property management and leasing - chasecommercial.com property mangeme… · property management...
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Property Management
and Leasing
“As a recognized leader in the commercial leasing and property
management industry, our mission is to create and implement
management plans that exceed our clients’ goals and expectations.”
Offices in Birmingham and Huntsville Alabama
(888) 539-1686 | www.chasecommercial.com
Executive
Summary
NAI Chase CommercialLeading full service real estate company
NAI – International Resources
Extensive Commercial Management Experience
Advanced Information Systems
Marketing and LeasingGlobal Network of Agents
Powerful Marketing
Tenacity
Liability ProtectionEstablished Emergency Response
Cost-savings from property insurance
Lease AdministrationSingle Source software to ensure all rent-ups & reconciliations occur
Lease enforcement procedures - rent collection to premises condition
MaintenanceVolume bidding for highest quality at lowest contract prices
Property inspections for quality control
Contract administration and enforcement
Certificate of Insurance tracking
Preventative Maintenance Procedures
Repair request tracking system
Financial AdministrationPowerful software and flexible reports
Full financial package including income, expense and control reports
Budget to actual comparison for monthly and year-to-date income and expenses
Bank Reconciliations
Audit procedures
Internal AccountabilityAccounts Receivables
Lease Renewals
Budget Comparison
Response Time
Tenant Relations
Trend Analysis
Report timing and accuracy
Other Available ServicesAsset Management
Finance
Development
Consulting
Receivership
NAI Chase
Commercial
Vision StatementEthics, integrity, execution; NAI Chase Commercial strives for excellence in
all facets of real estate services in order to provide our clients with premier
services and best practices in the industry. Our team transforms forward
thinking ideas into cutting edge applications, to achieve maximum results for
our clients, company and community
BackgroundNAI Chase Commercial and its principals have over $320 million and 60
years of combined real estate experience and is a leading full-service real
estate organization with the ability to handle all facets of real estate
transactions. NAI Chase Commercial grew by solving the real estate
problems of its diverse client base and capitalizing on market conditions and
competitive weaknesses.
Today, NAI Chase Commercial manages office, retail, and industrial space
valued well in excess of 200 million dollars and is recognized as one of the
leading commercial property management and brokerage firms in Alabama.
The company is organized in mutually supportive areas.
Property Management
Leasing and Brokerage
Acquisition and Disposition
Facilities and Building Maintenance
Finance
Construction/Renovation
Development and Build to Suit Services
Adaptive Reuse and Strategic Planning
Land Acquisition
Team members within each area provide expertise in all aspects of
commercial real estate and allow resources to be seamlessly integrated to
provide clients with unsurpassed flexibility and responsiveness.
National and International ResourcesNAI Chase Commercial is the NAI affiliate exclusively representing Central
and North Alabama. NAI is the world’s largest affiliation of independent
regional companies and represents more management and brokerage
assignments than any other affiliation or company. This affiliation allows NAI
Chase Commercial to represent properties for leading corporations and
buyers throughout the country. NAI gives NAI Chase Commercial the ability
to represent real estate interests on a scale that is not available to any other
real estate organization in this market.
Information Systems
& Integration
NAI Chase Commercial offers unmatched information systems for property
management, accounting, leasing and brokerage. We use PC-based systems
with file servers over local and wide area networks as well as web based
applications. Using internet connections, T-1 lines, desk top computers, laptops,
and smart phones we are able to access all of our information from just about
anywhere.
Chase’s information systems are designed to provide a full ―360 degree‖ view of
the tenant and property performance. Our team, with the ―click of a mouse‖, can
readily see such items as: a lease document and all of its amendments,
outstanding rent, lease options, lease expirations, rent increases, payment
history, written correspondence, repair tickets, and notes of all pertinent
telephone calls and face to face conversations. Along with our philosophy of
capturing information at the time of its occurrence, our information systems
design provides all of our team with a real time and unparalleled grasp of all
information needed to be highly effective in managing each and every property.
Several software applications are used to achieve our information systems
design goals. CenterSoft™ for accounting and lease administration. Angus™ for
tenant repair requests, preventative maintenance, repair responsibility tracking,
and tenant CRM. Google Mini™ for our searchable intranet knowledge base of
policies and procedures. REA™ for building canvassing and CRM for leasing
and brokerage. Microsoft products are used for our electronic document and
correspondence filing.
Why
NAI Chase Commercial?
Professional property management is critical to ensuring the longevity and
vitality of your commercial real estate investment. NAI Chase Commercial
provides proactive management and integrated resources to preserve and
enhance the value of each of your company’s real estate assets.
Our NAI network, which currently manages more than 250 million square feet,
shares best practices and stays on the absolute cutting edge of the industry.
