Our first step as managing agent will be to define your objectives as Owners. The property will be operated to your requirements and will accurately reflect your investment expectations. Any on-site staffing will be determined to reflect your needs.
Management of Property
Assume full responsibility for the operation of the property and associated activities including, but not limited, to:
If applicable, hire and/or terminate, pay, and supervise all persons necessary in order to properly maintain and operate the property.
Retain the services of any contractors required to properly maintain the properties in first class condition. Such services shall include purchase of building supplies and materials, electricity, gas, ordering and supervising ordinary repairs, equipment maintenance, janitorial, waste removal, landscaping, window cleaning, & snow removal (where applicable).
Review and approve all bills for services and supplies and cause such bills to be paid.
Determine the proper liability insurance coverage for the property and Owner.
Prepare any new lease documents and renew existing leases for space on terms based upon current market conditions.
Bill tenants for rent and other charges, such as CAM charges, pro rata share of utilities, pass-thru expenses, escalations, etc., and perform associated rental collection tasks including instituting legal proceedings, when necessary.
Establish, on behalf of the Owner, an independent checking account in which the Managing Agent will deposit all rental collections and from which all expenses of the property will be paid.
Maintain accurate records and files relevant to the property, all to remain the property of the Owner and be maintained by the Managing Agent.
Prepare and submit insurance claims and accident reports.
Prepare analysis of monthly and annual Statements of Income and Expense utilizing a computerized software program.
Process accounts receivable and accounts payable and maintain general ledger utilizing a computerized software program.
Provide Owner with monthly financial reports.
Cooperate with Owner's accountant and auditors in regard to all financial matters.
Ascertain if property tax assessments are appropriate. If not, engage professional tax consultants to negotiate a fair and proper billing with tax authorities.
The Managing Agent will provide the Owner with a preliminary operating and capital improvement budget thirty (30) days prior to the beginning of each calendar year. The budget will be based upon historical costs. The budget is a formal projection of income and expenses for a given period which reflects the owner's goals and objectives and is critical to achieving an understanding between a building's owner and the manager. The budget is to be viewed by management personnel to which they are expected to adhere. The budget will be prepared by the Managing Agent and the Property Manager. It will be detailed and realistic, which is the basis for making sound management decisions. During the budgeting process, the Managing Agent will coordinate the property's resources based on knowledge of past performance and current conditions and a prediction of future trends.
On-Site Maintenance/Clerical/Security Staff
If applicable, the Managing Agent shall hire, supervise, discharge and pay all employees, contractors, or other personnel necessary to be employed in the management, maintenance, and operation of the property and its associated business activities.
The Managing Agent shall hire, supervise, discharge and pay all management, bookkeeping and clerical personnel necessary to be employed for the management and operation of the property and shall be deemed employees of the Managing Agent and their salaries shall be paid by the Managing Agent.
Marketing and Leasing
As leasing agent, Silver Builders Real Estate Corp. will prepare marketing and leasing information for all vacant space.
Leasing documents will include:
property site plan
general floor plans
identifying available space
building features and amenities
building photos or renderings
lease terms and rates
and any other additional information appropriate to market vacant space.
The leasing documents will be distributed to area brokers for participation in marketing efforts and periodic "walk-thrus" will be held. More aggressive efforts may be desired by the Owner including a more specialized target marketing with professionally prepared flyers and advertisements. Silver Builders Real Estate, Corp. will coordinate these efforts at no extra cost while out of pocket material and advertising costs would be the Owner's expense. An important component of any successful marketing effort is the solicitation and cooperation with outside brokers.
Silver Builders Real Estate Corp. will encourage and work closely with outside brokers, will provide them with accurate and timely leasing documents, and will accompany them on all showings. We will continually update and remind brokers of the availability of space and report regularly to the Owner as to the status of marketing efforts.