Landlord Representation may take several forms, from just leasing vacant space to tenant renewals,  property management, and an asset sale, or purchase. The ideal situation for a Landlord would be to have all those services from one brokerage source. A broker who understands your property from top to bottom represents the landlord’s interest in maintaining or increasing cash flow and creating value.

Pacific Strand Real Estate believes in full service, which is providing all your real estate needs in one place—delivering expertise developed over decades of service to property owners.

We know that when you manage a commercial property, the list of responsibilities feels endless and can seem overwhelming at times. From staying on top of what’s going on in the market to leasing and retaining credit-worthy tenants, proactive and preventative maintenance, cost reduction, vacancy and delinquency management, utility monitoring, vendor procurement, and operating and capital budget preparation. All these tasks take away from your free or family time and your enjoyment of property ownership.  

RETAIL PROPERTY

There are various types of retail properties, which include: single-tenant, strip, neighborhood, community, and regional malls. The management of a single-tenant building or a ten-store strip center is not comparable to the management of a regional mall with a large anchor, and national tenants. As with office buildings, leasing and lease administration is important. For example, is the center a “modified gross” center or a “triple net” center? If it is a “triple net” center, the management may require specialized accounting skills and programs to handle common area maintenance (CAM) billings. The manager must also be on top of rent increases (using CPI), and lease expirations.

OFFICE BUILDINGS

There are four classes of office buildings, A, B, C, and D. The class “A” building typically has the best location, is the most prestigious and, therefore, usually commands the highest rents. As might be expected, the class “D” building is older, in a less desirable location, and thus usually has the lowest rent. The class “B” and “C” fall in between, thus location, condition, and other factors determine the “class”. As might be expected, the management of large office buildings requires special engineering, administration, and leasing talents. However, with any office building, the manager needs to know if the building meets ADA requirements for restrooms, elevators, etc., as well as other factors affecting the lease, and lease terminology. For example, will the lease contain expense stops that can be calculated and extra hours of air-conditioning use, billed? Has the building been measured so that the difference between rentable and usable square feet can be calculated and what is the load factor? While a management company that manages office condominiums or a small “Mom and Pop” building, may not necessarily have the expertise and training to manage a high-rise office building, many of the same principles still apply to all office properties. The Building Owners and Managers’ Association, (BOMA) is a resource for larger or small management companies (www.boma.org). The “RPA” (Real Property Administrator) is a designation earned by taking office building manager courses.

APARTMENTS

With over 35 million rental units in the United States, the management of residential properties is the largest segment of the real estate management business. Managing larger apartment complexes (over 15 units) requires onsite managers and may involve maintenance personnel, payroll, etc. Unlike office or retail properties, no special skill is required for leasing apartments, other than that ordinarily required when working with the public. However, an apartment manager will have other specialized knowledge required in residential transactions, such as specialized fair housing laws, disclosures, and eviction expertise. The national organization, Institute of Real Estate Management, (IREM), (www.irem.org) offers a prestigious designation, Certified Property Manager, (CPM) through the completion of specialized courses, testing, and actual management experience. IREM also has an Accredited Management Organization, (AMO) designation for property management firms that can meet the experience, ethical, financial, and insurance requirements. There are over 650 such firms in the United States.

MISCELLANEOUS PROPERTIES 

Various types of property include industrial, mobile home parks, self-storage facilities, motels, tax credit properties, etc. These properties require specialized knowledge of their market and knowledge of state laws that apply. Your real estate company should have a track record within the specific area. For instance, mobile home sales and management requires experience with different types of leases, disclosures, and tenant notices that differ from apartments in most states.