We stay on top of market trends by actively participating in organizations such
as the Certified Commercial Investment Member (CCIM), Institute of Real
Estate Management (IREM), Building Owners and Managers Association
(BOMA), National Association of Industrial Office Parks (NAIOP), International
Council of Shopping Centers (ICSC), and the Society of Industrial and Office
Realtors (SIOR).
We devise and implement a plan that increases cash flow and return on your
investment, ultimately creating additional value for you. This goal may seem
obvious, but it is a continuing challenge for investors everywhere. NAI Chase’s
Property Managers begin with the fundamentals of property management then
think well beyond the obvious to deliver innovative and actionable solutions for
your assets.
When making the final decision about a professional property management
provider, we believe the decision often becomes one concerning more than
programs, procedures, technology and reputation. The ultimate decision often
concerns the people involved with providing the service.
Our Chief Financial Officer oversees all property accounting.
Certified Property Managers® lead property management for all properties.
We have highly experienced and designated brokerage and leasing agents.
Tenant relationships are developed and maintained, an essential part of our
marketing campaigns.
We are global in our thinking, yet local in our approach.
The individuals that are NAI Chase Commercial have a personal desire to do
the best. Working as a unified team, NAI Chase Commercial is able to harness
the combined creativity and drive to produce superior quality and results. That
is why NAI Chase Commercial is known for “Strength of Experience, Power
of Vision”.
Marketing & Leasing
Services
Power of the NAI Global NetworkNAI is one of the world’s top brokerage services companies, with 5,000
professionals in 325 member firms located in 55 countries. It is the world’s
largest managed network of commercial real estate firms and consummates
over $45 billion in real estate transactions annually. NAI Global is not just a
network — we’re a managed network structured to provide smart thinking and
fast action on behalf of clients operating in corporate, institutional and
government sectors around the world. We move with the efficiency and
flexibility of a strong, nimble organization leveraging our local expertise and
global relationships to access the best opportunities, locally, nationally and
worldwide.
Advanced and Aggressive MarketingWe evaluate your property's strengths, weaknesses and competitive market
opportunities. We make solid recommendations to improve the market
perception of a property, to make it more attractive to potential users, or to
reposition and reintroduce it with broader appeal or greater revenue potential.
NAI Chase Commercial maintains the highest standard for marketing all
classes of properties and types of space. Quality marking materials are
incorporated in a multifaceted distribution of information. Highly-visible and
very recognizable signs generate calls. Flyers, direct mail, and direct email are
used to convey information to the tenant, owner and brokerage communities.
Internet marketing incorporates a number of sites: Loopnet, CCIMREDEX,
Google, Lycos, OLX, Oodle, Propbot, Vast, Commercial Source, Property Line,
Real Up, and Proxio, as well as the power of the proprietary NAI Global
internal marketing network.
NAI Chase Commercial also markets the old fashion way, we canvas our local
markets. By continually canvassing we achieve a comprehensive
understanding of competitive buildings strengths and weaknesses as well as
upcoming lease expirations, expansions, or contractions. Continually talking to
businesses throughout our local markets provides us the information to attract
new tenants to our properties by knowing who, what and when opportunities
will arise.
ReportingWe incorporate Contact Relationship Software in our leasing/brokerage
process. Thus we are able to provide very accurate and up to the minute
contact reporting. Our management team receives a daily contact and activity
report from all leasing associates allowing upper management to both monitor
and pro-actively assist all leasing associates.
The standard monthly reporting package includes:
Contact report
Activity Pipeline report
Lease Expiration report
Vacancy report
NAI Chase Commercial Specialties Retail
Office
Medical
Corporate
Industrial
Government facilities (local, state and federal)
Services we provide within our specialties:
Landlord/Owner Representation In-depth market and property analysis
Proper positioning strategy
Tenant mix analysis
Leasing plans
Aggressive marketing
Professional marketing materials
Pre-qualification of potential tenants
Site tours: Attendance of all prospect tours
Proposal preparation and delivery
Skilled negotiations of contract terms and conditions
Lease contract preparation and delivery
Site Selection
Investment and Feasibility Analysis
Buy/Sell transaction negotiation
Tenant/Buyer Representation Current situational analysis and strategic planning
Market analysis and alternative identification
Site Location Selection
Site tours: Attendance of all prospect tours
Municipal incentives identification and negotiations
Comparative property, infrastructure and financial analysis
Transaction negotiation
Services delivery from first contact to move-in
Complete Tenant Relocation Services
Lease Negotiation
Retailers have unique needs
NAI ReStore
NAI ReStore is designed to provide leading retailers, franchisors and franchisees
with access to best-in-class global site selection and market analysis, tenant
representation, acquisition/disposition, property management and other retail real
estate advisory services. This vital service offering enables chain stores to
prudently and profitability manage, optimize and expand their retail real estate
network on a local, nationwide and/or global basis.
