A commercial property manager administers all the duties and responsibilities of day-to-day operations, including accounting, tenant relations, maintenance and repair. The property manager assists in the preparation of the annual budget and provides monthly reporting, as well as advising the owner to maximize the financial performance of the property. The property manager is also the main contact for tenants to address any maintenance and leasing issues required to run a commercial building.
At Anchor Management, we can perform the following property management duties for our clients:
- Initiate, establish and implement preventive maintenance programs and surveys for all roofs and parking lots, as well as programs to upgrade common areas, both interior and exterior
- Supervise all maintenance suppliers and vendors contractual performance and billing, including all ordinary and extraordinary repairs and alterations
- Periodically analyze all service contracts to maximize cost-effectiveness
- Collect all rents and other charges as well as miscellaneous income
- Review all existing leases and prepare current lease abstracts
- Provide monthly financial reports:
- Collections, billings made during the month with sources of income identified;
- Detailed expense ledger including Current Rent Roll, Tenant Sales Information (if applicable), Bank Statement and Bank Reconciliation Report
- Make all mortgage, ground lease and promissory note payments and comply with mortgage documents as directed by Owner.
- Obtain, verify and pay real estate and personal property taxes, improvement assessments, and other like charges as directed by Owner, and pay service contracts.
- Review real estate tax bills and assessments as directed by Owner, protest when required by Owner, and employ a real estate tax consultant if necessary, as approved by Owner at Owner’s expense.
- Diligently enforce leases in accordance with their terms and notify Owner of any default under any lease.
- Make distributions from the Operating Account in accordance with the written request of Owner.
To get started, we request the following items:
- Current Rent Roll
- Previous Year P&L and Current Year P&L Year-to-Date
- List of all third-party service providers
- 2019 CAM, RE Tax, and Insurance Reconciliation
- Copies of all Leases
- Most recent Survey and Title Report
- All building plans
- All existing warranties