement; Chamber of Commerce, Metro Rotary Club, etc.
Community awareness:  keep abreast of proposals for roadways or traffic lights in the area, new or closing industries and/or new centers.
Promptly enforce each violation of use clauses, sign criteria, outside storage or other unacceptable activities to maintain steady control.

COLLECTIONS

Invoice each tenant monthly.
Collect rental payments in a timely manner.
Apply late charges when applicable and send letters after the 5th of the month.
Personal contact and/or default remedy letters immediately after cure period expires.
Resolve default status w/tenants experiencing financial difficulties, i.e., temporary payment plan.
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.
Notify tenants of annual percentage rent due, CAM, Taxes & Insurance reimbursement participation and insure timely collection.

EXPENSE CONTROL

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

Maintain a list of all uses that are restricted by existing leases so that a negative covenant will not be violated.
Develop a list of store types that would most compliment existing tenants and direct special efforts toward locating and leasing such stores.
Make courtesy calls on all strong local merchants every 2-3 months to keep the property on their minds.
Personally call on strong merchants having stores in similar centers within a 50 mile radius.  Follow up on potential prospects.
Use existing tenant and Chamber of Commerce as sources.
Respond to calls from signage and show space.
Negotiate lease and finish out terms with prospective tenants.
Negotiate renewals for leases as the y expire.
Anticipate vacancies before they occur by using sales figures and personal tenant contact.
Consistently use existing tenants regarding expansion in present centers and additional locations in out other centers.