Management Services Overview
The following narrative outlines
the services provided under our standard management and leasing agreement. Our
standard agreement can be customized to meet the particular needs of the
Management, Inc. Commercial Maintenance
Property Management, Inc.
maintains a crew of qualified, motivated and well-trained maintenance personnel
to insure building safety and the optimum performance of building equipment.
Preventive maintenance is monitored and performed as necessary to insure the
long life and efficient operation of building systems. Routine electrical,
heating, air conditioning, and plumbing repairs are made as needed. Buildings
are inspected regularly for cleanliness and safety. Full-time on-site personnel
can be provided upon request. Tenant maintenance requests are received in
Property Management, Inc.’s office, captured electronically and assigned to
maintenance staff. This history of work order requests and resolutions allow us
to detect trends in maintenance issues and resolve any problems with a proactive
approach. These services are billed on a time and material basis as a building
Incoming calls to Property
Management, Inc. are answered 24 hours per day, seven days per week, including
holidays. Calls during normal business hours are answered by the Property
Management, Inc. receptionist and transferred to the appropriate party. Calls
after normal business hours are answered by an answering service and handled
according to pre-determined guidelines. Maintenance personnel are on call after
normal business hours to respond to emergencies.
As necessary, outside vendors may be utilized to perform specialized
work in the building. Property Management, Inc. coordinates the use of and
monitors the performance of outside vendors when required in accordance with the
building owner’s guidelines. These services are billed as a building operating
Invoices are received in Property
Management, Inc.’s office on a daily (workday) basis and processed for payment.
Invoices are checked against purchase orders, packing slips, vendor contracts,
etc. for accuracy. Invoices are coded to the proper general ledger account
number and scheduled for payment by the due date.
Marketing & Leasing
Marketing of Available Office Space
Property Management, Inc. markets available office space a variety of
1. Newspapers. Property Management, Inc. advertises available
office suites in the local newspaper utilizing a combination of line and display
ads targeting the days of highest circulation. The cost of newspaper advertising
is an operating expense of the building.
2. Internet. Property Management, Inc. maintains a Web Page accessible at
www.rentpmi.com. Under the Commercial Division section, available office space
is listed regionally including location, square footage, rental rate,
availability, lease terms, amenities, floor plans, and building pictures.
Viewers are afforded the ability to contact Property Management, Inc.’s leasing
department via email directly from the web page. Additionally, Property
Management, Inc. lists the same information on Loopnet, an internet service
available to other commercial real estate brokers and agents throughout the
country. Finally, all available spaces are listed on Costar, a nation wide
commercial real estate web site. This service is offered free to the building
3. Listing Sheets. Listing sheets containing all pertinent information, floor
plans, and pictures are prepared and available upon request to any prospective
tenant or broker or agent. This service is offered free to the building owner.
4. Monthly Office Update. A detailed listing of available office space is
mailed monthly to a list of over 100 commercial agents in the central
5. Brochures. Property Management, Inc.’s marketing department will develop
and distribute a full-color brochure for the building upon request.
6. Business Fairs. Several times per year, Property Management, Inc.
participates in regional business fairs showcasing the properties it manages.
7. Co-Brokerage. Property Management, Inc. works within a network of area
brokers and agents who provide referrals of prospective tenants.
of Available Office Space
Property Management, Inc. employs a team of
leasing agents to receive inquiries, provide information, and show available
office space. Subject to building policy and established market rates, Property
Management, Inc. handles lease negotiations to optimize the building’s
performance and level of quality tenants. Prospective tenants are screened for
reliability and financial responsibility.
Property Management, Inc.
prepares all documents required in the leasing process. Building owners may
utilize Property Management, Inc.’s standard lease agreement or provide a
building-standard lease agreement. Property Management, Inc. prepares and
administers any other necessary documents for amending, renewing, expanding,
extending, or terminating any lease agreement.
Tenant Relations and
Our company is well known for providing excellent service to
all of our tenants. We have in excess of 282 tenants. Our staff responds
immediately to any questions and concerns. We have a designated "maintenance
hotline telephone number" which is provided to all tenants. Additionally, we
provide 24-hour emergency maintenance service.
