Property Management Services

Lease Administration

• Lease types are identified: Triple Net, Modified Gross & Gross
• Common Area Maintenance (CAM), Real Estate Taxes (RET), and other lease charges are determined and defined per the lease
• Rent schedules are identified in the lease and enforced
• Monthly invoices are posted to our tenant portal or mailed to each Tenant
• The late fee amount and grace period are determined per the lease
• All other lease language abstracted and kept electronically

Common Area Maintenance

• Leases are abstracted to identify what property expenses can be charged back to each Tenant
• In the first quarter of each year, all Tenants CAM & RET are reconciled
• Tenants will be issued credits in the event they were overbilled or will be issued balances if they were underbilled

Contract Services & Vendor Management

Contract services are identified, which typically include but are not limited to: landscaping, snow removal, HVAC maintenance, fire alarm monitoring, garbage removal, and backflow testing

Once contract services are identified, a scope of work is created to outline the needs of the service. Given our portfolio, we have substantial buying power and often receive specialized pricing for contract services. This helps reduce Owner expenses and creates more value for the Owner

Procure to Pay

• All vendor bills are tracked & scanned so that invoice images are saved for all property bills
• All payments to vendors are processed via EFT or check and are paid within 7-10 days of the bill being entered into Yardi, increasing vendor satisfaction

VendorCafe

• Vendors can upload insurance certificates, invoices, and bank account information. This allows for a quicker processing time of invoices
• Makes sure vendors are compliant with insurance requirements

Property Enhancement Recommendations

• We recommend that the property be assessed under ComEd’s small business energy efficiency program. ComEd will often pay for all -or a good portion of- the lighting (Interior & Exterior) to be retrofitted to high-efficiency LED lights. This dramatically reduces electric bills as well as significantly lowers maintenance needs

• We recommend that the property has security cameras installed. We have found that this helps reduce overall risk and, in some cases, helps lower insurance costs. Further, it helps prevent break-ins, reduces slip and fall liability, and helps us determine if and when vendors are onsite and that they are performing the work as contracted

• We recommend that each property has smart thermostats installed in each unit. It provides a proactive approach to HVAC maintenance can help determine when work is needed, and helps reduce tenant complaints. Additionally, minimum temperatures can be set in the winter, and maximum temperatures can be placed in the summer. Finally, it allows us to be notified if the heat or air conditioning is not operating when it should be. This helps prevent pipe breaks and unnecessary utility spending.