Commercial Property Management
Facility and site management for the commercial property owner is not simply cutting grass, plowing snow and cleaning windows. At New Star, we see your investment as an income statement. Our task is to leverage your real estate for maximum long term performance. Equal to maximizing return, we know that you and your tenants have your own business to attend. Our goal is to deliver a service performance that allows you to focus on your business while we manage your property.
Starting at the top of the profit & loss statement, we recognize that vacancy management and tenant retention are critical areas for the commerical owner. In a vacancy situation, New Star works to ensure the space is ready to be shown. While New Star could search for new tenants, we typically recommend that we manage listing agreements with commercial brokers who are experts in your geography with your type of space. New Star’s approach to retention and vacancy management reflects focused attention. When LOI’s are presented, it is an immediate priority to review and, where appropriate, make agreements with prospective tenants that meet ownership’s business parameters.
With occupancy at 100%, the focus shifts to retention and ensuring that your tenants can manage their respective businesses most efficiently as possible with facilities that are safe, functional and attractive to your tenant’s clients. While the focus is on client and tenant satisfaction, New Star manages the rent collection, payables and CAM allocations using property management software that readily allows for tenants to review their own accounts and, as necessary, enter work requests.
At the operating expense level, New Star looks at optimizing maintenance and capital expense planning. Maintenance issues are addressed promptly. New Star will catalogue all major systems and track preventative service maintenance as well as monitor aging for capital replacement planning. Major projects are specified with bid proposals coming from multiple vendors, as warranted. Third party vendors are carefully screened with COI’s on file before routine service work.
In the world of utilities, we are aligned with outside vendors whose job is to sift out the most favorable pricing and terms for electricity, natural gas and propane. Not to overlook property taxes, New Star will manage abatement processes where an individual locality may have over estimated tax assessments.
In sum, New Star pulls together the marketing and P&L management to deliver target earnings and cash flow. Commercial property is about managing your real estate business.
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“I have had the pleasure of working directly with Tim and his insights into real estate investing and property management are some of the smartest I’ve seen. Whether you are a property owner looking for a turn key management provider or an investor seeking guidance I highly recommend you reach out out to Tim today!”Chris S.