Each month, the landlord will send you a monthly report. Each company has its own format with different software, property management and internal processes. However, do the following:
A one-page summary, the main issues relating to the ownership highlights, for example, is a tenant 30 days late on rent.
Revenue and expenditure. This should include a brief statement of the basic fee, common area maintenance (CAM) charges for each tenant, the rent and CAM paymentsAuthorities from the individual tenants. It also shows the costs for maintenance and management fees, so you can quickly determine if each tenant will pay rent or not. This statement applies to all revenue and expenditure may include:
Late Fee: If the tenant pays late, he has to pay the rent and late fees. The amount of overdue taxes is typically reported in the lease. Normally, if the tenant pays late is to play the manager of the building, an additional work to collect them. The amount of work dependsif the tenant is too busy to check the rent, no money or not pay simply email. The landlord will try to convince you that has the right to fees as an incentive to collect the rent. But it is doubtful that this is a premium for the property for a bad job. They have as an investor to claim compensation if the tenant does not pay on time, so you should get it.
Management Fee: This fee is usually a percentage of monthly incomeProperty that you and the landlord agreed to contract management. If you have a very stable property, which have the same income per month, the administrative fee equal. Otherwise, it depends on month to month.
Rent is usually on when a new tenant or a renewal lease. This fee is usually around 6% of base rent for the duration of the lease. However, if the administrator is also the retailers you should ask for 4%Rate.
Security / Fire: The property can fire services and safety oversight.
Electricity is very likely for the parking or common area lighting units that everyone has his own feet normal.
The water is potable water and irrigation.
Layout: This is paid for the garbage in the city.
HVAC Repairs and Maintenance: This is the cost of maintenance of heating, ventilation and air conditioning systems. In general, there is a service contract for HVAC --The companies in the HVAC maintenance check twice a year: once before winter and once before summer. Then you can receive bills twice a year.
Waste: sometimes people have not used the furniture, a mattress on the property, because there is nobody around at night. The crew of maintenance may be necessary to clean these things. Normally you have the landlord or take a photo of dumping, to ensure that it is legitimateBill.
Landscaping: It is often the largest expenditure item. Normally, a contract signed years landscaper to maintain the landscape on the property, such as mowing the lawn, cut trees / shrubs, flowers and seedlings. Therefore, the monthly rate should be equal throughout the year.
Parking Sweep: is usually by the day or late in the evening or swept open before the tenant for business. In winter it may be a fee for snow removal.
SteamCleaning: The concrete surface to be cleaned is usually steam once a month. This is achieved by the same company that manages the scan done and the landscape.
Maintenance of the roof: The roof of an office building is often low and requires regular maintenance, especially during the rainy season. The roofer can charge if he is called to fix a hole in the roof. It is therefore not something that you regularly see the explanation.
Supply: There are several things on the property thatperiodically replaced incandescent light bulbs, garbage cans, sprinklers, etc.
Bank charges: sometimes the tenants who pay by check underfunded. The Bank is a commission every time you check the box load NSF.
Litigation: it may seem, if the operator has the option of a tenant is distributing.
In general, you should not be longer than 30 minutes to check into the MD of a property with 10 retail tenants. If you need to spend much more, then your property isManager did you organize information or report incorrect.
The property management often provides an annual budget for the maintenance of plants at the cost of maintaining the previous year based. Each tenant is then billed a fixed monthly amount that is proportional to the size of the units. Therefore, the burden of base rent and CAM are the same each month to pay as a tenant in May at a constant amount each month to be expected. Every year from January to March, the propertyManager of the accounting year. If the actual expenditure exceeded the budget, the tenants pay their share of the difference reconciled. In this case, the actual costs were below budget, will be refunded to the tenant or credited the difference.
Do's and Don'ts
E-mail address is used for most correspondence. This will give you a (date, time) of all file requests are sent and received between you and the property manager. We recommendhow to configure mail option will automatically save all outgoing e-mails. You can also create an electronic file for each property and are keeping all the e-mail to this activity in this folder. This allows you to quickly find the information.
Ask the administrator via e-mail feature that monthly reports. You must save all reports on your computer. Again and again it is necessary to consider a report of one month in advance. The easiest and fastest way to accessThey more than likely, yes. Declaration on the paper are much more time to recover himself.
After a copy of the rent roll by the hand, with a rate of rents, the commencement of the lease, the lease runs and shares part of the CAM. When asked to approve, on a new lease in order to ensure that not expire in a year when you have many other leases expire. This minimizes the risk of high vacancy rates on your property.
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