Commercial Property & Asset Management
Let Us Manage Your
Commercial Property
MAIN offers Commercial Property Management Services for all types of properties, including retail – neighborhood, and power shopping centers, office buildings and office parks, industrial and office-flex buildings, and other non-residential buildings or mixed-use buildings or projects.
MAIN understands the balance between satisfying clients and the monitoring and forecasting of operations. Working with ownership’s short- and long-term objectives with a predetermined Project Plan, Budgets, and experience, MAIN’s team is prepared for the owner’s operational strategy to satisfy the tenant(s) and the owner(s )each with their results. MAIN’s stated philosophy and implementation are that the right lease terms minimize exposure to liabilities and vacancies – while boosting bottom-line investor yields. Change the last sentence to MAIN, which looks for investment opportunities to market and manage properties uniquely, including using artificial intelligence (AI).
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In addition to industry-leading service, local and national expertise, and knowledge, MAIN offers the tools you need to help identify objectives, address potential problems, and offer solutions needed, resulting in opportunities and goal attainment.
We understand that different properties need different approaches to property management, and our dedicated team is flexible due to years of experience and very innovative solutions. MAIN looks for opportunities to market and manage properties in unique ways.
What We Do as Your Commercial Property & Asset Manager
At the core of our service offerings are our internet-based resources: CoStar, LoopNet, Property Line, Realup.com, KWCommercial.com, Commercial Information Exchange, and CDX [the catalyst in commercial brokerage communications]. Our web-based resources are developed to help create the most viable tenant searches and maximize listing exposures.
A dedicated property website with a customized URL is created for your Property. The website is listed on both our local and national commercial websites and is available to principals, property owners, investors, brokers, and prospective tenants searching the internet for commercial real estate.
We will create a marketing plugin for the project and email the packets to all interested prospects in our extensive email database. We will effectively track, target, and pursue prospects reporting prospect contacts with our clients.
We will create a marketing email packet for the project and email the packets to all interested prospects in our extensive email database. We will effectively track, target, and pursue prospects reporting prospect contacts with our clients.
We will create a color brochure highlighting the features and benefits of the Property. The brochure includes applicable property photos, building highlights, location descriptions, aerial photographs, demographics and/or proposed development plans, and contact information. MAIN is flexible, and we will adapt to that which is most comfortable for you.
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Scope of Work
The Plan captures in one place a range of different decisions and presents them in a structured format, which makes it easier for staff, decision-makers, and even project investors to understand how a project will be staffed and operated. The Property Manager or Main shall review the Plan with the Owner on an annual basis. Changes to the Plan shall be submitted to the Owner, from which approval is required prior to implementing any changes.
The Main is responsible for establishing the general policies under which the Project will operate. The Main shall implement the policies and carry out the day-to-day operations of the Property or Project.
Within thirty (30) days of the date of the Agreement, the Main shall prepare and submit to Owner a proposed line item operating budget set forth in reasonable detail the estimated income, cash on hand, and operating expenses of the Property, by month, for the remainder of the then calendar year, including real estate taxes, insurance premiums, employees' salaries, if any, manager's compensation and like items. A similar operating budget shall be submitted to the Owner for each semiannual period thereafter, at least thirty (30) days prior to the commencement of each subsequent semiannual calendar year period for which this Agreement is in effect. The Operating Budget submitted by the Main, when approved by the Owner, shall, in general, form the basis on which the Owner shall incur items of expense incident to the operation of the Property. The Main will submit in writing a variance analysis, both monthly and year-to-date, of the Budget and Actual Operating Statements.
The Project shall have reserve accounts to be funded from operations and are to be included in the Annual Operating Budget. The reserve accounts are:
- Operating Reserves: To cover operating expense overruns of the Project.
- Capital Replacements Reserves: to cover capital improvements and replacement during the life of the Project.
- Leasing Reserves: To cover leasing expenses and brokerage fees for leasing space during the holding period of the Project.
- Tenant Improvement Reserves: to cover funds that could be required to attract and secure new tenants in the future.
There are two levels of Accounting, Bookkeeping and Financial Reports:
Project Operations:
The Main shall collect all receivables (including, without limitation, rent and reimbursements from tenants) and shall pay all payables. The Main shall do all accounting and financial record keeping of the operation of the Project, including but not limited to the preparation of the Rent Roll, Balance Sheet, and Income and Expense Statement.
Individual Investor Accounts: The Main shall maintain the book of accounts with correct entries of all receipts, expenditures, and distributions incident to the Investor(s) accounts, together with all records, correspondence, files, and other documents relating to the Investor. This also includes all verbal communications by and between the Main and the Investor(s).
