Evaluating, repositioning & negotiating the best bids for your assets can be cumbersome – AIP takes all the guesswork out of it and provides a streamlined service that will ultimately provide larger returns for your assets.
Asset Management Services
AIP Properties will provide an initial asset evaluation and asset repositioning and branding report free of charge.
- Based on our asset repositioning recommendation AIP Properties will, negotiate and procure competitive bids for outside vendor contracts and timetables for any asset renovation.
- Oversee and administer the completion of all required capital and tenant improvements.
- Make annual recommendations to the owner for capital budgeting.
- Implement a preventative maintenance program for building mechanical systems, roof, parking, and truck loading surfaces.
- Make weekly site inspections, complete inspection report form, and take appropriate action, when required.
Property Management Program
AIP Properties property management program include
- Manager shall collect all rents and other monies due Owner in connection with the Property.
- All such monies received by Manager shall be deposited in a financial institution having deposits insured by the FDIC (the “Operating Account”).
- Manager will not comingle such monies with its own account and accounts of third parties.
- Manger shall diligently attempt to collect all rents and other monies due Owner in a timely manner and Manager shall take such actions as may be required to enforce compliance with the terms and conditions of all leases.
- Manager shall not institute legal proceedings against any tenant or other party connected with said Property without the prior consent of Owner.
- Manager shall not terminate any lease without the prior written approval of Owner.
Maintenance, Repairs and Alterations
- Manager shall develop and administrate preventative maintenance programs for the mechanical, electrical, plumbing and heating and air conditioning systems and other equipment.
- Manager shall take all calls and complaints from any tenant on said Property and shall diligently and promptly pursue same. All tenant related calls will be logged into PropertyTract Property Management Software for historical review.
- Manager agrees to secure Owner’s prior approval on all expenditures in excess of $2,500.00 for any one item or any single contract.
- Prior approval of Owner shall not be required for monthly or recurring charges or items provided for in the annual operating budget, nor shall prior approval be necessary for emergency repairs in excess of said maximum amount if in Manager’s opinion such repairs are necessary to protect the Property from damage.
- If requested by Owner, Manager shall supply Owner with copies of all bills on a quarterly basis.
- Manager shall make all contracts in the name of Owner in care of Manager for electricity, gas, fuel, water, sewer, trash collection, pest control and landscaping within the amounts set forth in the annual operating budget.
- Any contracts entered into for amounts in excess of said budget will require the prior written approval of Owner.
- Manager will also enter into service contracts for the maintenance and repair of certain equipment.
- All contracts be terminable on thirty (30) days notice without penalty.
- Manager may contract with itself or its affiliates and related companies for items listed in this paragraph, provided such agreements are for amounts that are competitive with other contractors operating in the vicinity of the Property or are based on competitive bids.
- Manager shall maintain adequate and separate books and records for the Property, which shall be supported by proper documentation.
- Manager shall, on a monthly basis, submit to Owner a report detailing the income and expenses for the Property, said report shall be in a form satisfactory to Owner or Owners accountant.
- Owner shall have the right to conduct examinations of the books and records for the Property upon 48 hour notice (except in the case of an emergency) during reasonable business hours.
- Any audit of the Manager’s books and records for the Property shall be done at Owner’s expense.
- Manager shall also assist in the preparation of reports, budgets, end of year cash flow statements for Owner and tax returns, if requested by Owner.
- If Owner audits Manager’s books and a discrepancy of more than four percent (4%) is found, then Manager shall pay the cost of any such audit.
- Owner shall not be obligated to reimburse Manager for any expenses for office equipment or office supplies of Manager, for any overhead expenses of Manager incurred in its general offices, for any salaries of any executives of Manager.
- All payments to be made by Manager hereunder shall be deducted from the Operating Account.
- Security deposits and prepaid rents shall be held in operating account.
- AIP has partnered with Yardi Breeze Platform to assist in the management of our real estate portfolios.
- Exclusively serving the real estate industry, I Yardi is the leading property management platform supporting real estate professionals in maintaining control of their operating contracts and lease documents used in the management of their real estate portfolios Yardi provides online, real-time access to a customized database of operating contacts and lease documents as well as due diligence documents.
- Yardi provides property managers, asset managers and owners with email alerts for critical upcoming dates, such as, lease expirations, rent increases and expiration of certificates of insurance
- Web Access to all vendor contracts: ensures that all service contracts are in place and in full-force and effect.
- Access to Service Contract Files: all service contracts are bookmarked and include keyword search capability.
- Web Access to all Leases
- Upcoming Lease Expirations by Portfolio and date with custom notifications
- Downloadable tenant rent rolls
To enable Manager to effectively manage the Property, Owner shall provide Manager with the following:
- An annual operating budget for the current year along with a copy of the preceding year’s budget, if any.
- A list of all tenants currently leasing space in the Property with copies of all leases, guarantees, amendments, sublease/assignment agreements, waivers, commission agreements and other relevant documents and correspondence in connection with the leasing of the Property.
- A list of all contractors, subcontractors, materialmen and other service personnel and laborers utilized in connection with said Property along with copies of all service contracts currently in force and any and all warranties or guarantees in connection with the equipment and fixtures on said Property.
- A list of all real estate brokers and their agents currently employed by Owner or utilized by Owner in connection with the leasing or management of the Property.
- If available, cash flow reports and other financial reports for the Property for the current and prior year.
- If available, a list of Restrictive Covenants affecting the Property, if applicable.
- Any other pertinent books and records relating to the management, operation and leasing of the Property, including all files on any litigation and/or disputes in connection with the Property.
- Upon execution of this Agreement, Manager shall be paid a monthly management fee minimum of $950.00 or 3% of top line revenue whichever is greater.
- There is a one-time $1,500 set up of Yardi Breeze, the operating account, purchase of initial checks, if applicable, and computer software data entry.
- Manager shall be paid a supervisory fee for construction repairs and maintenance by outside parties in the amount seven percent (7%) of each invoice below $10,000 and five percent (5%) of any repairs, renovation or maintenance repairs above $10,000.
- Owner, at its own expense, shall obtain and keep in force commercial general liability insurance insuring against loss, damage or injury to property or persons which might arise out of the occupancy, management, operation or maintenance of the Property with a combined single limit of not less than One Million Dollars ($1,000,000.00) per occurrence with a Two Million Dollar ($2,000,000.00) aggregate limit to cover bodily injury or death and property damage.
- Manager will be named an additional insured on the commercial general liability insurance policies. Within thirty (30) days following commencement of this Agreement, Owner will provide certificates of insurance to Manager showing all requirements set forth in this section.
- Manager shall pay, on Owner’s behalf, any and all real property, ad valorem or other local taxes and assessments, but not State or Federal income taxes levied against any or all of the Property.
- Typically, the cost of such real estate taxes shall be paid out of Manager’s Operating Account.
Agreement shall be for a period of one (1) year unless sooner terminated in accordance with the paragraph 3 of the executed Agreement. If not terminated during or at the end of such period, this Agreement shall continue in effect from month to month thereafter, upon the same terms and conditions as herein set forth.