Property Management

OUR MANAGEMENT OBJECTIVE

In concert with the property owner's guidelines, provide results-oriented, professional real estate management services designed to enhance the value of the owner's investment.

We have developed this objective through our experience in managing and developing commercial real estate for our clients and for our own portfolio.  Our philosophy is to manage property as if it was our own, with the same attention and care to detail.  We have been practicing this philosophy since our founding of Potter-Taylor & Co., owned properties and our clients' properties.

Potter-Taylor & Co. currently manages over one million three hundred thousand square feet of shopping center, industrial buildings, office buildings, and special use properties in the Sacramento area.  Management of commercial properties is our specialty and is the primary focus of our property management group.

Properties are managed for individual investors, joint ventures, partnerships, financial institutions and other investment entities.

OUR APPROACH TO PROPERTY MANAGEMENT

The designated Property Manager serves as the coordinator between the ownership, tenants, contractors, and Potter-Taylor & Co. staff.  The property manager directs the day-to-day management of the asset and is responsible for anticipating and responding to the needs of the property and its tenants.

The property manager is a visible representative of the ownership to the tenants and to the public in regards to the project.  The property manager communicates regularly with the owner's representative regarding property operations.  The property manager regularly reviews the financial reporting information for the property.

In short, the property manager takes full responsibility for the operation and condition of the property.  He or she has the benefit of the experience and depth of the Potter-Taylor management team and support staff in the execution of his duties.  The activities of the property managers are reviewed on a regular basis by the Partner-in-Charge.  In addition, the property operations will be audited on a regular basis, including regular inspection visits by the Partner-in-Charge, Timothy Taylor.

This directed team approach supports the assigned property manager in providing professional services to you, your tenants and your investment.

OUR MANAGEMENT SERVICES

The following is a summary of the typical services provided by Potter-Taylor & Co. as part of the comprehensive management services provided to its clients.  These duties are inclusive of our normal services and can be augmented at the clients request in order to meet the needs of the client and the property.

  • Review and evaluate all existing property operating procedures.
  • Establish operating policies/handbook, as needed.
  • Review all existing leases for complete knowledge of current rents, rental increases, special lease clauses, billing information, insurance requirements, options and other pertinent information.  Input this information into in-house property management computer system.
  • Coordinate new tenant move-in schedules to minimize effect on property operations and existing tenants while providing all necessary assistance to the new tenant.
  • Collect all rents and other monies due from tenants on a monthly basis.
  • Initiate legal action on owners’ behalf, as needed, with approved legal counsel to enforce leases and ensure collection of rents.
  • Develop effective relationships with all project tenants.  Provide prompt response to tenant requests, equitable enforcement of lease provisions, with consistent application of operating policies, and anticipation of and prompt resolution of any tenant problems.
  • Negotiate renewals of leases with existing tenants. Monitor and implement all CPI adjustments, rental increases, expansions and renewal options.
  • Review project operational needs, negotiate service and supply contracts to insure proper staffing and avoid overcharges.
  • Direct janitorial, mechanical, and general building maintenance services.  Services to be provided by contract or on-site personnel, as needed.
  • Purchase needed equipment and supplies, passing along all discounts received to the property owners’ account.
  • Develop capital budget for property.  Review all major expenses with owners’ representative.
  • Review, suggest and implement energy conservation measures as appropriate.
  • Monitor compliance with all governmental health and safety standards applicable to the property.
  • Keep owners’ representative informed of property operations on a regular basis.  In emergency or other special situations, contact owners’ representative as soon as possible.
  • Maintain accurate administrative records for complete, timely and accurate lease administration and for financial reporting to owners.
  • Pay all property expenses, per established budget, on a timely basis.
  • Review property tax assessments and insurance coverage, as needed, with recommendations to property owner.
  • Develop annual operating budget, in order to monitor the property's performance, in accordance with the property owner's investment objectives.

PORTFOLIO MANAGEMENT

In addition to Property Management Services, Potter-Taylor & Co. can provide portfolio management services where by a portfolio will be managed as one entity.  In this fashion, an owner of multiple properties, located in the same geographical area can receive a single consolidated statement of all the properties together with a detailed break out depending upon the owner’s needs.

Potter-Taylor & Co. will be responsible for the property management of each of the properties or in the case of properties not in Northern California, the hiring of a local property manager or sub-agent of Potter-Taylor & Co.

FACILITY MANAGEMENT SERVICES

In today’s current economic environment, several development companies have withdrawn from the market as developers and focused upon managing their existing portfolio.  Due to the cost of maintaining offices in several cities where these projects are located, their firms are looking for local representatives, while a portion of the management duties are carried out of their home offices.  This situation has held true for syndication companies and several investors with large portfolios.

For those owners that desire to collect their own rents, or perform other limited management activities, Potter-Taylor & Co. can provide facility management services tailored to their own specific needs.

CONSTRUCTION ADMINISTRATION

Potter-Taylor & Co. possesses the knowledge and experience to handle construction administration of a small tenant build-out to the construction or remodel or new construction of a medium sized community shopping center.  Over the years, we have built and/or remodeled over 10 neighborhood/community shopping centers, some of them for our account with the majority for our clients.

ENTITLEMENTS

Zoning and land use issues are not foreign to Potter, Taylor & Co.  We have the ability to process any entitlement necessary for the operation and development of commercial properties ranging from a use permit for a drive-thru to zoning for a 300,000 square foot power center.

OUR RELATIONS WITH SUPPLIERS/CONTRACTORS/VENDORS

Our long term involvement with Sacramento-area property management has provided Potter-Taylor & Co. with valuable experience and contacts with vendors utilized to provide services for managed properties. 

The need for particular vendor/supplier services are determined by the property operating plan and property budget.  Competitive bids for services are obtained as appropriate.  Each prospective vendor is reviewed for proper licensing, liability insurance and Worker's Compensation coverage.  In order to control property expenses, a purchase/work order system is utilized by our staff.

Property expenses are incurred on behalf of the property, and paid through the property trust account.  All discounts for services are applied to the benefit of the property account.

OUR CLIENT REPORTING SYSTEM

In order to provide our clients with complete and accurate accounting of all property income and operating expenses, Potter-Taylor & Co. has installed an in-house computerized real estate management accounting system.  This system provides reliable information to you and to the property manager responsible for the management of your property.

Our monthly client reporting includes an operating statement summarizing all account transactions, including tenant collections, property expenses, insurance and loan payments.

MANAGEMENT FEE

The responsibilities of day to day management on a contract basis require that the owner and the management firm understand their mutual obligations and expectations of services to be provided. Professional real estate management by Potter-Taylor & Co. provides our clients with the knowledge that their goals and objectives are utilized to maximize the operation and long-term value of their real estate investment, in concert with sound management techniques.

A fee representing a percentage of monthly property income provides a service with both current and long-term benefits to the client. The management fee is determined based on the size of the property and the intensity of management required. The actual fee would be determined after further discussion regarding the property and its operations, and prior to the signing of a management agreement for the property.

We propose that our services be contracted for a one (1) year minimum term. The agreement would be renewed on a revolving basis subsequent to the initial term, allowing for cancellation on thirty (30) days notice, after the initial term, or for cause, based on the terms of the Management Agreement. 

The services of the assigned property manager, Potter-Taylor & Co. support, accounting and executive staff are included in our management fee.  Routine accounting, mailing and copying services incidental to the property are also included.  Special projects will entail supplemental fees to be negotiated prior to the commencement of the project.