Dunhill Partners West Leasing Services
To properly manage an asset, a thorough understanding of the physical structure and its occupants, its location in the market and the dynamics of the market are crucial. Our property management team has over thirty years of experience managing a variety of commercial real estate. We understand the unique challenges and have the expertise to manage them efficiently and cost-effectively. Our management process is multi-layered and includes the following:
Physical Due Diligence
The building will be inspected by our property management team to determine the current condition of the building. This inspection and examination will include the following:
Building- (including all of its essential elements, i.e., roof, HVAC, etc.)
- City and county planning agencies history
- Compliance to current codes
- Meet with the existing tenants and conduct informal tenant interviews. (The occupants are the best source of information about a property’s benefits and possible deficits.)
- Landlord’s recent physical due diligence reports and other third party reports will also be reviewed establishing a base-line for the property.
Our findings and recommendations for any immediate modifications, upgrades or changes will be shared with the client. A priority list will be established and will be included in a draft Capital and Operating Budget.
Our property management team will:
- Meet with all of the existing building employees, contractors and vendors to review all contracts in place. (It is our recommendation that all contracts be in writing and be competitively bid periodically through a three-bid process.)
- (If required), place a property manager on-site to provide full supervision of the building’s day-to-day operations and also to provide quick and efficient service to the tenants
- Review all existing floor plans, construction drawings and building construction standards.
The property management team will be working closely with the leasing team to ensure:
- All vacancies are in marketable condition
- All floor plans are accurate and regularly updated
- All lease-related and tenant improvement related duties are smoothly transitioned
Our team strongly believes in personalized management services. A hands-on approach may be more time-consuming, but adds much greater value in terms of tenant retention and property image in the long term.
Property Management Plan
Capital and Operating Budgets
Budgets provide a guideline and a framework for the Property Manager and the Landlord to use to effectively manage the revenues, expenses and capital expenditures of the property and to regularly measure the property’s performance. All budgets will be developed pursuant to an approved leasing plan as outlined under the Leasing Plan section of the proposal. It will include:
- Projections for lease-up of vacancies
- Renewals of roll-overs
- Projected upcoming vacancies
All costs associated with leasing and tenant improvements will be budgeted as well as any necessary capital expenditures required for the Management & Leasing Proposal physical plant and day-to-day operational expenses. The Property Management team will create annual budgets the preceding October/November of each calendar year unless the client requires budgeting on a fiscal year basis. A three-year cash flow will also be produced and updated quarterly.
Property Administration & Reporting
- All leases will be uploaded to Dunhill Partners West Yardi Accounting System
- Monthly tenant rent statements will be issued to all building tenants
- Pursuant to client requirements, Dunhill Partners West will establish a checking account for the collection of rent and the payment of invoices
- A monthly distribution will be made to the client pursuant to actual cash in the bank and reserves required to meet future capital expenditures
- Within 15 days following the end of each month, Dunhill Partners West will distribute a monthly operating report to the client. This report will include a brief update on property leasing and operations. It will also include:
- Accounts receivable report
- Balance sheet
- Income statement
- Current rent roll
- Budget vs. actual report with explanations of deviations
At the end of every quarter, a more comprehensive narrative of property operations will be provided with the other financial reports as listed above. In addition, an updated three-year cash flow plan will also be included at the end of the quarter. The management team is available at any time to meet with the client to discuss the property’s performance and recommends meeting at least quarterly. Year-end operating expense reconciliations will be performed within 90 days following the end of the calendar year.
Our property management team will also monitor:
- Certificates of insurance
- Any and all lease modifications
- Security deposits
- Miscellaneous revenue tracking
- Lease roll-over
- Other lease-related items such as:
- Rights to renew
- Rights of first refusals
- Rights of first offers
- Other notification clauses that may exist in leases
We will also handle three-day notices to pay rent or quit and will work with the client’s legal counsel on all eviction-related matters.
Our property management team can also negotiate leases using our standard lease form, and provide project and construction management services for tenant improvements and other capital expenditure projects.
Asset Management Fees
Our goal is to provide the client with a commercially reasonable and competitive fee structure for a full range of asset management and construction management services.
Project Management Services
For all major repair and replacement work, we will include a fee equal to 10% of the cost of work. A definition of major repair and replacement works includes but is not limited to:
- Interior tenant improvements
- Major repair or replacement of building systems and renovations
- Upgrades or modifications to common areas and restrooms
All proposed work will be submitted for approval as a Management & Leasing Proposal to the client. The submittal will include a timeline and an itemized job cost. For routine maintenance repairs requiring an on-site technician, we will charge an industry standard per hour rate for each service call and work order.
Capital Improvement Projects
For all capital improvement projects requiring a licensed contractor, Dunhill Partners West offers its services to manage the bidding process and to secure at least three estimates from contractors pre-approved by the landlord. We will also manage:
- Insurance compliances
- Posting of notifications
- Ensure safety guidelines and procedures are met.