75 Jackson Properties has been managing retail and office centers since 2005. The property management staff is comprised of experienced property managers, dedicated broker, and accounting staff. We utilize Propertyware software to produce monthly financial reports for clients and to administer leases, budgets and expenditures on each managed property. Each property has its own separate bank account into which all of the property’s funds are received and all expenditures are made.
All work on each property is contracted through third party licensed and insured vendors. The property manager assigned to manage your property will visit the property on a regular basis to inspect the physical aspects of the property and to meet with tenants and vendors. Extending the term of existing tenant leases is a priority which we recognize is an ongoing process, not something to address as the tenant’s lease is expiring. Collections, insurance requirements, budgeting, reconciliations, contracting for leasehold improvements and lease administration, among other services, are each performed from an owner’s perspective. Full communication with the property owner or asset manager is a priority to ensure that decisions are made with all necessary input and facts.
Property Management Services include, but are not limited to:
A. Collect rentals and other charges from tenants. Deposit funds in the bank account set up solely for the Property. Based on 75 Jackson Properties’ banking relationship, few, if any, bank charges are incurred by clients.
B. Inspect property at least four times per month.
C. Bill rentals and reimbursable charges to tenants.
D. Handle of all tenant questions, maintenance, collection and administrative issues.
E. Coordinate all repairs, leasehold improvements and maintenance through contract labor and establish preventative maintenance programs where appropriate.
F. Enforcement of leases. Confer with and retain legal counsel when necessary and approved by the property owner.
G. Report insurance claims to the insurance agent for the Property and to the property owner.
H. Review, approve and pay all appropriate bills for the Property.
I. 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.
J. Coordinate and document assignment of lease transactions.
K. Prepare annual budget for income, expense and capital categories.
L. Prepare a monthly accounting report to be generated on Propertyware 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.
M. Collection of insurance certificates from each tenant.
N. 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 75 Jackson Properties as additional insureds.
O. Review tenant sign drawings and leasehold improvement plans.
P. Obtain Gross Sales reports from tenants required to report and calculate any percentage rent which may be due.
Q. 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.
R. Provide the lender with financial reports on the Property’s operations.
S. Prepare annual reconciliation of CAE (Common Area Expense) charges for each tenant.
T. Lease Renewals, Extensions and Expansion Services include:
1) Determine expiration and option to renew exercise dates.
2) Whenever possible, personally meet with the tenant whose lease is being negotiated to determine their specific needs and objectives.
3) Discuss issues and proposed rates and terms with property owner and then prepare a detailed full written proposal to send to the tenant.
4) Negotiate terms and conditions of the transaction with the tenant, coordinating the status and seeking input and guidance from the property owner.
5) Prepare necessary lease amendment documents and submit to property owner for approval prior to sending to Tenant for review and signature.