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September 30, 2010

Professional Property Management Can Mean the Difference Between Solvency and Default!

Even in the best economic climate, all of us look for the most intelligent way to manage our properties. In the difficult climate we’re now in, employing sound, cost-effective management can mean the difference between solvency and default.

Thomas A. Duke Company

The Thomas A. Duke Company was recently—and abruptly—awarded the property management contract for two retail centers, one in Farmington Hills and one in Brighton. Our first inspection made it clear that we had our work cut out for us.

Though the properties were reasonably well occupied, there were no up-to-date leases. Rental rates and terms didn’t meet current standards. Structures and surroundings were neglected and maintenance haphazard. Immediately we set about assessing conditions overall and making a first round of recommendations for a quick turnaround—in the middle of which a rooftop HVAC unit failed.

Needless to say, bringing these properties from careless to professional management poses a considerable challenge. Our key steps will include:

  • an audit and the development of CAD drawings to ensure that leases reflect correct square footage;
  • a complete, competitive rebidding of all vendors and tradesmen associated with the properties to secure the best and lowest possible operating costs;
  • a revision and improvement of the owner’s standard lease, then a prompt renewal of each tenant’s lease with uniform terms and accuracy in billable net charges;
  • immediate physical upgrades to parking lots, lighting, landscaping, brick and glass, doors, and painted surfaces; signage and overall site visibility will also be improved.

 We’re well underway, already finding savings on nearly every line-item expense, including insurance. With over 30 years of property management experience, our respected reputation and service volume allow us to realize serious buying power for our clients.

 In a few short months there will be a marked turnaround of these retail centers. Can we bring the same energy and expertise to your property?

 Sincerely,

Thomas A. Duke

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