NAI ReStore can help retailers, franchisors and franchisees with the following
services:
Global Market Analytics: We use a holistic approach to help chain stores
optimize their store and distribution networks. This includes analysis of detailed
geo-demographic data, customers and competitors, all down to street level
granularity seamlessly across 65 countries. This produces a cohesive vision to
keep the network the correct size, in the right locations, targeting the right people
at the right price points.
Tenant Representation: We first utilize the ―SAS‖ (Site Attribute Survey)
developed by our global market analytics group to pinpoint site selection more
accurately. SAS lays out the metrics and parameters historically shared by all ―A‖
stores and translates them into acceptable ranges and site selection criteria for
each chain within each market. This enables our local Tenant Representation
Specialists in over 325 markets, working closely together with our national and
global retail teams, to implement each retailer’s strategic expansion plans with
greater reliability and consistency. We also are able to help retailers cut costs
through a process that includes market analyses, identification of alternatives,
negotiation of incentives, comparative property, infrastructure and financial
analyses and lease negotiation.
New Development and Leasing: Through our locally owned offices, we know
and work closely with local officials, property owners, financial institutions,
investors, merchants and strategic development partners in each community. So
we can flexibly procure and develop first choice targeted locations- whether
leased, ground-leased, acquired or a sale-leaseback. We can also help pre-lease
properties with synergistic co-tenants or develop the excess land separately for
that purpose.
Dispositions, Investment Sales and Sale-Leasebacks: In a retail disposition
industry filled with middlemen who may take on assignments only to farm out
much of the heavy lifting to local brokers like ours, we can take on these
assignments directly, and pass on more savings to you. To unlock some or all of
the value in any your retail properties, our incredible technology and local and
global infrastructure mean we can bring your dispositions to the attention of
interested merchants and investors worldwide.
International: We offer the most comprehensive market coverage of any global
real estate services provider. NAI offices are owned and staffed by local experts
with deep roots and strong ties to the local community – people who understand
the local market dynamics and know how to get things done. Combine this market
knowledge with our geo-demographic analytic studies of 65 countries and we can
help franchisors and franchisees successfully penetrate any international market
with pinpoint accuracy.
Emergency Response
Participation
Property managers and maintenance personnel are on call 24 hours a day to
respond to tenant emergency situations.
One phone number serves for repair requests, daytime emergencies and
nighttime emergencies. Calls are answered during the day by a property manager
assistant. Nighttime emergency calls are automatically routed to the cell phone
number of our on call person. We strive to have all of our calls answered 24 hours
a day by a real live person.
In the case of a building or area emergency, NAI Chase Commercial has
partnered via Angus™ Systems with MIR3™ Intelligent Notifications to provide the
most advanced emergency notification system available. This system is the same
used by major universities and key government agencies for notification of
emergency situations. MIR3’s Intelligent Notifications not only get the messages
delivered, but also allows recipients to respond, providing real-time updates to and
from a variety of modalities, including mobile phone, land line, PDA, email, pager,
TTY, fax, text messages (SMS) and other devices. Notifications of emergency
situations are sent to key contact individuals of each tenant.
Facilities ManagementPreventative Maintenance &
Tenant Services Requests
Maintaining the property in excellent condition is paramount to the long term
viability of the property. Proper maintenance has profound effects on the ability to
attract new tenants, tenant retention and lender satisfaction.
Preventative MaintenanceA determination of preventative maintenance needs is made by our director of
maintenance and reviewed by the property manager. Once these needs are
determined, a list of preventative maintenance tasks is compiled and assigned a
frequency of occurrence. This information is entered into our web based
preventative maintenance system. PM tickets are generated by the system and
emailed to the smart phones of our maintenance personnel or contractors. Each
item has a specific time frame in which to be completed. Our system flags and
reports items that have not been completed and sends an escalation email to both
the maintenance supervisor and property manager.
Tenant Service RequestsTenant Service Requests (TSR) play an important role in tenant retention. Thus
an effective and responsive system is required. Tenants call a single number for
maintenance requests or repairs. Tenant service requests are entered into our
web based TSR system. The system emails the service request to the proper
maintenance person or contractor’s smart phone. The TSR has a priority
assigned to it which dictates the time frame in which it is to be completed. Items
not completed within the allotted time are escalated via email to the director of
maintenance and the property manager.
Most importantly, the landlord should not incur the cost for work that is the
tenant’s responsibility to complete. The repair responsibilities dictated by the
lease are abstracted for on-screen viewing when the tenant calls with a service
request. If the item is not the landlord’s responsibility, we can immediately
discuss the repair with the tenant and guide them to the proper solution.
