Patterson Woods Property Management Program
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Our major goal upon
assuming a property management responsibility is to develop a management plan
which will maximize a property’s potential in a way that is consistent with the
owner’s objectives. Gathering basic data, problem/s identification and market
study, along with analysis and possible solutions and recommendations follow
with the intent of accomplishing the objectives or clarifying ownership’s
objectives to align with reasonable and attainable expectations.
This plan will serve as a tool and a guideline enabling the owner and the managing agent the opportunity to make short and long term decisions contributing to the efficient operation of the property and servicing of the tenants. Attention to issues such as leasing strategies & management, financial analysis and control, competent and professional personnel, proper tenant/landlord relations, preventive maintenance, and appropriate policies and procedures, are all necessary for the preservation and enhancement of the assets value.
To obtain optimal financial results for the owner, Patterson Woods offers the following services.
1. INITIAL CONSULTATION
Patterson Woods is dedicated to the principle of professional representation of the owner’s best interests. Therefore, prior to presenting a management proposal and before finalizing a contract for management of an asset, Patterson Woods requires a thorough understanding of the owner’s goals and objectives. Unless the owner or owners representatives have prepared a Request for Proposal, which details specific services that are desired for the particular management contract, Patterson Woods would propose an initial consultation with the owners and their appropriate representatives to thoroughly discuss all aspects of the project.
2. FEE BASED CONSULTING SERVICES
Assuming the owner has not prepared a Request for Proposal of management of the asset, Patterson Woods is prepared to survey the property and prepare a plan, with all documentation, to present to the owner, with alternatives, for management of the asset. This may be a proposal for Patterson Woods to provide management services or a Request for Proposal that the owner could use to obtain competitive proposals. This consulting compensation would be discussed and agreed to with the owner based upon level of involvement desired by the owner and the value provided by Patterson Woods.
3. PROPERTY MANAGEMENT MENU OPTIONS
In addition to professional consulting, Patterson Woods offers a full range property management services. These services allow owners the opportunity to select those particular services which best meet their needs. Among the various property management options we offer are:
a) Budget preparation and review;
· An annual budget will be prepared for the property and reviewed regularly. All income and expenses will be thoroughly detailed including debt service and capital expenditures. This budget will be incorporated in the Property Operation Manual.
b) Property Operation Manual;
· A property operation manual will be prepared which will include, property management policies and procedures designed to meet owners objectives, budget, monthly owners report format, lease abstracts, capital expenditure forecasts, fire & life safety procedures, preventive maintenance program, vendor information, emergency contact information, and any additional information which completely defines the property managers responsibilities to the owner.
c) Income collection and cash flow management;
· Full service cash management of property including collection of rent and payment of monthly invoices
· Verification of all expenditures shall be properly documented and disbursements made once a month.
· Preparation of monthly reports and quarterly summaries
· Invoice and collection of common area expenses
d) Lease negotiation and management;
· Maintaining 100% occupancy will be a major commitment of the Patterson Woods leasing agent. Patterson Woods is the exclusive leasing agent for numerous shopping centers in Delaware and Pennsylvania. We provide a level of lease negotiation and management expertise for complete owner and tenant satisfaction.
e) Maintenance and Service;
· Manage all maintenance and service requests.
· Conduct initial inspection to define required/recommended maintenance. This initial inspection defines maintenance benchmark and assists in determining recommended maintenance, which can be considered in the annual budget/forecast.
· Conduct ongoing monthly inspections of all exterior property elements including roads and grounds.
· Conduct semi-annual interior inspections of all tenant areas
· Coordinate/manage common area maintenance including landscaping roads & grounds, cleaning, snow removal and the like.
f) Tenant and building alterations;
· Manage all tenant fit-out projects to meet all legal, tenant and landlord requirements. Property manager will act in capacity of construction manager/owners representative for these projects.
g) Tenant relations;
· Establish and maintain tenant relations to maximize tenant retention.
· Within established guidelines, define and attain tenant services, which contribute to their business success and income. Partnering with retail tenants to maximize their business income will increase percentage rental income to property owner.
h) Fire/life safety;
· Management must be completely familiar with fire and life safety systems. We recognize the importance of emergency procedures, the efficiency and the reliability of the fire and life safety equipment and the facilities adherence to all fire codes and regulations, and manage the property accordingly.
· Manage all property insurance matters to obtain industry best practices for the owner.
· Maintain current certificates for owner’s policies and audit policies annually for appropriate coverage’s and to ensure adequate protection.
· Maintain and regularly audit file of tenant required insurance policies
· Ensure all contractors have required policies and obtain current certificates.
j) Tax assessment appeals;
· Assist owner in the appeal process regarding real estate tax assessments.
· When necessary and with owners approval, solicit services of tax attorney or tax consultant to assist in appeal process.
k) Data processing:
· Provide appropriate software system to produce timely and accurate monthly statements, payroll, lease abstracts, market trends and other data for the effective and efficient management of the property.
4. PROPERTY MANAGEMENT FEES; Patterson Woods property management fees are based upon the services provided and are structured to provide compensation for the value that we contribute to a client’s portfolio. We will prepare a client specific “Management Agreement” for the owner’s consideration and approval, which will be based upon the services selected by the owner. This agreement may include 1) a flat management fee, 2) a percentage of gross collections, 3) flat fee and a percentage of collections, 4) leasing and sales commissions, 5) fees for (a) supervision of extraordinary repairs for alterations, (b) keeping corporate or partnership books in addition to normal property management accounting, (c) Providing special reports or appraisals, (d) Tax appeals or other consultation beyond services defined in the Management Agreement, (e) construction management.