Property Management, Inc. negotiates and handles all tenant improvements
including soliciting bids, awarding contracts, and monitoring the work through
rolls are updated on a daily basis showing current vacancy and market rates,
current tenants, square footage leased, current rent, rental rate per square
foot, type of rent escalation, renewal options, lease beginning date, lease
ending date, and security deposits held.
ending dates are tracked and renewal leases, extensions, or exercise of renewal
options negotiated as per the lease document when appropriate. Property
Management, Inc. prepares all necessary documentation and provides the building
owner with a fully-executed copy if necessary.
Rent escalations are calculated in accordance with the lease document
and tenants are notified accordingly.
are billed as needed for any charges over and above rent as may be required by
the lease document or building policy.
Taxes & Utilities
Real estate taxes and monthly utility bills are recorded and billed to
the tenants as may be required. Where possible, utility accounts are kept in the
tenant’s name and monitored for non-payment and any change in status due to
1. Depositing of Rent Checks. Rent
checks are received, deposited, and credited to tenants’ accounts on a daily
(workday) basis. Rents are deposited into the bank of the building owner’s
choosing. Electronic transfer of funds are also accepted from tenants. No cash
payments are accepted. If required by tenant, rent invoices are sent on the
fifteenth of each prior month.
2. Delinquent Rents. Delinquent tenants are contacted by letter when rent
payments have not been received by the due date and late charges are assessed if
applicable. If payment is not made within ten (10) days, collection efforts are
continued by certified letter, telephone call, and/or whatever other method is
necessary until collection is made. If rent still has not been collected by the
end of the month, a notice of default is sent via certified mail in accordance
with the lease.
3. Eviction & Bad Debt Collection. If rent still has not been collected
at the end of the default period, then eviction proceedings are started on the
district justice level. If a tenant leaves voluntarily before the end of the
lease or for non-payment of rent, collection proceedings are initiated either at
the district justice level or through an attorney, whichever method is most
Security deposits are collected
in accordance with the lease document when signed and held in an
interest-bearing escrow account in the name of the building owner. Security
deposits are refunded to tenants at the end of the lease term if all financial
obligations of the lease have been met and if the space is returned in an
acceptable condition. Any amounts due to the building owner are deducted from
the security deposit, if necessary, before a refund is made to the tenant.
Property Managment, Inc. uses Yardi
Systems, a fully integrated web based information processing system. All
managment functions, work orders, preventative maintenance, leasing,
administration, budgeting, accounts payable and general accounting is captured
within the system. Our entire company including maintenance, administrative,
managment and accounting personnel share real time data. Yardi operates in a
true web environment allowing us or our clients to access the system from any
computer with internet access. All the information is contained within one
database which allows us to prepare extremely flexible reports specific to an
owner's needs or our entire portfolio.
In addition to the Yardi system,
we use Microsoft Office, Outlook, AutoCAD (space design), Exact (payroll and
human resources), Best (depreciation software) and a variety of publishing
The entire system is contained on five (5) servers. We utilize
a documented backup strategy to ensure data integrity.
Services and Reporting
Using the Yardi system, we perform the entire
accounting cycle. In addition we provide the following services:
concise and timely financial reports delivered via mail or e-mail.
Preparation of annual and capital operating budgets.
• Cash flow analysis.
• Special accounting projects as needed by the owner.
• Preparation of
year end financial statements including complete cooperation with any
owner-assigned audit organization.
We can simultaniously provide reports
in cash and accrual accounting methods.
Our management team has access
to financial data to ensure a proactive approach to identifying potential
Our accounting department has been designed to provide for the
segregation of duties. This internal control insures that no one person handles
all aspects of a transaction. The financial statements of Property Management,
Inc. are audited by a certified, independant accounting organization annually.
An integral part of internal controls is achieved through client review.
We work closely with owners to insure that accounting details are understood and
the past, present and future financial positions are clearly communicated.