ReportingDaily reports of the Tenant Service Repair requests are emailed to the director of
maintenance, the property manager and senior management.
Our monthly standard reporting package includes:
Requests for Tenant Services and Repairs
Summary of requests for the month
Trend analysis – 15 month graph by category
Response time
Monthly Preventative Maintenance completed/open items report.
Tenant Relations &
Problem Resolution
Communication is a key element of building and maintaining a collaborative
relationship with tenants. We continually solicit feedback from tenants via one
on one conversations between the property manager and the tenant
representative, call confirmation of satisfaction for EVERY tenant repair
request, surveys for random individual tenant repair requests, and entire
tenant population surveys. The information gathered provides a basis of
understanding and trust between the property manager and the tenant.
Property managers at NAI Chase Commercial understand the key to problem
resolution is quick and accurate responses to tenants.
Lease Administration &
Enforcement
Lease AdministrationLease administration require accurate and organized records to ensure all lease
are properly documented. Lease files are established with the lease and relating
correspondence for each site to provide easy access to a full set of information.
A complete lease abstract of ALL important dates and rental amounts for the
ENTIRE term of the lease are entered into CenterSoft™ immediately after the
lease is executed. This ensures, over the term of the lease, notification and
option dates are met, rental increases implemented, pass through and
reconciliation billings are accurate and timely, and any and all date sensitive
information is handled in a timely manner. As issues arise, our tenant contact
management systems and on line lease and correspondence filing provide ready
access to information to be sure all parties are properly abiding by the lease
agreements.
Lease EnforcementLease administration controls ensure accurate lease abstracting, record keeping,
and accounting. The administration process monitors compliance with the terms
and conditions of each individual lease. If the lease terms are not being met, then
the enforcement provisions identified within the lease or by law are enacted in
accordance with client direction. As a general rule, NAI Chase Commercial takes
a strict approach to enforcing the terms of a lease and expects to be held to
equally high standards in fulfilling the landlord’s responsibilities thereunder.
Contract
Administration
Vendor and Contractor LiaisonBeing a third-party management company, the liaison role is typical for NAI
Chase Commercial. Coordinating vendors, controlling the bid process and
supervising construction and maintenance companies is the routine for us.
Because the scope of work performed by NAI Chase Commercial, new bidders
and favorable pricing may be introduced as a result of increased volume. The
large portfolio currently managed by NAI Chase Commercial allows the company
to have significant pull with vendors and contractors who are very interested in
securing and maintaining contracts with the company.
ComplianceContract compliance is measured through regular and frequent inspections of
the products and services provided. The inspections allow a comparison
between the agreed term and conditions of the contract, and corrective action is
taken as needed for the contractor or vendor to improve service.
Service and Equipment ContractsService and equipment contracts are often technical and must be in compliance
with a manufacturer’s specifications. Working from experience, with vendors or
with specialized consultants, a scope of service is identified and bids are
solicited from qualified contractors. Bid approval is sought based upon the
payback analysis if one has been performed for the equipment, or by identifying
the relative strengths and weaknesses of particular responses to the bid
process. Naturally cost is a factor, but the ability to properly perform is even
more critical. So while the low bid is sought, it is not necessarily the bid
recommended. Notably, all contracts are rebid every two years prior to the
annual budget preparation.
Maintenance, Housekeeping and SecurityProperly accessing the quality requirements along with the financial expectations
allows for the establishment of a proper scope of work. Monitoring compliance
requires both formal and unannounced inspections and making modifications to
procedures or performance as required. Periodic coordination meetings are held
on a predetermined frequency; weekly for high requirements, every 2 weeks for
medium requirements and monthly for low requirements.
Specialized Service and Property ModificationSpecialized services require a clear understanding of the issues being
addressed. While the management team experience typically allows even
specialized services to be contracted without outside assistance, there are
occasions when a specialized consultant will be retained to ensure the work
scope and compliance are in order. Examples may include operational issues
such as evaluating the scope and compliance with elevator maintenance
contracts, or major capital improvements such as roofing a large structure or
cleaning historically significant architectural details.
Subcontracted ServicesThe specific services required vary depending upon the particular facility and
its use. In general terms, NAI Chase Commercial will supervise the following
categories of work but the work tasks will be subcontracted.
Building Maintenance Repairs
Preventative Maintenance
Snow Removal
Landscaping
Janitorial
Parking Lot Sweeping
Mechanical Maintenance HVAC
Plumbing
Electrical
Elevator
Capital Improvement Projects Tenant Improvements
Space Planning
Building improvements
Building Systems Guard Service
Fire Panel
Camera Systems
Access and Alarm Systems
Reviewing Existing Service ContractsA cursory review of the contracts is necessary to set up our tracking systems,
but a more in depth review is needed to understand the merits of the contract.
