We offer quality Commercial Management Services including but not limited to the following:
- Systematic collection of monthly rental and other revenue
- Collection and recording of pre-paid rent or deposits
- Payment of operating expenses, taxes and insurance
- Payment of mortgage installments
- Payroll administration
- Workers Compensation assessment and Claims administration
- Lease administration
- Preparation of annual operating budgets
- Annual operating cost reconciliation
- Rental adjustment notices
- Maintenance and update of property records
- Processing rental adjustments
- Condensed monthly operating statement for each project
- Owners cash position report
- Provide regular inspection and supervision of the property
- Hire, train, and supervise project superintendent and /or other on-site personnel
- Prepare annual maintenance programs
- Negotiate and arrange specialized maintenance contracts
- Supervise major refurbishing programs
- Approve maintenance and other expenditures
- Arrange purchase of supplies and equipment, and determine type and quality of times to be purchased
- Monitor energy conservation practices
- Administer tenant complaints
- Follow-up and take appropriate action on delinquent lessee payment
- Analyze Insured Risk and arrange necessary coverage
The leasing market within Alberta and specifically Edmonton is in a precarious way. The market is improving, however, the marketplace has changed and Landlords must adapt to these changes. To successfully compete the "basics," illustrated below, are of fundamental importance to a successful business.
- Good condition
- Priced to the marketplace
- Responsive, available management
- Offering security of tenure
- A Tenant Relations Program - responsive to the needs of the tenant
1. Tenant Relations Program
We negotiate lease renewals on behalf of the Owner.
A tenant relations retention program has a number of advantages. It improves performance by reducing costly
turnover, lengthens occupancy and catches expensive physical problems in the preventative stage as opposed to the crisis stage. A good program takes on the attributes of a partnership with the tenant; and thus fulfills the needs of the tenant. No one likes to be thought of as an address or a number. Tenants want to be recognized and acknowledged. They want to be treated with respect, in a friendly, helpful manner. As in all successful business, the customer requires responsive service and follow-up. When done properly, a good tenant relations program will produce numerous goodwill ambassadors for the project.
2. Supplies and Services
All goods and services supplied to the property are handled on a competitive quote basis, and generally should result in a lower cost to Owners by reason of volume purchase and negotiation. Our criteria for selecting a certain supplier is service, price and quality of workmanship.
We do not offer an in-house maintenance service, and believe to do so, results in a conflict of interest. We conscientiously examine and evaluate operating expenses. Frequent inspections of the property ensure that value is received. In the area of operating expenses, our policy is one of preventative maintenance, rather than crisis maintenance, when it is obvious repairs must be made to continue operations. Preventative maintenance is vital to the long-term development of income.
3. Income and Expense Control
Budgets are indispensable guides to good Real Estate Management. The budget sets out operating limits, but more importantly, they set the goals for the specific property on an annual basis. To be effective, the budget must consist of a complete review and analysis of the property in the context of its environment, condition, and objectives of ownership. All significant details must be taken into account in the preparation of the budget. The budget is provided to and discussed with the Owner, prior to going into operation.
Through the budgeting process, we strive to maximize net cash flow to the Owner.
Owners typically receive four reports. The first is the cash status of the Owners account. The second is a summary, by project, of all revenue and expense items both current and year-to-date. The third is complete General Ledger listing, showing all transactions for the current month. The fourth is an Income Statement Comparison to Budget.
Information is timely and accurate. We utilize software from YARDI Systems, one of the largest suppliers to the Property Management community in North America
Our procedures for arrears collection are straightforward and effective. We adopt an "Owners Attitude." We are not a Bank; we are a "Landlord." We provide good accommodation and we expect to receive the rent. Firstly, an effective tenant selection process is vital to the arrears program. We attempt to reduce the incidence of arrears and/or defaults, by selecting tenants that evidence stability and have the ability to pay. A thorough routine, at this point in time, often saves a costly future arrears or eviction. Our tenant selection routine concentrates on the following areas:
Stability - employment, residence, etc.,
Compatibility - existing tenants and product offered.
Housekeeping - will they respect the unity.
Ability to pay the rent.
Advertising is a significant factor within any operating budget. When looking at a specific property, we prioritize our advertising budget. Advertising is wasted unless personnel are available to handle inquiries; the product is in rent-ready condition; and the product is competitively priced. Outside curb appeal is extremely important to any advertising program. In other words, if the project does not look cared for, advertising is wasted money.
Virtually all of our advertising programs are designed to generate qualified traffic. In order of priority, we favor the following methods of advertising:
Special A-Board or Portable Signage, to take advantage of drive-by traffic,
Competent Managers, with sales and people skills, who will work to close traffic generated
Newspaper Advertising - Edmonton Journal, Edmonton Sun
Company reputation and referrals from portfolio
7. Emergency services
The Property Manager assigned to each site has a cell phone for after hour's emergency calls; however general day to day after hour's maintenance calls are handled by After Hours Emergency Staff trained to respond to calls for flooding, fire, other hazards, lack of heat, minor plumbing leaks, electrical issues, elevators etc.