Book and Records: Main shall maintain books of accounts with correct entries of all receipts and expenditures incident to the management of the Project and performance of this Agreement, which books, together with all records, correspondence, files, and other documents relating to the operation and management of the Project, shall be paid for by Owner and shall remain the Property of Owner. Such books of accounts, records, correspondence, files, and other documents are to be kept by the Main in proper order and in compliance with generally accepted accounting principles and procedures required of a management firm performing similar services to those required hereunder, and the same shall always be available for inspection by Owner or any of its officers or duly authorized mains on MAIN's website 24/7.
Bank Accounts: Main shall establish and maintain in a bank, whose deposits are insured by the Federal Deposit Insurance Corporation and in a manner to indicate the custodial and trust nature thereof, a separate Operating Account, as Main on behalf of the Owner, in to which all funds collected by Main for the account of Owner, whether from tenants of the Property or otherwise shall be deposited. Such Operating Account shall be the Property of the Owner, subject to the right of the Main, as expressly set forth in this Agreement, to draw on this account. As may be required by law, a separate special bank account shall be opened for security deposits of tenants. If any, applicable law or regulation so provides for the handling of such deposits. No funds of the Owner shall commingle with any funds of the The Main shall have the authority to draw on this account for any payment which it must make to discharge any liabilities or obligations incurred pursuant to this Agreement, and for the payment of the Main’s fee, all of which payments shall be subject to the limitations of this Agreement.
Bonding: Main, at Owner's expense, shall throughout the term of this Agreement, maintain in effect a Fidelity Bond covering Main and each employee of Main who handles or is responsible for the handling of the money of Owner in such amount as Owner from time to time requires securing Main’s faithful performance of its obligations hereunder. Evidence satisfactory to the Owner shall be furnished to the Owner that such bond is in effect.
Monthly Reports: The Main shall furnish monthly to the Owner a detailed statement of all receipts and disbursements for each month; such statement is to be furnished on or before the 10th day of each month for the preceding month. Such statement shall show the status of collections and shall be supported by copies of checks, vouchers, or duplicate invoices, etc., covering all items of income and expense, which shall be forwarded to the Owner with such statements, duplicates thereof to be kept in Main’s office and be available for inspection by Owner's representatives always. Should it appear to the Main that the disbursements will exceed the rents collected by the Agent? The Main shall also furnish to the Owner a monthly operating statement showing both the actual income and expense for the month and year to date and the budgeted income and expense for the month and for the year to date. All these Reports are available on MAIN's Website via the Owner's secured Portal to Owner by selected ID and Password: 24/7 for any computer worldwide.
If the Owner informs the Main of insurance to be carried with respect to the Property and its operations and requests the Main to place and maintain such insurance, the Main (at the cost and expense of the Owner) shall cause such insurance to be placed and kept in effect always. All such insurance will be placed with such companies, on such conditions, in such amount, and with such beneficial interests appearing thereon as shall be acceptable to the Owner and shall otherwise be in conformity with any mortgages encumbering the Property from time to time provided the same will include public liability coverage in such amounts as shall be acceptable to Owner. If the Owner does not request the Agent to place and maintain such insurance, the Owner shall provide public liability insurance, including bodily injury, property damage, and personal injury, at the Owner's cost and expense.
The Main shall have the responsibility, power, and authority to negotiate all new leases and renewal of lease(s) for all apartment units and/or space in the Property. The lease(s) of all units and/or space of the Property, including the premises, common areas, and parking areas, shall be subject to the execution of a Formal Lease Agreement in a form satisfactory to the Owner's counsel. Owner hereby grants to the Main the authority and power to sign leases and lease renewals on behalf of the Owner for a term not more than one (1) year, and/or cancel leases for the Project or any part thereof. The Owner hereby grants to the Main the power and authority to negotiate and sign on behalf of the Owner all documents that could be required to implement and to consummate any lease including, but not necessarily limited to, Subordination, Non-Disturbance, and Attornment Agreements, as required by all lenders and/or third parties.
The Main shall have the responsibility, power, and authority to negotiate all new leases and renewal of lease(s) for all apartment units and/or space in the Property. The lease(s) of all units and/or space of the Property, including the premises, common areas, and parking areas, shall be subject to the execution of a Formal Lease Agreement in a form satisfactory to the Owner's counsel. Owner hereby grants to the Main the authority and power to sign leases and lease renewals on behalf of the Owner for a term not more than one (1) year, and/or cancel leases for the Project or any part thereof. The Owner hereby grants to the Main the power and authority to negotiate and sign on behalf of the Owner all documents that could be required to implement and to consummate any lease including, but not necessarily limited to, Subordination, Non-Disturbance, and Attornment Agreements, as required by all lenders and/or third parties.
