TRI PROPERTY Management - Scope of Service
A successful real estate investment begins with consistent positive cash flow and culminates in appreciated asset value. TRI’s professional property managers facilitate achieving these goals through maximizing revenue, controlling operating expenses, recommending and supervising cost effective capital improvements.
In addition to traditional services of staffing, marketing, leasing, collections, maintenance and financial reporting, our advanced capabilities include asset management, construction supervision, compliance administration and real estate advisory services,
Property Types: Office · Retail · Industrial · Commercial Associations · Apartments · Mobile Home Parks
Geographic Areas: California · Nevada
ACCOUNTING & FINANCIAL REPORTING
TRI Property Management utilizes AppFolio, a fully integrated accounting and property operations platform. Monthly financial reports are prepared and delivered to our Client’s in either cash or accrual basis. The financials are accompanied by a narrative written by the property manager to add clarity and further meaning to the numbers presented.
Annual Budget presented to the client for review & approval includes:
- Lease expiration, rollover and vacancy absorption
- Estimated Tenant Improvements and commissions
- 12 month line item -0- based budget
- Recommended capital improvement expenditures
- Narrative of scheduled improvements and assumptions
Annually, in accordance with the tenant’s lease, TRI completes the property Expense Recapture or Common Area Reconciliation to recover landlord’s operating costs. This process reconciles the tenant’s paid proportionate share of qualifying previous year’s budgeted expense categories with actual year-end expenses.
Technology: TRI is continually refining its technology to meet the changing needs of today's property owners. We use industry-leading computer software (AppFolio) to maintain a secure on-line web portal for commercial tenants and multi-family residents to access documents, make payments, and initiate maintenance requests. Prospective residents can also search for available units and apply on-line.
LEASE MANAGEMENT
When tenant issues surface, applying the terms of lease language to decision making is often over-looked, avoided or fosters a contentious relationship. TRI’s property managers are experienced in effectively and consistently communicating solutions that protect our client’s (the landlord) interest yet promote a cooperative environment with the tenant.
TRI’s Lease Management Functions:
- Tenant’s possession, occupancy, lease start date, etc. are documented to avoid conflict
- Rental rate increases are accurate and timely
- Automated services for rental payment and submitting work orders
- Notifications of lease expiration served 6 months in advance to promote renewals
- Reconciliation of common area maintenance and expense recapture are completed upon closing the accounting records for year-end or in advance of tenant’s vacating the premises (when necessary)
- Move-in and Move-out conditions are recorded to administer deposit return
- Custom property web sites available to market vacancies, communicate maintenance activity and promote events. Via Tenant Portal, pay rent, access lease documents and submit work orders..
TENANT SERVICES & SAFETY
We recognize that good tenant relations often lead to successful lease renewals, which is imperative in today's market conditions. From management personnel to vendor service providers, TRI Property Management stresses the importance of providing first-class service to each tenant. Tenant retention is a daily effort; regularly scheduled and impromptu contact with tenants promotes familiarity that generates a free flow of information between tenants, building management and our clients. TRI has achieved success following our model of reducing the number of properties under supervision by each property manager. Our focus is management in the field; TRI provides our staff with mobile technology to facilitate their work in the field as opposed to oversight from behind the desk.
TRI knows the importance of ensuring the safety of tenants, employees and our client's assets. We mandate pre-established contingency planning, emergency procedures and tenant education. Our Operating Standards Manual, developed exclusively for TRI management services, provides our manager’s comprehensive emergency planning for commercial and residential facilities.
Emergency planning covers a variety of response scenarios, from active shooters and power failures to earthquakes and fire emergencies. Our planning templates provide our managers with access to an entire library of emergency plan elements, reducing plan development time. Emergency plans can be standardized across a portfolio or customized for an individual property.
TRANSITION STRATEGY
TRI’s Management Services Transition Plan is simple, straightforward and proven through direct experience. Our plan maintains continuity of all project operations, from notification of award through transition and contract start. Our main objective during the transition period is to evaluate the unique systems and operations at each property and integrate them into TRI’s standard of service with no interruptions or degradation to mission operations.
The scope of services to achieve the transition includes:
- Abstract Tenant Leases
- Write scope of services for vendors and obtain bids (minimum 3)
- Complete a current year budget forecast with CAM estimates
- Review Tenant Lease Files for accurate information e.g., Insurance Certificates, emergency contact information, etc.
- Perform a Property Assessment for identification of liability issues, deferred maintenance, capital improvements and budgeting for replacement reserves
- Meet the Exclusive Leasing Agent to ensure a cooperative marketing effort
In addition, an introductory letter and business card will be hand delivered to each Tenant by the assigned Property Manager and Administrative Property Manager to provide point of contact information. Maintenance work order requests, building operations and payment procedures are reviewed at this introductory meeting. Overall, our objective is to increase the value of our client’s real estate asset through realizing the property income potential while minimizing and controlling expenses.