Managing Your Commercial Property
Every landlord has the right to expect that his or her property is in capable hands. At MD Properties we believe every residence deserves to be managed effectively, respectfully and discreetly - and deliver its owner a sense of both personal and financial peace of mind.
In managing your commercial property, we first inspect the property and meet your tenants. As your manager we want to develop a strong relationship with your tenants because by getting to know the tenants we are able to determine what their needs are, such as whether they need more space, or if they are having problems and need to sublease. Our constant communication with your tenants helps us identify problems such as roof leaks, plumbing problems, security issues, and other concerns which are not always identified by visual inspections. We then follow up with solutions that meet your needs as well as the tenants’ needs.
We provide a full array of services for your property to better help you make decisions. Below are some of the items we will perform:
- Full bookkeeping of receipts and disbursements with back up documentation
- Monthly rent collections
- Annual accounts reconciliations
- Handling of leasing inquiries regarding the property
- Maintenance monitoring and review looking for repeat patterns
- Regular inspections of the building
- Annual budgets with monthly and year to date actual income/expense comparison
- Annual reviews of third party services contracts such as rubbish, security, etc.
Other services we do by managing commercial property for you that maintain your investment and your pride of ownership include:
- Annual seasonal preparation
- Annual building inspections with pictures and analysis of what improvements can be done
- Establishment of specifications for contract services such as landscaping, heating and cooling, lighting, parking lots, fire suppressions and monitoring systems, and other items that require regular inspection, testing and care.
- Coordinating annual elevator inspections and establishing ongoing maintenance programs.
- Coordination and supervision of janitorial services.
- Coordination of all services such as trash removal, alarm monitoring, and security.
Maintaining Your Commercial Property
Maintaining your property is easy with our select list of qualified maintenance staff and vendors, all of whom will be supervised by our property managers for you. Our list of vendors and contractors are licensed and insured to provide service you will need. Maintenance requests are generated through inspections, telephone requests, additional work as a result of previous or current jobs, or a preventive maintenance plan.
Maintenance work is reviewed and authorized by the property manager, and assigned to the appropriate vendor. The manager then monitors the invoices for completion, quality, and costs. We will establish a spending limit, and any non-emergency work costing more than that limit will be reviewed with you before any work is started.
We have a 24/7 emergency maintenance system, with a senior property manager and a maintenance person on call to take care of emergencies. If a potential property damaging, or life threatening emergency were to occur such as: water pipe break, fire, heating failure, roof leak, flood or other disaster, we will assign a vendor or will respond within an hour to repair or secure the complex. We will review all incidents to determine whether an insurance claim is necessary.
Heating and Cooling
We will develop a plan to manage the heating and cooling needs of your property. We will hire and supervise a qualified heating and cooling contractor to perform all maintenance and service. We will establish specifications in which the heating and cooling system will be maintained, and have the plan bid accordingly. All service calls are reviewed by the property manager and referred to vendor to resolve. All HVAC invoices are then billed to the tenants in accordance of their leases.
We will supervise all electrical work necessary. All maintenance requests will be reviewed by the property manager and assigned to the appropriate qualified vendor.
We will coordinate annual elevator inspections. Our property manager will review the report and determine a course of action to repair any potential problems. Any failures or emergencies will be resolved immediately by the assigned contractor.
Our property manager will coordinate the janitorial work at your building. We will inspect hallways, elevators, restrooms, and entryway, to ensure that the utmost cleaning and sanitation standards have been met. We will also inspect tenant spaces to make sure their needs are being met. We will meet with the janitor regularly for a complete inspection, and review of services combined.
Plumbing and Fixtures
All appropriate plumbing and fixture work is done as requested. We have a list of qualified vendors who can respond to plumbing problems immediately. Our manager will review the leases, to identify tenants who will be responsible for plumbing repairs. If the tenant is responsible for any work completed by the Landlord, the tenant will be billed and all appropriate action will be taken to collect any balance owing.
Our property manager will review the paint condition and inform you on steps that need to be taken. We will advise you if we think interior painting needs to be done in vacant spaces.
Roofing and Drains
We will inspect the roof once a year. If necessary a selected contractor will be asked to assist in the inspection. We will submit pictures for review by you. We will make a recommendation about any maintenance to be undertaken. We will monitor for roof leaks, review incoming service calls and refer to appropriate vendor.
We will ensure that the property is swept and kept looking clean. We will engage a professional landscaping company to maintain landscaped areas.