Subject to the terms of an Agreement, the Owner agrees to pay the Main, and the Main agrees to accept as full compensation for its services about each executed and binding lease(s) or lease renewal(s), legally enforceable by the Owner, a commission to be computed on the rental payable to Owner.
The Main shall use its best efforts to secure full and timely compliance by every tenant with the terms of its lease. Voluntary compliance will be emphasized. However, subject to the pertinent procedures prescribed in the tenant leases, Main may institute proceedings to lawfully terminate any tenancy when (in Main’s judgment) there is sufficient cause under the terms of the tenant's lease, including, but not limited to, nonpayment of rent. For this purpose, Main, at the expense of Owner, is authorized to consult with legal counsel to bring actions for eviction and to serve notices to vacate and to cause judicial pleadings to be drafted incident to such actions provided, however, that Main shall keep Owner informed of such actions and shall follow such instructions as Owner may prescribe for the conduct of any such action if so desired by Owner. Attorney's fees and other necessary costs incurred about such actions shall be paid out of the Operating Account as operating expenses.
Main, at the sole cost and expense of the Owner, shall cause the Property to be maintained and repaired in accordance with local codes and in a condition acceptable to the Owner. Without limiting the foregoing, the Property shall be kept in such condition as competitive projects are maintained in that locality, such maintenance including, without limitation, interior and exterior cleaning, landscaping, painting, repairs, and replacements.
The services to be performed by Main under the terms of this Agreement are normal management services, and in the event that Main is required to perform services beyond the normal scope expected by a managing main (such as, but not limited to, involvement in major renovation or remodeling, reconstruction after fire damage, installations of tenant improvements, complying with unanticipated government regulations requiring substantial administrative duties) Main shall be separately compensated for such extraordinary services. In the event that the Main is required to provide any major renovation or remodeling, reconstruction after fire damage, or installation of tenant improvements complying with unanticipated governmental regulations requiring substantial administrative duties, the Main shall be paid by the Owner at the rate of __________ (__%) of the total construction costs, including all hard construction and soft costs such as architectural/engineering fees or plan permits at an hourly rate of __________ ($______) Dollars per hour, which is more applicable to the specific circumstances. The hourly rate shall increase year-to-year by the change in the consumer price index for all consumers in the local area where the Property is located.
Main’s End of the Year Responsibilities: Main’s responsibilities hereunder shall include the duty (a) to coordinate leasing and negotiate final terms and conditions of each and every lease; (b) to recommend and solicit all service and supply vendors, which arrangements shall be embodied in written contracts approved and signed by Agent on behalf of Owner; (c) to supervise performance of all service and supply contracts and to provide liaison with Mains thereunder; (d) to inspect the Premises which is part of the Property and to initiate any required corrective or maintenance actions which fall within the scope of the maintenance budget Owner will promulgate; (e) to obtain prior approval from Owner for any work items which are not budgeted and for any work items, the cost of which exceeds the budgeted allowance; (f) to submit monthly inspection reports to Owner; (g) to maintain liaison with tenants, which shall include collecting late or overdue rent and dealing on behalf of Owner with tenant requests and complaints; and, (h) to confer with each tenant. Main shall have the authority to hire main’s, consultants, and on-site mains to carry out specific duties hereunder. Each such hiring shall be pursuant to a written contract executed by the Main on behalf of the Owner.
Property Management. For services rendered pursuant to this Agreement, the Owner shall pay the Main Monthly _______ (__%) Percent of the gross revenues from the Property collected, but in no event shall the management fee be less than ____________ ($________) Dollars per month. The compensation to be Main shall be equitably prorated as of the date of termination of this Agreement.
The Main will submit all required end of the tax year project accounting and books to the Owner's accountant at the Owner’s sole cost for the preparation and filing of the federal and state tax returns for the Project and Investors. The Main, upon receipt of the tax year filings from the Owner's accountant, will prepare and submit in a timely manner, the K-1s to the Investors for the taxed year.
MAIN is a cloud-based Property Management Company with transparency of all information, correspondence, records, agreements, and documentation online available to the Owners anytime, 24/7, from any computer. The Owner can communicate with the Property Manager through MAIN's website at the Owner's sole convenience.
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