If you are more of a “do it yourself-er” or have decided to take a “hands on” approach to managing your property of portfolio, you may still want to consult with a professional on certain matters. Market analysis, tenant relations, lease negotiations, construction and development, redevelopment, refinancing or large scale building upgrades and renovations are just some of the areas a real estate professional can help guide you through.
A managing and consulting agent will have the practical experience and knowledge base to help you better understand all of the inner workings of leasing, maintenance requirements, and important up to date legislation that can affect the outcome of your endeavour.
Right from the on sought getting your space leased up can be a complex and confusing matter. While you don’t want the space to sit vacant, you also want to avoid leasing the space to someone who will not be able to meet the material terms of the lease.
Marketing - Focusing your marketing strategies towards the key demographics most suitable for your space will save you time by pre-screening prospective tenants for you.
Screening - Ensuring that the information collected is valid, relevant and in compliance with the various pieces of legislation that dictate what information you are allowed to require at the application stage can prevent potential privacy or discrimination lawsuits.
Lease Preparation - Licensed managing agents will be familiar with the various legislative requirements and limitations with regards to what can or should be written into a lease at a fraction of the cost of a lawyer, including standard and or unconscionable terms.
Whether a small ongoing project or a large scale redevelopment, construction management is often best left to professionals.
Organization – the key element in ensuring that your project stays on schedule and budget means knowing which trades need to be on site when, to ensure efficiency in both time and cost.
Contractor Relations - EA managing agent will have many long standing relationships with a variety of contractors and trades, relieving you of the risks involved in trying to find your own. Furthermore contractors will often provide services at a discounted rate based on these established relationships, saving you further time and money.
Experience - knowing what to expect in terms of budget and project duration can only be gained through experience. The same can be said for how to handle those “unexpected surprises” that often come up during these types of projects.
Goals and Objectives - Determining a strategic vision for your portfolio, if none is in place, and knowing how to make that vision a reality is key to ensuring that your asset is being prudently managed.
Outside Influences - Managing professionals are not only aware of what is happening with the market, but what types of influences can affect your property. Location, demographic and economic trends are all topics that an expert manager takes into consideration. They will also be aware of how a down market could affect your rentals, if your property is located in an area that has an oversupply issue, or if there are any upcoming developments in the neighbourhood that could affect your rental capabilities.
Strategy - Market analysis and consultation with a managing professional can help you determine where your asset stands in comparison to similar properties in the area, along with various opportunities for value creation to increase operating efficiency and revenue growth.
Martello was hired by a multi-national syndicate in 2002 to create a unique asset strategy for the repositioning and ongoing management of Cedar Hills…
Martello was hired by Granville Savings & Mortgage Co. to assist them in the repositioning, lease up and sale of a 3 story, 60,000 square foot vacant…
Martello was retained in the early 1990s to oversee a portfolio of shopping centres located in western Canada that was owned by an American investor who…