Tuesday, June 30, 2009

The Benefits of an Active Property Management Company

An active property management company is vital to the success of your investment rental property. Here are just a few benefits to choosing a property management firm that will stay involved throughout the term of your contract:

-->A satisfied and stable tenant base--because they know that concerns will be taken care of by a consistant and available contact

-->An increased demand for rental space--because of the attention tenents recieve, the condition of the property and the other happy tenants

-->Lower maintenance and repair costs--because of the preventative maintenance that the property management company provides.

-->Increased property values--A better maintained property will garnish a higher rental price..

-->Better safety for tenants, managers and the neighborhood--An active and/or onsite property manager will deter crime and vandalism.

-->Happy neighbors--Surrounding property owner and managers will appreciate your clean, maintained, filled units and your satisfied tenants.

--> The time to spend on what you do best - and the peace of mind in not worrying about collecting rent, maintenance and keeping your tenants happy.

Property Manager

Sunday, June 28, 2009

Property Management: What Services to Expect

A property management company will offer services that can vary depending on the company, the type of property and your specific needs. When deciding which company with which to work, ask the property management company what services it will provide you. Once you make your decision, you should confirm that you have the an agreement on the terms in the lease. The lease agreement should be comprehensive and outline the services and what the services will cost.

Here are some of the services commercial property management firms will typically provide:

Finances & Bookkeeping. Financial record keeping and reporting are integral services provided by your property management firm.

Strategy. A commercial management company can develop a marketing strategy and analyze the current business conditions in your area, and for your property.

Budgeting & Forecasting. The property management firm develops and monitors the property's budget, including the maintenance, marketing, personnel to operations.

Maintenance. Commercial property management companies provide monthly maintenance, and preventative maintenance programs.

Marketing Programs. Firms can develop and implement marketing programs including such marketing materials as brochures, advertisements, events, property newsletters, and signs.

Market Rent Analysis. Management firms will provide an analysis of market rents and those of the competition, changes in area demographics, and anticipated absorption levels.

Rent Collection. The property management company will handle the collection of rent.

Lease Negotiation. The commercial property management company will negotiate tenant leases and renewals.

Tenant Liaison. The professional property management firm acts as a liaison to the tenants, responding to tenants' needs and addressing concerns immediately.

Upgrade and Build-Outs. Commercial property managers handle and supervise all contracted work (such as tenant build-outs).

Compliance. Commercial management companies maintain documented procedures to ensure compliance with all federal, state, county, and local governmental regulations, ordinances, and fire, health, and safety codes.

Saturday, June 27, 2009

Boone Point: Space Available in Boone, NC

Kuester is building our further presence in the Boone, NC area with the new Boone Point development.

Boone is located in the NW corner of NC, in the heart of the Appalachian Mountains.

As the newest Western North Carolina landmark in our already beautiful town, BOONE POINT will be the Gateway for travelers from the East. Mixing 10 beautiful luxury condos with almost 20,000 square feet of retail, medical and professional services, this new development is appealing to our growing residential and commercial populations.

This new project is less than a mile away from the campus for Appalachian State University and between the Convocation Center, Kidd Brewer Stadium (also known as "The Rock") t he Home of the 3 Time Reigning National Champion Mountaineers and Downtown Boone - at Boone Point you have easy access to all of the great things Boone NC offers.

This property has available space for a limited time! Request Information

Tuesday, June 23, 2009

Property Manager: Marketing Your Property

Dear Property Manager:

What should a property management company do in order to market my property? Should I trust them to determin the price and how the marketing budget is spent, or should I be involved in this decision?

Kyle W. Charlotte, NC

Dear Kyle:

The property management company should be familiar with the local market and be able to price the units correctly so that it rents relatively quickly and at the right price. You should be able to trust the property management company to do this correctly. It is important to advertise well, and price well. It is never a good idea to price too high, as this generally only leads to vacancies--although pricing too low will deprive you of income that you could have had.

You should always ask a prospective property management company how much leasing experience they have, what they have done in your area, and how long their average property, similar to yours, is on the market. They should be able to explain how to they come to their pricing strategies and how they intend to market your property--as well as what additional costs will be involved.

Bottom line, if you are not comfortable with the property management company you are working with, you should look for ways to make the relationship better - perhaps a strategy meeting or brainstorming session, or find a way to end your contractual agreement.

Property Manager
Kuester Property Management

Friday, June 19, 2009

News: Kuester Names Among the 10 Largest Real Estate Firms in Charlotte

We are pleased to announce that Kuester was named among the top 10 largest real estate firms in the Charlotte-Metro area.

The Charlotte Business Journal ranked the Kuester Companies #8 in terms of local employees and #25 in terms of commission-only brokers.

Besides our strong presence in Charlotte, we also have offices in Boone, Fort Mill, Myrtle Beach, and Concord.

If you would like any information about Kuester, property management, HOA's, or available property in our service areas, please contact us at: 888.600.5044.

The Property Management Contract

Dear Property Manager --

What should be included in a property manager's contract. We are considering hiring a small company for a commercial property we own, and it seems there are things missing.

