Property Management

1st Commercial is a third party property management company specializing in the management of commercial property. We believe property management is first and foremost the physical care of an owner’s property consisting of buildings, grounds, parking lots and equipment. With proper care, solid maintenance programs and routine inspection of the premises, our priority then becomes the satisfaction of the tenants with the property. Our goal is to provide the maximum satisfaction for the tenant which translates into the maximum return for the owner : “1st Commercial, your Partner for success”.

Property Management Services Include

• Property Inspection
• Owner communication
• Tenant Retention
• Lease administration
• Rent collections
• Budget Planning
• Annual Cam Reconciliation
• Vendor & Service Contracts
• Property Accounting and Financial Reporting
• Cash Flow Analysis
• Leasing Support
• Emergency Service 24 hours 7 days a week

Types of properties managed

Professional Office Buildings Medical Office Retail Centers Shopping Centers Strip Commercial

Industrial Buildings Industrial parks Business Associations REO & Receiverships

1st Commercial is recognized as having expert knowledge of the regional market.

Management information system/reporting

1st Commercial is capable of providing standard or customized accounting and reporting utilizing industry standard and proprietary software.

Building and facilities maintenance

1st Commercial offers specialized maintenance and project management for large repairs, tenant improvements, preventative maintenance programs and refurbishments.
1st Commercial’s reputation for delivering an outstanding level of service and professionalism has given us the regional distinction as leaders in our field. Furthermore, our reputation for innovative and creative solutions is attributed to our management philosophy of “Think Like an Owner” regarding an owner’s investment. We concentrate our attention on the areas most important to an owner, ie.; generation of income, effective control of costs and preservation and creation of value.

Asset Management

1st Commercial’s team is utilized to make recommendations to owners on improving profitability and cash flow and to maximize the valuation of their properties. Often we are an extension of the owner’s asset management team, providing the research in support of owner inquiries.
1st Commercial’s asset management team’s recommendations to maximize yields from leases and Cap X budgets are presented and implemented according to the owner’s availability to participate.
Asset Management Functions include:

• Tenant improvement cost studies to maximize yield on proposed leases.
• Tenant lease bumps to maximize yield on proposed leases.
• Performing yield studies on Cap X investments.
• Evaluating trends in local real estate markets to maintain competitive rates.
• Comparative analysis of competitor properties.
• Evaluation of values and capitalization rates in target markets for future client investments.
• Working with Owner/Lenders on renewals and the calculation of reserve and impound payments.

Receivership

The current economic climate has lead to a more active involvement in property asset ownership changes. Today these transfers are more complex than ever before. We assist our clients, owners and financial institutions, by developing property management programs that are tailored to the specific needs of properties that are being foreclosed or in the bankruptcy process. Initial efforts are to stop further deterioration of the physical property and the long term goal is to return the property to full operational and income producing status.

Formal Tenant Retention Program

Tenant retention begins with the property acquisition. Tenants are surveyed formally by questionnaire annually and informally during on-site visits regarding site and service satisfaction. We understand the critical need to retain tenants to maintain the owner investment, and that tenant turnover is costly in both time and money.

Construction Management

1st Commercial is confident in our ability to supervise construction projects at the properties of our owners, primarily tenant improvements. However, we do assist owners in providing construction management of major repairs and replacements as well as any significant Cap X projects.

Leasing Support

1st Commercial Realty does not compete with brokerage firms in leasing activities. We strongly support the independent leasing effort at each property, assisting leasing agents and brokers. Out first priority is to locate a suitable tenant for the property and space given the particular economic condition of the property. Although the leasing agents team usually negotiates the leases with tenants, our property manager can be a significant part of the negotiations due to their intimate knowledge of sub market competitor properties and similar leases at the subject property.

Accounting Services

1st Commercial employs an exceptional group of property accountants, and provides a full range of accounting services which include receivables, payables, and the following monthly reports:

• Narrative
• Balance Sheet
• Comparative Balance Sheet
• Income Statement
• Budget Comparison
• Expense Distribution
• Aged Payable Report
• Detailed Receivable Report
• General Ledger
• Master Rent Roll
• Bank Reconciliation

Reports can be customized to fit your property needs. We will work with your property accountant and provide year end reports. We will process all 1099’s for your property.

1st Commercial can also provide accounting services to those clients who prefer to manage their own property, but do not want to handle the specialized accounting required. In these cases, we will perform the accounting or financial asset management functions at a stated price.