A proper review requires an understanding of the terms and conditions of each
agreement, and evaluation of related work, a discussion with the contractor,
and potentially redefining the scope of work and rebidding.
Determine Local and National Qualified Service ProvidersDue to the large volume of development, construction and property
management work conducted by NAI Chase Commercial, it is easy to locate
qualified service providers for most any project. When selecting a service
provider, it is important to know the provider’s capabilities in the market.
National service providers may enjoy a fine national reputation, but if the local
division is lacking or under qualified, then the national affiliation is of little value.
NAI Chase Commercial will establish specific criteria for contractor
qualification. Based on the criteria, a list of qualified contractors will be
established from current vendors and others who provide service to NAI Chase
Commercial.
Competitively Bid Service ContractsNAI Chase commercial is actively involved in contracts with Federal and State
governments and as such has a requirement to take multiple bids for projects.
Our standard operating practice has always been to take multiple bids for
projects, and meet all applicable laws and regulations.
Proposal requests will be prepared in accordance with the standard procedures
followed by NAI Chase Commercial. Typically small jobs are not reduced to
formal RPF formatting, but the scope of work is sent to interested and qualified
contractors. Bids are evaluated on merit when received. More formal RFP’s are
created for large jobs with a detailed work-scope, and timeline. In the case of
major work of a highly technical nature, a specialized consultant may be retained
to review the project and prepare the RPF under the guidance of NAI Chase
Commercial.
Negotiation of Service ContractsService contracts are negotiated to obtain the most favorable terms. Depending
on the size and type of contract, a RFP may be prepared and distributed to
qualified bidders. Once the RPF is received, additional steps are taken to ensure
the contractor understands the expectations and agrees to the conditions of the
RFP. Modifications are discussed if necessary to explore methods of obtaining
desired results in a more efficient method. The final contract is executed and the
work commences.
Vendor Insurance ComplianceIn order for a vendor to commence work, a contract is executed and a certificate
of insurance for public liability and workman’s compensation is required with
typical limitations of liability are $1,000,000/$2,000,000 respectively. Compliance
with this procedure is tracked via our web based system including automatic
verification of insurance certificate compliance. The web based system allows
field personal, via smart phones, to readily identify approved contractors for each
property.
Financial
Administration
Budget Preparation and TrackingAn initial budget review will occur in order to become familiar with the current
performance expectations. Revisions will be recommended as the management
plan develops, but the revisions generally are tracked as variance items and do
not recast the budget.
The budget process typically runs on a calendar year, but can easily
accommodate a fiscal year format if required. Information is accumulated
throughout the year and in September and October the initial draft of the next
year’s budget is prepared. The draft incorporates detailed leasing projections,
income calculations, operational expenses, a capital improvement plan and a
detailed business plan for the budgeted year. The bottom line shows cash flow
by month. The budget is reviewed and revised by our management team and
then submitted to ownership for comment, revision or approval by the end of
November
The budgeted performance is reviewed monthly and if conditions require, it is
reforecast mid-year. The monthly review is reported via the budget comparison
report which is included in the monthly financial package. This report shows the
actual and budgeted income and expenses for the current month and year-to-
date periods. Variances are computed for each line item and used as the basis
for the financial report narrative. While the budget is a critical to track any
variances from the Operating Budget, proper rent collection procedures, expense
control and ongoing budget tracking are ingredients to produce minimal budget
variances.
Collection of ArrearagesUnless directed otherwise, NAI Chase Commercial takes a very hard line on
collection. The lease term dictates the payment terms and the tenants are
expected to abide by the lease terms, just as the tenant expects NAI Chase
Commercial, on behalf of the owner, to abide by the lease terms. Non-payers will
receive a phone call, follow up by a letter stating late fees (if applicable), then a
written notice of delinquency. If payment is not promptly received, a notice of
default of the lease is sent followed by eviction proceedings. It is the rare case in
which a tenant does not pay prior to the commencement of eviction proceedings.
Monitoring of Financial PerformanceThe monthly financial reports indicate actual performance compared to budgeted
performance. A careful review of the variances allows NAI Chase Commercial to
provide explanations and revised forecasts if necessary. Performance factors
can quickly be adjusted if the financial projections are favorable or unfavorable to
expectations.
Real Estate Tax AppealEach year NAI Chase Commercial monitors and directs real estate tax appeal
work for clients. The appeal process involves analyzing each site to see if the
site market conditions changed to favor a lower taxable value. Large local or
regional firms conduct the appeals on a contingency basis.
