Property Management
PARKSTONE Management Services (“PARKSTONE”) summarizes its success in Property Management on creation of a specific management plan and call for action for each property managed with the absolute goal of maximizing project value. Although many of the properties are similar in operation and design, each is unique in the implementation of a property management system, operation and follow-through.
To accomplish our goal the PARKSTONE Management team begins by conducting the following activities: (i) a review of all leases (ii) an audit of the buildings operating history with an eye on the reduction of operating costs while maintaining a class “A” service level (iii) review and development of project budgets (iv) develop and formalize a tenant retention program (v) develop and formalize a project leasing program.
The following services are coordinated to provide a specific management program for each property’s needs.
- Asset Management Interface
- Property Supervision
- Lease Management / Tenant Retention
- Budgets
- Marketing Supervision
- Lease Administration
- Financial Reporting
- Contract Maintenance and Repairs
- Capital Improvements: Contract and Supervision
Years of management for out of area institutions has refined our ability to meet the needs of the absentee Institutional Asset Manager. Consistency in providing specific information and reliable documentation is our strength in communication with Asset Managers. We realize the importance of providing proficient service while minimizing the time required by the asset manager for each property.
Two basic components are required in property administration: physical supervision of the on-site improvements and strategic supervision of the daily operations of the property on-site and off-site. Weekly inspections are performed on each project by the Property Manager to insure quality control and adherence to management programs.
A true picture of a managers success in the management of a project is demonstrated through the success ratio of retaining tenants with expiring leases. As a consequence our strategy is to maintain consistent tenant relations while increasing the desire for additional term and expansion. We actively renew expiring leases before valued tenants are lost to the competition. We emphasize courtesy and follow-through in each management activity. All tenant requests or maintenance are to be handled in a same day completion basis with a follow-up telephone call to the tenant to insure satisfaction and cost effectiveness.
A well planned and thought-out budget is paramount to achieve success in attaining value enhancement. Our budget planning process begins each June utilizing a series of summarizing and projecting techniques. Beginning early in the year and meeting periodical planning deadlines insures optimal planning and refining. The property owner has several opportunities for consultation and review. Budget completion is scheduled for the fourth quarter of each calendar year.
PARKSTONE coordinates the leasing and marketing programs of each property utilizing the expertise of the best leasing agents in each geographic area. Enhancement of the marketing effort is achieved through implementation of a specific proposal, counter proposal and approval system. We apply our expertise by minimizing the time necessary to negotiate leases which translates to the successful closure of new lease opportunities.
Successfully maximizing the rental potential of each tenant’s lease is the key to lease administration. Understanding and implementing the provisions of the lease document correctly is paramount. Comprehensive notification of the tenant and documentation of the tenant’s file reduces confusion, increases timely collection of rents due and increases the potential of tenant retention.
Accurate financial reporting of the property’s activities are paramount to the owner and managers understanding of what is being accomplished at the project level. It is through the punctual and accurate fiscal reporting that each owner or asset manager may successfully track the effectiveness of ones managers and management programs.
PARKSTONE Management Services has retained experienced high quality vendors and contractors over the years. Their loyalty and expertise has enabled the property management team to provide responsible craftsmanship to all properties managed. We monitor each contract for cost effectiveness and quality of service. We maintain an abundant supply of vendors in each area of expertise should we need an immediate replacement. This allows us to maintain service continuity to each property managed.
Commercial properties in the recent years have seen an increase in construction of tenant improvements and capital improvements. PARKSTONE Management Services has developed long term relationships with a series of general contractors. These relationships have developed cost effectiveness in completing tenant improvements on time and to budget. Each Property Manager and contractor have coordinated extensive tenant improvements resulting in property owner and tenant satisfaction.