On-site visit and report based on the following three packages:
The on-site and off-site visit would take place at your property with you or designated representative present. The meeting will be covering various items which will be pointed out in person and will be in writing (report) to be submitted within a week later.
Here is what you will get:
Two days of site visit preferably a Friday and Saturday
Exterior Improvements: Marquee / Pylon, directional and tenant signs, landscaping ideas, façade changes, Maintenance issues such as roof, plumbing, electrical, ADA, hvac and roof, parking lot improvements, exterior lighting, appointing an onsite manager, dividing up larger spaces to smaller ones and meeting with the City officials.
Management & Tenant issues: Discussing tenant meetings, resolving existing tenant issues, rent or maintenance issues, rent collections, late notices and breach of lease, attracting prospecting tenants, application process, tenant business plans, credit report and negotiating and issuing the lease (all forms will be given to you) , dispatching contractors, creation of web site and SEO optimization and rent ready vacancies.
Silver Package
If your center or mall is between 30,000 to 100,000 ft, the package cost is $10,000
Gold Package
If your center or mall is between 101,000 to 300,000 ft, the package cost is $20,000
Platinum Package
If your center or mall is between 301,000 ft and more, the package cost is $30,000
To qualify, we need you to fill out the online application. Once your center / mall are accepted, we will issue an engagement contract which must be signed with fifty percent deposit. The trip will then be scheduled. Once the onsite visit is completed and the report is generated the other fifty percent is due. The next step is to use our services related to offsite items in our corporate office.
Off-site visit by yourself or your representative:
It is important to clarify our position that we are a consulting firm and not a management or a leasing company. We have on staff, a full time accountant, comptroller, maintenance representative, marketing representative, multi States property managers.
Off-site training takes place in our offices in Torrance California. This includes setting up online banking and all training related to communication between us, your office, the new onsite manager and existing and prospective tenants.
It is important that you learn and understand all the aspects of managing and leasing your own property. There are no courses out there for you to learn and our training is mainly from our experiences not some text books.
We believe that the six month period shall be ample time for you to learn to run your center / mall. Once you do complete the training, you can create additional cash flow and by increasing your net operating income you can then sell the property with a much higher cap rate and a larger profit.
It will take two people to properly set up and manage your own center. THE SUPPORT PERSON is mainly in the background and will work with accounting, collection, accounts payable and receivable in addition to updating the property web site. THE FRONT PERSON will be dealing with all aspects of communications between the onsite management, existing and prospective tenants in addition to the vendors on maintenance issues.
Keep in mind that we will make recommendations, but the final decision to implement such recommendation is up to you.
The Long Distance Management Corp requires you to take up to four trips a year and a three days stay in the city where your property is located.
We charge between five percent (5%) to eight percent (8%) with a zero set up fee and zero leasing commission.
Optional:
Selection of domain name and building a customized website – $5,000.00
Merge the pertinent information of the leases into a data base and tie it in with website data, management reports, profit and loss, and balance sheet– $5,000.00
Off-Site Management Services
Off-site training takes place in our corporate offices in Torrance, California. You and/or your partners will need to be in our offices where we take you through all the steps of the program listed below. This training will take approximately three days.
Online Banking
Accounts payable and receivable, tenants’ deposits and vendors payments, online transfers and ACH. You will be the signer on the account.
Existing Lease Evaluation
We’ll review each lease and create lease abstracts, new rent roll. Tenant lease compliance, usage of space exclusively, calculation and proportionate allocation of TICAM (Taxes, Insurance & Common Area Expenses), Lessor and Lessee insurance coverage and improvements responsibility. Lease extensions and expirations.
Current Tenant Relations
Tenant invoicing, late charges, breach of lease, late payment agreements, monitoring all relevant portions of the leases, utility charges and evictions, default of the tenant and bankruptcy, assignment of lease. Negotiation of “Work out Agreements” instead of “Eviction”.
New Tenants
Processing of new applications from prospective tenants, new tenants’ business plan review, hours of operation and personal guaranty of tenant signing the new lease. Negotiating TI and other terms and issuance of new leases. We’ll customize new leases to fit your mall specifics.
Maintenance
Maintenance requests from tenants, dispatching vendors for emergency issues, maintenance related tenant invoicing. Signage, common area maintenance issues, hazardous and environmental issues, roof maintenance, HVAC maintenance.
Marketing
Building a custom website and update it constantly with new businesses and vacancies. Marketing and ads for rental of vacancies including online, local newspapers and property signage.
On-Site Management & Property Visits Services
On-site training and visits to your property (initial and final). All the following items will be covered during the first visit. The second, follow up visit, is just as important to ensure for these items to be one hundred percent perfected.
Each site visit will take approximately three days. The person in charge of interfacing with tenants and vendors will need to be present.
Establishing Strategic Contacts
Setting up a meeting if possible with the local Mayor, City Manager or Director of the Economical Development. The meeting is a requirement as the city officials need to meet with us as we are bringing businesses and jobs to their community. We will explore the incentives they can provide, any zoning, environmental issues and future usage related to prospective tenants. Arranging this meeting depends on the size of the center/mall, location and business plan.
Selecting Onsite Manager
Selecting an onsite manager between the tenants or interview a designated full-time onsite manager. Issue management contract and manager training including setup of long distance communication, proper showing of the vacancies, taking pictures/videos of maintenance issues, posting and serving rent invoices and breach of lease notices, receiving signed rental application and pulling credit reports, accepting or rejecting tenants.
Current Tenant Relations
Tenant invoicing, late charges, breach of lease, late payment agreements, monitoring all relevant portions of the leases, utility charges and evictions, default of the tenant and bankruptcy, assignment of lease. Negotiation of “Work out Agreements” instead of “Eviction”.
Researching Resources
Researching and compiling business cards and coordinates of the following local professionals and vendors (two sets): Business/eviction attorney; National leasing broker; Licensed electrician; Licensed plumber; Licensed general contractor; Licensed roofer; Carpenter; Drywall installer and finisher; Painter; Licensed HVAC; Gardner/landscaper; Trash company; Asphalt/parking lot company; Concrete/brick specialist; Licensed sign company specializing in tenant, monument and pylon signs.
Visibility and Appearance
Discussion of center visibility related to signage, cutting back trees, obstacle removals and banner installations. Improving curb appeal via painting of the exterior, resurfacing of the parking lot and other applicable beautification and visibility measures. Placing individual vacancy 3 X 5 ft signs with direct phone number.
Maintenance and Vacancies
Coordinating “vacancy description” for all vacant spaces including the usage. Obtaining bids on exterior and interior improvement (if required). Separation and division of large vacant spaces (if apply). Running promotional ads for the center/mall to bring traffic. Updating the number of vacancies and making sure that all vacancies are rent ready. Rent ready vacancy means that the tenant obtains the business license and moves in the next day.