We will hire a sweeper to sweep all driveways, and through ways on a twice a month basis.
Understanding the Financial Performance
We provide full accounting services and reports for your property to help you understand the financial performance clearly. Our experienced staff correctly accounts for all funds, and maintains complete and accurate records. All funds are deposited directly into your accounts.
Reports You Will Receive
We will send you a monthly, detailed report mailed on the tenth of the month. This report will show your rents received and expenses paid for the previous month. With it you will receive a transaction register, so you will be able to further track income and expenses, as well as a rent roll and a summary of delinquencies at the end of the month.
Collection of Rents
We will carry out the collection of all the rents from your tenants. On the tenth of the month, we review the payment status of all tenants, and send a letter to any tenant that is delinquent. On the 20th of the month, a second letter is sent, giving the tenant a deadline by which to pay. By the end of the month, we will discuss options with you as to whether we should use legal means to obtain restitution of the premises, or to encourage payment.
Keeping Happy Tenants
We believe in forging strong partnerships between property managers and tenants. These relationships enable us to know what is going on at a particular site. We regularly visit with tenants to see what we can do to meet their needs better. These informal meetings frequently identify problems at a property and enable the tenant to voice concerns about structural maintenance, management, other tenants, or neighborhood problems which adversely affect the tenants business. This is one way we keep happy tenantsin your property.
Immediately after we are retained, we will send out letters to tenants introducing ourselves. Our manager will then meet with the tenants to start developing our relationship as soon as possible. Experience has taught us: the more we know about your tenants, and your tenants’ business, the better we can serve them.
We respond to any maintenance or service needs a tenant may have. Calls are routinely followed up within 24 hours. We respond immediately in emergencies or during a system failure. The Property Managers respond to any questions regarding leasing and rents. We also send notices informing tenants of special maintenance projects such as building painting or cleaning, lot paving and major roofing jobs.
Finding a Qualified Tenant
Our leasing agents can review a project easily and develop a plan in finding you a qualified tenant. Our agents regularly survey the market to determine whether your property is competitive. Once a week, our leasing team meets to discuss their current projects. These meetings allow us to network within our company and identify buildings and tenants that will produce long-standing tenancies. We also network with other brokers who may have clients interested in your space.
As soon as we know a space will be available, we will begin the process of finding a qualified tenant. Immediately, we will place a sign on the premises and then design a flyer. Our leasing agents will meet with the property manager, and you if desired, to discuss improvements to attract the right tenant. We will then follow up by advertising to attract our target market. Our leasing agents will tour the property so they are all familiar with the premises.
Our Skills and Expertise
Whether it is 1 unit or 100 units, we are ready to invest our creative energy and experience in achieving desired results! Our property management team is packed with a unique combination of experience, passion, ambition and innovation that reflects in everything we do.
With a focus on increasing property values for our clients, our residential management department follows through with the detail work that makes investing successful. Our property managers and staff are on the forefront of legislative and technological changes and the green energy revolution.
Our Management Approach
Our goal is to maximize property performance. Therefore our management approach involves integrating all areas of property operations with daily association management.
Cooperation and communication between clients and management are the keys to “happy owners” and well-managed properties. We achieve this by monitoring common areas, establishing a strong relationship with owners and resolving problems early to avoid escalation.
With our experience of property management in the GCC area, we have well-developed reliable systems and policies in place. In today’s fast moving world, we continually upgrade our services and operational policies to stay current with the newest business trends. We engage our employees and clients for suggestions and ideas for improvement. To achieve our goals we focus on:
- Preserving and enhancing your property
- Maximizing cash flow
- Timely and effective client communication
In the day-to-day operation of our company, all employees have the opportunity to suggest improvements to continually improve our services to our clients. Whether from employees or clients, the best ideas for operational improvement are integrated into our systems.
Monthly Reports you will receive
We will send you a monthly detailed report on the tenth of the month, showing you rents received and expenses paid for the previous month. With it you will receive a balance sheet, cash flow statement, budget comparison report, rent roll, income and expense transaction detail and aged payables report. We operate on a cash accounting basis.
In addition to the financial reports, you will receive a status report from your property manager outlining vacancies; recent move-ins, incentives offered, marketing steps being taken and reasons for budget variance.
Along with your updated management plan and operating budget, you will receive a summary of the interior inspections completed in the year, a market survey and a 12 month spreadsheet of income and expenses. Our goal is to provide you with complete information so you are informed of the financial and physical condition of your property.