Year End ReconciliationA year-end reconciliation of operating expenses is performed for all properties in
order to recapture the cost of all allowable items as determined by each
individual tenant lease. In order to enhance the accuracy and timeliness of the
reconciliation billings, our use of CenterSoft™ accounting software fully
automates this process by incorporating information gathered as part of the
lease abstract with actual expenses incurred over the reconciliation period.
Additionally, as part of the reconciliation billing process, all expenses are
benchmarked against comparable managed properties as well as published
comparable numbers via organizations such as IREM, BOMA and ICSC.
Utilities ManagementTo effectively manage and control utility costs, we track each and every utility
invoice in our utility database. Through a relational database we associate the
meter number, suite number and account number to the key billing elements of
the particular utility, meter readings and costs. We print a 15 month history of
cost and usage for each utility invoice received so the property manager can
readily determine trends or causes of concern when approving the invoice for
payment. This database also ensures that owner’s do not pay for utilities that are
the responsibility of the tenant.
Property Management Accounting SoftwareCenterSoft™ property management software handles all our our Lease
Administration, Accounts Payable, Accounts Receivable and General Ledger.
This application incorporates a unique data structure which puts the lease
document as the heart of the software, adapting easily to unique lease clauses
and calculations. On a monthly basis, all parties receive a full accounting
package containing our standard reports to document all financial activity of the
property. Standard reports can be modified or supplemented to meet any specific
reporting needs. Additionally, we are able to export and upload data from
CenterSoft™ to ownerships' corporate accounting software.
Sample Reporting PackageSample reports are included in the Appendix to this proposal to illustrate the
standard formats offered by the CenterSoft™ accounting system. Variance
reports are designed to meet the needs of the asset manager. While the
accounting system offers a myriad of customizable reports, the following are the
essential elements of our standard reporting package:
Income and Expense Reports Rent Roll Lists each tenant or vacant suite, square feet, expiration, option
periods, base rent, additional rents, and security deposit liability
Unit Encumbrances A list of all units itemizing encumbrances for each
space, such as: first right of refusals and exclusives.
Tenant Ledger Shows the beginning balance, charges by type (rent, CAM,
tax, insurance, late charge, reconciliation, etc) collections, check number,
amount of check, application of payments against charges and ending
balance for each tenant.
Aged Receivables Report Shows the aging of any balance due listed by
tenant.
Operating Income Statement and Budget Comparison Report By chart
account, shows the actual and budgeted income and expenses for the
current month and year-to-date periods. Variances are computed for each
line item and used as the basis for the financial report narrative statement of
actual expense, budget and variance
Control Reports Bank Statement A copy of the bank statement for each account
Bank Account Reconciliation Performed to ensure the accounts are in
balance, and a copy of which is provided
Management Fee Reconciliation Provided to show management fees
billed and paid tie to the management agreement
General Ledger Detail Detailed income and expense itemization by chart
account showing:
Income listing each line item with the type, date and amount of
billings and receipts
Expenses listing each invoice paid, invoice number, vendor,
description, check number and amount
GL adjustments listing each with a description of the entry
Controls &
Banking
Banking RelationshipsNAI Chase Commercial has relationships with a number of major banking
institutions and is able to work with specific client needs to determine the best
solution to use for a given project
Trust AccountsAll funds are held in trust accounts for the entity under contract, and no funds
are commingled. Expenses are paid from a disbursement account that is
funded by the property trust account. Debt services or any other approved
expenses would be paid in the same manner. Surplus funds available at month
end are remitted to ownership, based on the management plan which allows
for working balancing remaining in the property trust account.
Rent CollectionNAI Chase Commercial will aggressively market the building for lease in
attempt to stabilize the asset and it value. Rent collection is a paramount
concern and a major focus of management and accounting activity. By abiding
by the landlord lease responsibilities, providing proper tenant service and
building maintenance, NAI Chase Commercial is able to strictly enforce the
tenant lease obligations.
To ensure all rents and other charges are assessed properly leases are
thoroughly and carefully abstracted by the property accountant into the
accounting system and reviewed by the property manager and controller. The
accounting abstract covers all items and events over the entire term of the
lease and includes items such as: rent, rent escalations, rent abatements, pass
through expense calculation methods, percentage rent, any other type of billing
charge, sales reporting requirements, notice dates, option dates, expiration
dates, first rights of refusal, and any other possible date sensitive item that may
be encountered in the lease. The accounting system has control mechanisms
to verify each and every item is billed or addressed automatically by the
system and at the correct time.
The accounting system generates monthly billings within the system, however,
we do not send invoices to tenants unless there has been a change in the
billing amount. This process adheres to the lease, saves time, effort and
paper. The accounting system notifies the property accountant of any changes
in billing amount so an invoice can be sent for that month.
