A necessary – albeit laborious – task for anyone who owns commercial property is the creation of an annual property or asset management plan. The budget provides a comprehensive understanding of each category of income and expense for your property and also sets realistic, measurable expectations for the performance of the property. Once created, it serves as a roadmap to avoid lost revenue and help react to unexpected expenditures.
Here are some tips to maintaining your property management budget:
- Complete scheduled maintenance during the month it is included in the budget. If HVAC service is in the budget for April and October, then work with vendors to ensure that service is completed and the invoice is paid during those set months. This not only ensures your building systems are consistently maintained but minimizes variances or shortages in cash flow.
- There will be unexpected expenses. Even the most seasoned property manager can’t prepare for every scenario, but steps can be taken to help cushion the unforeseen expense. Big ticket expenses typically come from major building systems like HVAC, sprinkler systems or water tanks. As a rule of thumb, make sure to be aware of the anticipated life cycle of these systems to help predict repairs or replacements. And it’s a good idea to over budget these areas so an unexpected outlay isn’t such a huge hit.
- Make sure invoices are coded to match the line items in the budget. As time goes by and work increases, it’s easy to forgo double checking where something was originally allocated – especially if the property manager didn’t create the original budget. A simple slip in coding a plumbing repair under ‘routine maintenance’ instead of ‘plumbing repair’ can easily throw the budget off track.
A competent, trustworthy property management company can help ensure a property management budget is thoroughly prepared and properly maintained for your commercial property. If you have a real estate investment in the metro Atlanta area and are considering a property management company to maximize the return on your investment, contact McWhirter Realty Partners today.
Henry County, located 20 miles southeast of Atlanta, recognizes the healthcare services industry as one it will focus on expanding as it continues to position itself as a corporate hub in Georgia. Nationally, this sector grew 28 percent between 2001 and 2011 and in Henry County it nearly doubled during that same time period. An aging population and strong predictions of population growth will only continue the opportunity and demand in this industry.
Healthcare services include hospitals, medical laboratories, clinics, wellness centers and outpatient treatment facilities. In Henry County, Piedmont Henry Hospital provides exceptional care to residents and visitors as a full service, fully accredited hospital. It also serves as one of the county’s top employers with more than 1,200 employees.
Henry County is well-poised to attract new healthcare services as well as expand existing ones. McWhirter Realty Partners has a strong history of working with healthcare systems and knowledge of medical office space availability and requirements throughout Henry County.
Our current opportunities include:
If you have questions about healthcare real estate in the Henry County area contact us today.
Commercial property owners and landlords manage vacant properties during tenant transitions, with newly acquired assets or due to a difficult location. However, it’s not safe to assume that because a property is empty nothing can go wrong. Often times it’s the opposite. Vacant buildings become a target for theft and vandalism thus increasing the time it’s left unoccupied and without a revenue stream.
Here are some steps to protect susceptible property:
Install Security Systems
Onsite security measures are the most important aspect in preventing damage. Visible alarms and patrol guards deter individuals and offer a quick means to alerting authorities should someone break in. Motion-activated lighting will scare off potential criminals and cameras will help identify anyone who does cause damage.
Talk to Local Law Enforcement
Having a positive working relationship with your local law enforcement can often be your greatest advantage to protecting your property. Many police departments have a No Trespass Agreement, which is an agreement between the property owner and the law enforcement agency that allows the law enforcement agency to arrest any person(s) that is unlawfully on the property. This not only benefits the owner but also neighboring properties and the surrounding community.
Continue Routine Maintenance
An unkempt building is one that will attract criminals and vandals. While necessary maintenance varies dependent on the building type, common issues to monitor are interior temperature, roof and gutter repairs, snow removal and sprinkler systems. By maintaining landscaping, the property continues to look occupied, decreases potential hiding places by reducing overgrown vegetation and means the property has regular traffic from service professionals.