Commercial Property Management Services
STATEMENT OF COMMERCIAL SERVICES
We at Wayne Realty, Inc., strive to provide owners and investors of commercial property with personal, efficient and attentive service to meet their management needs. Our objectives are to maximize the investment in real estate and ensure a lucrative return on such investment. The following is a comprehensive list of specific services that we offer:
- Personnel– We hire and supervise all persons required to be employed in order to properly maintain and operate the property, including superintendents, handymen, maintenance men, porters, security guards and concierge. If desired, the owner retains the right to make the final decisions as to the number and type of employees, and as to which persons should be hired and discharged.Employees will be provided with a specific list and schedule of daily and weekly work requirements. Such employees are required to maintain a log of their daily activities so that their work can be properly monitored.
- Maintenance– Responsibility will be taken for ensuring that the common areas of the property are well maintained, including the public halls, lobby, lawns, parking lots and driveways. Responsibility will also be taken for hiring contractors to repair and maintain the electrical, plumbing, heating and air conditioning systems, elevators, roof and facade of the building.If work is requested to be performed inside an office, retail or industrial space, initially a determination must be made as to whether such work is the responsibility of the tenant or the owner. The terms and conditions of the lease govern with respect to such a determination. If the owner is responsible for certain repairs, a “Work Request Form” is completed so that the maintenance request and work actually performed are closely monitored.In addition, contractors will be hired to provide services such as exterminating, refuse removal, landscaping and snow removal. Contracts will also be arranged for the supply of electricity, gas and fuel oil. All necessary supplies to properly maintain and operate the building will be purchased.
- Quality Control– All properties will be inspected regularly including the supervision of work being performed by employees and contractors.
- Availability– 24 hour per day coverage will be provided in the event of emergencies occurring before or after normal working hours.
- Leasing– Attorneys will be retained to draft the terms and conditions of each lease as agreed upon by the owner and tenant. At the option of the Owner, Samuel W. Miller, Esq. is available to draft leases at an agreed upon fee for legal services rendered.
- Litigation– If directed by the owner, attorneys will be retained to institute legal action to collect rent and additional rent from tenants, and to enforce the terms and conditions of leases. Similarly, at the option of the owner, Samuel W. Miller, Esq. is available to institute legal action at an agreed upon fee for legal services rendered.
- Tax Certiorari– When directed by the owner, attorneys will be retained to protest the tax assessment levied on the property by the taxing authorities and to institute tax certiorari proceedings. Similarly, at the option of the owner, Samuel W. Miller, Esq. is available to institute such proceedings at an agreed upon fee for legal services rendered.
- Insurance– Insurance will be obtained to cover all of the owner’s needs, including fire, property, rent, plate glass, boiler, water damage, liability, workers’ compensation, employer’s liability, disability, fidelity bond, and such other insurance as is expressly directed by the owner.
- Bookkeeping– Accurate and complete accounting records will be maintained, including the checkbook and money market account records. All files containing rent records, insurance policies, leases and subleases, correspondence, bills, payroll records and all other documents relating to the property will be maintained in an orderly manner.
- Payables– All bills rendered for material, labor and services performed in maintaining and operating the property will be reviewed and paid. Payment will also be made for mortgage interest and amortization, water charges, sewer rent, real estate taxes, corporate, franchise and payroll taxes, electricity, fuel and gas.
- Billing/Receivables– Tenants will be billed for base rent and additional rent, such as escalations for real estate taxes, insurance, operating expenses, consumer price index increases and common area maintenance, depending on the terms and conditions of each lease. Full efforts will be made to collect such charges, including sending letters to tenants informing them of their delinquency in paying such charges.
- Financial Reporting– Monthly statements will be rendered no later than the fifteenth day of each month for all receipts and disbursements. Such statements are fully computerized, including columns showing expenditures and income for the current month, year-to-date, monthly and annual prior year figures, and variations between the current and prior year figures.General categories of income and expenses are initially stated to provide a broad overview of the financial condition of the building. The receipts itemization sets forth in detail all base rent and additional rent, the amount paid and the outstanding balance for each tenant. The disbursements itemization sets forth in detail each check written, the payee, the general category of expense, the specific description and the amount paid.
- Accounting Services– Arrangements will be made for an annual audit of the property’s accounting records by a certified public accountant which culminates in an annual financial report.We will engage an accountant to prepare and file the necessary forms for unemployment and disability insurance, social security taxes, withholding taxes and all other taxes and forms relating to the building’s employees. Cooperation will be given to the accountant in regard to the preparation and filing of all federal, state and city tax returns.
- Meetings– Meetings will be conducted with the owner on an as needed basis to discuss the management of the property and any requests for action to be taken. We are accountable to the owner for the services we provide and are receptive to any reasonable suggestions for changes.
- Tenant Services– Within reason, we will consider and attend to the complaints of tenants.
- Relocation– The coordination of moving activities by tenants and subtenants will be controlled to minimize inconvenience to other tenants and prevent damage to the property.
- Correspondence– Letters and notices to tenants, vendors and contractors will be prepared and sent as required to properly manage the property.
- Leasing– At the request of the owner, arrangements will be made to advertise the availability of office, retail and industrial space in local newspapers and place rental signs on the property. We will interact with all real estate brokers who attempt to locate suitable tenants. Financial, credit and business information from prospective tenants will be obtained and forwarded to the owner for his review and consideration.If desired by the owner, Wayne Realty, Inc., can be retained as the brokerage agent for a commission mutually agreed upon to handle all real estate activities as mentioned above, including negotiating the terms and conditions of leases subject to the owner’s approval. Appointments will be set up for the owner and prospective tenants to meet and finalize an agreement on the terms of each lease.The diversity of functions performed by a real estate management company can be extensive and complex. However, each client is unique and all services will be custom-tailored to meet its specific requirements and needs.