CAM, tax, insurance and operating expense billings are estimated and charged
monthly. The accounting software reconciles the monthly estimate billings to
the actual expenses on a annual basis, or shorter period if allowed by the
lease. Balances due from tenants are invoiced, and both credit and debit
balances are reflected on the tenant invoice and tenant ledger.
As a general rule, rents are due on the first day of the month, late on the tenth
day of the month. The collection effort begins immediately on the fifth day of
the month with a friendly reminder phone call made by the property
bookkeeper; followed by assessment of a late fee (per the terms of the lease)
with written notice thereof; followed by written notice of default and a personal
visit by the property manager and, if necessary, evolving into an eviction
proceeding. Typically, even the most marginal tenant pays after the notice of
default has been sent and court action is avoided. Clients are informed of all
collection issues and notified before legal action is pursued. Once a collection
effort begins an open item is created in our tracking system. This system
generates a daily report enabling the property manager and senior executives
to be aware of daily collection activity.
Rents are entered into the accounting system and deposited on the day
received. As an additional control measure, the tenant checks are scanned
for deposit and the checking account number is used by the accounting
software to bring the proper tenant account on screen for application of
payment. This method increases accuracy, is fast and provides a preventive
measure against an undisclosed assignment of a lease.
By recording and depositing rental payments daily, cash flow is maximized
and records are always up to date for accurate and efficient follow up.
Expense ControlExpense control is a key ingredient for the success of both NAI Chase
Commercial and our portfolio of managed properties. A major advantage
offered by NAI Chase Commercial is our ability to negotiate price discounts
due to our volume purchasing power
By lowering pass-through expenses, the sites become more competitive and
can demand higher rents. In addition, tenants are more prone to renew leases
on properties with lower operating expenses.
Expense control begins with realistically budgeting for the property based on
ownership objectives. All anticipated expenses are competitively bid on a
regular basis so as to be certain we are paying the lowest prices possible for
the quality standards required.
Accounts PayablePurchase vouchers are used to ensure suppliers are qualified and hold true to
quoted pricing. At the time of purchase, the assistant to the property manager
creates the purchase voucher and codes the proper property and expense GL
account. It is then approved by the property manager . Once goods are
received, the purchase voucher is compared to the invoice to verify pricing is
correct, if so, it is immediately placed in the queue for payment processing.
The ownership approved operating budget governs the daily expenses of the
property. The Maintenance Director and the Property Manager work together to
keep expenses in budget. The Property Manager executes contracts and
controls vendor invoices in accordance with our policies and procedures.
Management ControlsKey elements of management are performed by one person and closely
checked by another. Such as:
Lease abstracting: Input of lease information into the accounting system and
the tenant service requests systems are vital to the ongoing day to day
management of the property. Thus, the property accountant enters the
accounting information into the accounting system, which is then verified by the
property manager. The repair obligations abstract is performed by the assistant
to the proper manager, then checked by the property manager.
Invoice Processing: It is imperative to correctly code expenses to the correct
property and GL account. This is done by either the assistant to the property
manager or the property manager. This coding is verified by the property
accountant.
Managers Daily Report: Property managers and senior executives receive,
via email, a daily report of all operational activity including notes of
conversations and emails with tenants including items such as: move in/out,
repairs and accounting issues. This report gives our management team an
unmatched grasp of the day to day activities for all properties.
Regional Builders, Inc. – We build relationships, by "Exceeding
Expectations".
Regional Builders is a service-oriented Construction Manager/General
Contractor providing construction and construction management support
services. We visualize ourselves as a construction department within the NAI
system. Working with owners and tenants to maximize design efficiency and
minimize costs, we build and facilitate all aspects of construction and design,
from concept to certificate of occupancy.
Regional Builders is a close and trusted affiliate of NAI Chase Commercial’s.
Since 1997 we have specialized in first class renovation projects, commercial
tenant improvements, and general retrofit construction for office buildings and
shopping centers in North and Central Alabama. With our experience and focus,
no job is too small or too large.
Regional Builders has seen steady growth throughout the years. With an
impeccable safety record, solid and trusted leadership, a thorough
understanding of construction, and with a reputation for being consistently on
time and on budget, Regional Builders is able to focus on not being one of the
biggest...but rather on being one of the best specialty construction firms you can
hire. Our goal is to be an innovative and value-driven firm construction
company. We pride ourselves on the ability to provide quality and timely
construction services for realistic costs in a safe work environment.
Construction Management,
Construction, & Renovation
Build on the power of our network.™
2009 Global Competition*
325
362
238218
203
150118
0
50
100
150
200
250
300
350
400
NAI Global CBRE Colliers C&W JLL Oncor G&E
* # of offices as of April 2009
References
BankingMs. Penny Billings
President
Bancorp South
Huntsville, Alabama (256) 564-8446
Mr. Jay Oglesby
Senior Vice President
Wells Fargo and Company
Birmingham, Alabama (205) 414-9601
Business and InvestmentMr. Gerald C. Finn
Chief Executive Officer
NAI Global, Inc.
