D — February 14 - 27, 2014 — Property Management — Mid Atlantic Real Estate Journal
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P roperty M anagement
wners of net leased buildings, especially single-tenanted build- By Sheldon A. Gross, president, Sheldon Gross Realty, Inc. Owners of single-tenanted net leased buildings can bemore successful through good propertymgmt. O
ing, repairs and taxes, leading owners to feel they have noth- ing to be concerned with other than collecting the rent. Landlords and owners of net leased properties sometimes have a tendency to overlook the way their space is being man- aged, but this can come back to haunt them in the future. Net leased buildings place a lot of regular maintenance responsibilities on the tenant’s plate—things that are tradi- tionally the responsibility of the landlord or owner in any other building. In these sce- narios, the property manage-
ment team needs to be much more hands-on and proactive on behalf of the landlords. An effective property manage- ment team for these types of properties must work harder and smarter to make sure each lessee is performing all their obligations. To save owners time and money, the best property man- agers send a team to every property on a monthly basis to ensure each and every ten- ant is maintaining its space in accordance to the lease and to the satisfaction of the building owner. And, because all leases
are unique, they need to be carefully monitored. Monthly inspections, review of lease obligations, maintenance and insurance policies need to be monitored on a continual basis. The best property managers will offer tips to reduce energy use and costs through things such as lighting upgrades, alternate energy sources and recycled materials. When these issues are targeted on a frequent basis, the end result is a win-win situation for all involved. In single-tenanted buildings, one of the most common mis-
takes of building owners is not monitoring the maintenance of the HVAC systems as well as the roofs, gutters, drains and downspouts. What own- ers do not realize is that while the tenants pay for repairs to these items, they do not always maintain them properly. In every property management assignment we undertake, the first thing we do is inspect the HVAC, roof, gutters, drains and downspouts to make sure they are all functioning properly. Making sure these systems are maintained properly avoids the owner having to replace them in the long run. Property managers should have access to computer pro- grams that make tracking of leases, repairs and other aspects of management ex- tremely simple. In addition, property managers should cre- ate in-depth, real-time reports for landlords and owners. When you own or run a net leased building you must strictly monitor your tenants to make sure they are meeting the obligations of their leases. The first step to maintaining your property is to hire an ex- perienced smart property man- agement team. These teams can help effectively manage a property and also solve repair, insurance and energy problems before they spiral out of control and wind up costing landlords and owners more time and money than necessary. It is generally cheaper to have it done right. Sheldon Gross Realty , a full service real estate pro- vider of traditional commer- cial brokerage and property management services, has recently celebrated the 27th year of their commercial prop- erty management division. “We are proud of our many years of continued success and our professional team of property managers and support staff who have been together for more than 25 years”. With 50 plus years of expe- rience in the commercial real estate business, Sheldon Gross Realty prides itself on their multi-generational family par- ticipation, long term employees and clients that were once the children of the owners. We look forward to every new assign- ment managing each property as if it was one of our own! Sheldon A. Gross is the president of Sheldon Gross Realty. n
ings, in many i n s t a n c e s believe that they are not i n ne ed o f a pr ope r t y management company to assist them in the handling
Sheldon Gross
of their property. Many tenants in these situations are respon- sible for obtaining and paying for all operating expenses such as utilities, cleaning, landscap-
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