Prior economic of the 1980's and 1990's have highlighted the volatility of commercial real estate markets and the need to secure expert representation in the strategic areas of leasing, property management, and asset management services. In reducing the risks inherent in owning and managing investment property, the markets have clearly demonstrated that the reputation and integrity of Dominion Advisory Group, Inc. "make a difference" when it comes to enhancing asset value.
"It gets back to remembering who your customer is. To us, a tenant is a customer. To many other property management firms, the tenant is simply a debtor," says Larry R. Baumgardner, CCIM, president of Dominion Advisory Group, Inc. Mr. Baumgardner goes on to say that "the reason we take that approach on the leasing and property management side of the house is because we have that approach on the corporate services (tenant representation) side. It's just an automatic transferal."
With a philosophy of building on service, the Dominion Advisory Group, Inc. is the "go to firm" in San Antonio and all of South Texas when it comes to adding asset value and providing stabilized services from seasoned veterans of the leasing and management industry.
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Leasing & Property Management
The property management services which ZELL would typically provide on a shopping center:
- Collect rentals and other charges from tenants and parcel owners. Deposit funds in the bank account set up solely for the Property. Based on ZELL’s banking relationship, few, if any, bank charges incurred by clients.
- Inspect property four times per month. Additional visits on an as needed basis in addition to supervisory inspections.
- Bill rentals and reimbursable charges to tenants and parcel owners.
- Handle of all tenant questions, maintenance, collection and administrative issues.
- Coordinate all repairs, leasehold improvements and maintenance through contract labor and establish preventative maintenance programs where appropriate.
- Enforcement of leases and CC&Rs. Confer with and retain legal counsel when necessary and approved by the property owner.
- Report insurance claims to the insurance agent for the Property and to the property owner.
- Review, approve and pay all appropriate bills for the Property.
- Provide 24-hour answering service. Property manager assigned to the Property will typically be called, unless off-duty, in which event, another experienced property manager will handle the call.
- Coordinate and document assignment of lease transactions.
- Prepare annual budget for income, expense and capital categories.
- Prepare a monthly accounting report to be generated on YARDI Voyager software system. Electronic and/or hard copies of the reports sent by the 20th of each month for the prior month’s activities. Each report to be accompanied by a narrative Property Status Report outlining Property’s activities of the month, as well as a bank reconciliation.
- Collection of insurance certificates from each tenant.
- Establish criteria, obtain bids from qualified, insured, licensed contractors to perform work on the buildings, common area or leasehold improvements and oversee the work being performed. Contractors/Vendors must provide certificates of insurance naming property owner and ZELL as additional insureds.
- Review tenant sign drawings and leasehold improvement plans.
- Obtain Gross Sales reports from tenants required to report and calculate any percentage rent which may be due.
- Retain on property owner’s behalf, a real estate tax assessment appeal consultant to review annual assessments and advise if appeal is warranted. Consultant typically compensated through a contingency fee agreement.
- Provide the lender with financial reports on the Property’s operations.
- Prepare annual reconciliation of NNN charges for each tenant.
LEASE RENEWALS, EXTENSIONS AND EXPANSIONS
Property manager will handle existing tenant lease transactions, however, depending upon the tenant or issues involved, a leasing agent or Alan Zell may become the primary point of contact. Property manager will communicate with the leasing agent as to current market conditions and to keep the leasing agent aware of tenants which may not be extending their lease or which may be struggling.
- Determine expiration and option to renew exercise dates.
- Whenever possible, personally meet with the tenant whose lease is being negotiated to determine their specific needs and objectives.
- Discuss issues and proposed rates and terms with property owner and with Alan Zell and then prepare a detailed full written proposal to send to the tenant.
- Negotiate terms and conditions of the transaction with the tenant, coordinating the status and seeking input and guidance from the property owner and Alan Zell.
- Prepare necessary lease amendment documents and submit to property owner for approval prior to sending to Tenant for review and signature.