Princeton, NJ (609) 945 4000
Mr. Randy Wolfe
Vice President
NorthMarq Capital Inc.
Atlanta, GA (404) 237-2456
Legal and AccountingMr. William Sylvester, Esquire
Partner
Baker Donelson Bearman Caldwell &
Berkowitz
Birmingham, Alabama (205) 250-8372
Mr. Gary C. Hutto
President
Gary Hutto Management Consulting, LLC
Birmingham, Alabama (205) 807-5233
TenantMr. Stephen Burridge
Real Estate Facilities
Arrow Electronics
Melville, NY (631) 847-2000
Mr. Greg Hadden
Facilities Asset Management
Tennessee Valley Authority
Knoxville, TN (423)751-8305
OwnerMr. Gary F. Felsher
President
FGH Investments, Inc.
New York, NY (212) 759-0400
Ms. Anne O’Shea
Managing Member
San Francisco Residence Club
Berkeley, CA (510) 848-0272
State GovernmentMr. Billy Barnes
Real Estate Manager
Alabama Department of Revenue
Montgomery, AL (334) 353-9615
Clients
Partial List
Arrow Electronics
3D Research Corporation
AEPCO Engineering, Inc.
Aerotek, Inc.
Agilent Technologies
American Shingle, Inc.
Assurance Technology
Corporation
Avnet Corporation
Avocent Corporation
Bentley Systems, Inc.
Batteries Plus
BF Goodrich
Bedz Express
Boecore, Incorporated
Bonefish Grill
Booz Allen Hamilton
Brockwell Technologies
C.H Robinson Company
CACI International
CAS ITT Weapons
Systems
Casa Blanca Mexican
Restaurant
Chrysler Corporation
CIBER, Inc.
Chili’s Restaurant
Church’s Chicken
Cici’s Pizza
Cingular Wireless
City of Huntsville, Alabama
Comcast Cable
CVS Drug Store
Cybex Computer Corp.
Defense Investigative
Service
DESE Research
Corporation
Dominoes Pizza
Dynamics Research
Corporation
EADS of North America
Eagle Support Services
Eclipse Business Services
Edward Jones Investments
Eckerd Drug Stores
Future Electronics Corp.
General Services Admin.
Gold’s Gym
Hawk Enterprises, LLC
H&R Block
Holliday’s Fashion
IKON Business Systems
Internal Revenue Service
ITT Educational Services
Jacobs Sverdrup
Corporation
Jason’s Deli
Johns Hopkins University
Johnson Controls
Kelly Services, Inc.
K-Force, Inc.
Kentucky Fried Chicken
L3 Communications
Lanier Services Worldwide
Lenscrafter’s
Little Caesar’s Pizza
Lockheed Martin
Mail Boxes Etc
McAlister’s Deli
Mesa Associates
Millennium Enterprises, Inc.
Moog, Inc.
Motorola, Inc.
Movie Gallery, Inc
Mutual of New York
Mutual of Omaha
National Semiconductor
Newk’s Deli
Nothing but Noodles
Operon Bio Technologies
Palm Beach Tanning
Panera Bread Factory
Pratt & Whitney Military
Engines
Progressive Insurance
Publix Supermarkets
Q-Tec Engineering
Quantitech, Inc.
Radio Shack
RBC Bank
Red Hat, Inc.
Redstone Federal Credit
Union
Regis Hair Salon
Rite Aid Drug Stores
Rolls Royce Corporation
Royal Beauty Supply
Schaeffer Eye Care Center
Science Application
International Corporation
SELEX Sensors and
Airborne Systems, US
Sherwin Williams
Sikorsky Helicopter
Star Pharmacy
Discount Drugs
State of Alabama
Department of Revenue
Stephen Gould Corporation
Subway Real Estate Corp.
SunGard Trust Systems
Service Engineering Co.
Synapse Wireless, Inc.
Taco Bell
TDK Corp. of America
Tech USA, Inc.
Tecolote Research Corp.
Telcordia Technologies
Teledyne Brown
Engineering
Tennessee Valley Authority
The Aerospace Corporation
The Athlete’s Foot
The Boeing Company
The Protective Group
The Fresh Market
Titan Corporation
Tuesday Morning
UAW Legal Services
United Space Alliance
US Army Space and
Missile Defense Command
Wells Fargo Home
Mortgage
Vector Aerospace
Verizon Wireless
Wavelink, Inc.
Wyle Laboratories
Alabama Photos by B.J. Ray