Thank you,
George, Concord NC

Dear George:

The manager will be taking on significant responsibilities, and they should all be included in the contract. The contract should have at least the following:

1. The names of all parties to the contract
2. The legal property address
3. Clearly define the responsibilities of the property manager and the owner
4. Give a breakdown of all fees including management, maintenance, marketing and commissions for leasing or real estate sales.
5. Define beginning and end dates for the contract
6. Have a place to sign and date for both the manager and the owner.

Besides that, many contracts will go into elaborate detail on clauses and how responsibilities are handled. I always feel that the more information the better, and recommend that you have an attorney review this and any contract.

If you have any additional questions about property management options in Concord, please give us a call at 704.973.9017.

Property Manager

Wednesday, June 10, 2009

Commercial Space in Concord

Dear Property Manager,

We are a small commercial company and we own a large, multi-use building development in Concord. There are residential, retail and professional spaces and we have had trouble getting all of the spaces leased out because of the current economy.

Would Kuester be able to take over a project like this and handle the leasing, etc.? We would like to use our limited resources on finishing up the build and build-out on two other commercial projects.

Bill M.
Concord, NC

Dear Bill,

Many commercial developers are struggling right now and we would be happy to assist you if your property is a good fit. We are currently taking over a similar large property in SouthPark and will work to do the property management, including filling the vacant spaces. We would be doing this through the specialized Kuester Real Estate Services division of The Kuester Companies.

For a little background on our company: The Kuester Companies operates throughout South and North Carolina. The real estate experts at Kuester have a broad array of experience in all areas of real estate including HOA Management, Real Estate Consulting & Development, Property Maintenance, Brokerage and Property Management. We have many ongoing projects in Concord, Fort Mill, Myrtle Beach, Charlotte and Boone.

We have been fortunate to remain strong during this downturn and that is in large part due to our staff. You can read a little about our gifted personnel on our website.

Please give our Concord property management office a call at 704.973.9017.

- Property Manager

Friday, June 5, 2009

What to Look: Commercial Property Manager

Dear Property Manager:

We need a property management company to take over the small property in Fort Mill that we own and lease out. What should I look for in a company? How do I find the perfect fit?

Steve X.
Fort Mill

Dear Steve:

For For the perfect fit, a property management company's expertise should match your needs. Is your property a real estate investment an office? It doesn't sound like you have an industrial building, a multifamily housing complex, or retail center--but is important when finding a good match to find a company that specializes in your type of space. You should also consider if your building have a vacancy, maintenance, marketing or other challenge, which will make filling it difficult.

Investigate the experience of a firms you are considering by asking what other properties like yours it manages. Be sure to ask long it has managed the properties, and what have been the results of its management--and if possible, visit them to investigate how they have been maintained.

Be sure to ask about the type of investors with whom the property management company usually works. Does it manage for individual property owners or does it specialize in working with larger companies? You need to know if the commercial property managers have expertise in the type of investor you are as well as your type of property, because they are handled so differently.

Investigate the firm's reputation, check references, and track records. Ask about insurance and accreditation and the education of the people directly handling your property. Also, get a list and description of all the services they offer, and if they are bundled, or offered a la carte.

And then, when you have asked all your questions, ask one more of them: Do they think you and your property would be a good fit for them?

Property Manager
Are you a good fit for us?

Tuesday, June 2, 2009

Tips for Negotiating a Commercial Real Estate Lease

Dear Property Manager,

My husband and I are considering buying a franchise. We have both owned small businesses before, but we do not know anything about negotiating a commercial lease, what we can ask for, what is included, what are our responsibilities, etc. Can you give us a few pointers on commercial property leases?

Mary K.
Fort Mill, SC

Dear Mary K.

Depending on the type of franchise, the area director for that company may very well be able to assist you in finding a negotiating the commercial lease. Commercial tenants almost always look to their landlords to provide them more than just the right to occupy space. Landlords, (and/or the property management companies) frequently provide a number of services. The landlord may "build out" the leased space for the tenant's specific use--creating the look and feel you want and the functionality you need to run your business.

Commercial property owners will also probably provide heating and air conditioning, cleaning, utilities, and telephone and Internet services. Maintenance and repair of the leased property and the surrounding premises including the parking lots and common areas are also generally the landlord's responsibility. This includes the parking lot, pothole repair, lawn and landscape, elevators and security. These are all things that should be clearly spelled out in your lease agreement.

Now, your responsibilities is probably no more than keeping the space well maintained and paying for use of the leased space and the bundled services--and doing so on time!

To have some assurance that a tenant gets what it was told it would get and what it is paying for, every commercial lease should at least:

State in detail landlord's responsibilities to tenant. Things like when the heating and air conditioning will be on and how the property will be kept secure.

Describe what happens if the contract is broken. The lease should define what constitutes a default by the landlord and/or the tenant, as well as provide a method for a quick, inexpensive and final resolution to any disputes.

The best advice is to read the lease thoroughly and go over it with your real estate attorney. A tenant should be sure that these issues are addressed in a proposed lease to avoid any future questions or disputes.

Best of luck, and please contact Kuester if you would like to know what properties may be available in the Fort Mill area.

Property Manager