Commercial Management FAQ

Frequently Asked Questions - Commercial Management

What exactly do our commercial property management services entail? Below we've compiled our most commonly asked questions by property owners.

FAQ's

How do you calculate property management fees?

Property Management fees are calculated either as a percentage of gross revenue, or as a fixed monthly fee.

What kind of insurance do I need for a commercial building?

Commercial property, liability, crime, boiler and machinery, and depending on the the circumstance, you may need directors and officers insurance, and/or errors and omissions insurance as well.

How will you market and find tenants for my commercial property?

We typically partner with 3rd party leasing agents who are experts in the local market to source leads and place tenants for vacancies

How will you market and find tenants for my residential rental property?

We provide detailed advertisements on reputable classified sites such as Craigslist and Kijiji. We also have an growing network of third party placement agencies.

How do you screen prospective tenants for my commercial property?

A prospective tenant will often come to us via a leasing agent, who has already screened them to a certain extent. At that point we will review the applicants proposal to see if the business will be a good fit for the property and the demographics of the area, also ensuring that it does not add direct competition to existing tenants. If everything looks good, the next step is to run a credit check. However, the building owner will always have final approval over the tenants on his or her property.

How do you screen prospective tenants for my residential rental building?

All prospective tenants must complete an application form listing their employment, income and rental history. This information is verified along with a reference and credit check.

What type of qualifications are your Portfolio Managers required to have?

Our Managers are licensed in specific areas under the Real Estate Council of BC, including rental management, strata management, managing broker, etc.

How do you select which Portfolio Manager is assigned to my property?

Depending on the situation, we'll select the Manager who has the most experience in that particular asset class or with a particular type of anchor tenant on your property.

Do you have an after hours phone number for building emergencies?

Yes! (604) 777-3879.

What would be considered an emergency?

Significant roof leaks, power outages, floods of any kind, plumbing issues, sewer back-up, etc.

Do you handle the financial reporting for my property?

Yes! Comprehensive monthly reports are prepared using industry leading property management software. We will prepare both monthly and year-end financial statements ready to audit standards and forward them to you by the 15th of the month.

What documents are included in my accounting statements?

Our reporting format can be customized to your needs, but will typically include: property management report, income statement, rent roll, cash flow statement, and aged trial balance.

Will you notify tenants if there is upcoming service on the property?

Yes - we will typically email tenants, and if necessary mail them a notification letter.

How are my tenants able to pay their rent?

They can choose any of the following options: pre-authorized debit, post-dated cheques, email money transfer, wire transfer, or direct remittance.

Why should i have my commercial property managed?

Keeping a commercial property in tip-top shape takes a lot of hard work and dedication, but of course, that's not telling you anything you don't already know. But whether you have the time and knowledge to take care of the day-to-day operations is another story.

For those who don't personally want to collect rent, negotiate lease agreements, or maintain the property, turning to professional property management is an ideal way to save time and resources.

We are well-versed on the ins and outs of property management and will work on your behalf to ensure that your property is in-line with your investment strategy, because If your property isn't making you money, it isn't doing its job. Some of the other benefits of professional property management include:

  • Managing tenant relationships
  • Looking after the finances of your property
  • Taking care of leasing your units & negotiating position with tenants
  • Systematic and procedural maintenance and operations
  • Ensuring that you are complying with all municipal, provincial, and federal regulations
  • Revenue maximization

Have any other questions? Please contact us at 604 661 9151.