VENDOR AND CONTRACTOR MANAGEMENT
As a third-party property management company we are the coordinating agent and liaison, working with vendors, overseeing the competitive bid process, and supervising construction and maintenance contractors to ensure superior results on time and on budget.
Our extensive portfolio of managed properties affords Palmer Property Management significant leverage with both vendors and contractors to negotiate favorable terms for building owners and tenants alike. While we routinely have services and projects competitively bid we focus on the importance of proper performance of the vendor or contractor. Routine inspections are performed to ensure the agreed terms and conditions of the vendor contract are being met or exceeded. When necessary, corrective action is taken for the contractor or the vendor to bring their services up to expectations.
REAL ESTATE TAX APPEAL
Property tax liability can be substantial and often overwhelming, especially for commercial real estate owners. An unfavorable or inaccurate assessment can cost the property owner thousands of dollars in unexpected tax liability.
As a commercial property management specialist, Palmer Property Management proactively monitors assessments and directs the property tax appeal process. Our team analyzes each property to determine if site and or market conditions have changed, taking into consideration location and size of the property. The nature and condition of improvements, and the current values of similar surrounding properties. This process allows us to determine if any changes favor a lower taxable value.
Palmer Property Management fully appreciates the importance of commercial property insurance. Our goal is to provide comprehensive information and assist in securing favorable rates in the market combined with superior encompassing coverage. PPM will oversee the insurance loss/claim process, protecting the owner’s property and upholding the owner’s contractual rights.
ENERGY CONSERVATION AND SUSTAINABILITY
We are committed to enhancing the efficiency of the buildings we own and manage through lighting and mechanical retrofitting and upgrades within a disciplined budgetary process, taking advantage of the various rebate programs available in the markets in which we and our building owners operate.
RENT COLLECTION AND LEASE MANAGEMENT
To ensure all rents and other charges are assessed properly, leases are carefully abstracted and reviewed. The rental charges are entered into the accounting software program, which automatically triggers alerts to notification periods, step rents, and percentage rent due dates. A redundant system is maintained by the property management team, to ensure that no charges or critical dates are overlooked.
Estimate billings are charged monthly, as allowed by tenant leases for CAM, tax, and insurance payments. The estimate billings are reviewed throughout the year, to determine if any mid-year adjustments are necessary. Balances due from tenants are invoiced, and both debit or credit balances are reflected in the monthly tenant rent invoice.
Expense control is a key ingredient for the success of both Palmer Property Management services and the portfolio properties. By lowering the pass-through expenses, the sites become more competitive and can demand higher rents. In addition, tenants are more prone to renew leases on sites with lower operating expenses.
Expense control begins with realistic budgeting for the property, based upon the ownership objectives. All anticipated expenses are competitively bid during the budget preparation (and throughout the year) to be certain that the lowest possible price is paid, for the quality standards required. The budget is submitted to the client for review and modification prior to implementation.
With over 25 years of industry experience, Palmer Property Management has long-standing relationships with several major area banking institutions. Our intimate knowledge of the local banks allows us to work with our clients to determine the best institution to use for a given project based on specific goals and needs.
All funds are held in individual accounts for the entity under contract and no funds are commingled. Expenses and debt service are paid from an operating account; tax and security deposit escrows are held separately. Surplus funds available at month’s end will be remitted to ownership with an agreed-upon reserve balance retained in the account.
REPORTING AND FINANCIAL MANAGEMENT
Palmer Property Management will provide a full set of accounting reports, summarizing all financial transactions for each property including:
- Monthly revenue and expense statements
- Year-end recoverable expense reconciliations
- Cash flow forecasts
- Operating budgets