When it comes to managing your asset, Grant & Lewis is committed to providing a superior level of service. We live and breathe real estate operations and because we don’t manage proprietary assets the performance of your portfolio is always our number one concern.
Grant & Lewis takes great pride in ensuring that every aspect of your project is treated with the upmost care. Commercial real estate is what we know, it’s what we do. Once we assume responsibility for your project it is quickly and seamlessly transitioned into our highly defined process.
Our company was founded on the idea that both cost effectiveness and your competitive advantage is best achieved through efficiency and expertise. That’s why, at Grant & Lewis, we combine our centralized lease administration with independent local on-site managers; ensuring that you benefit simultaneously from economies of scale and local expertise. Additionally, we are happy to work with your trusted local broker and accountant.
Grant & Lewis is here to help you build a team of experts committed to first class operations with the least amount of hassle. At the end of the day, maybe we aren’t what you’re looking for, but exploring alternative options just makes good business sense.
We work closely wiht you and your team to develop and thorough and clear understanding of the vision you have for each of your assets. From there we develop solutions aimed at helping you and your team acheive them.
We recognize that successful real estate cycles are defined by an asset's NOI and valuation. That means we're always working to accelerate the appreciation of your asset by working to increase revenue streams and efficiences. We always engage project managers to evalute potential investments and their returns.
Our entire team is committed to working together to become experts in your markets, assets and overall portfolio. By leveraging market intelligence we can help benchmark performance, correct problems, and build on strengths.
We pride ourselves in our forward-thinking approach to the relationship between technology and process. We employ our own software platform built around our processes so as to always retain the autonomy to be proactive instead of ractive.
We work with a host of local experts, from Leasing to Tenant Rep to Marketing to understand what drives interest in your market and then apply those practices to your properties to attract and retain the highest quality tenants.
Below you will find the answers to a variety of questions that are often asked by those considering the property management services provided by GRANT & LEWIS. Please take a few minutes and see if the answer to your question is answered and if not, don’t hesitate to reach out. Entrusting the skills of others to manage your property is not a light decision and we want to ensure that everyone has a clear understanding of how a relationship with GRANT & LEWIS works.
Once a property management agreement is executed, your GRANT & LEWIS (G&L) account manager will open up a client funds checking and saving accounts at Chase Bank. The best part about these accounts is they are held in your name but operated by us to deposit rents, pay expenses, and distribute cash to ownership.
No, according to the California Business and Professions Code Section 10145, a trust account must be designated as a trust account in the name of the broker as trustee which means you will not have direct access to the account. At any point in time, G&L can provide the most recently published bank statements or financial reports.
No, according to the California Business and Professions Code Section 10145, a trust account must be designated as a trust account in the name of the broker as trustee which means you will not have direct access to the account. G&L will distribute all excess funds in accordance with the property management agreement.
Excess funds can be distributed either by month, quarter, year or by any other arrangement created by the property management or subsequent amendment. Most commonly, excess funds are distributed once per quarter.
Excess funds are the amount of funds that exceed the minimum operating balance. With either six months of operating history or copies of general ledgers, G&L will estimate the minimum cash balance required to handle normal operating expenses. Any funds above the operating balance are typically distributed.
If a minimum operating balance is maintained, the chances of additional funds being required are not likely. Only in the event of an unexpected major repair, such as a major HVAC unit, will there likely be an additional funds request. If a capital reserve account is maintained, then there is rarely, if ever, a requirement for additional funds.
A capital reserve account is a bank account maintained separately for handling the replacement of major items such as HVAC units, parking lots, and roofs. If a reserve account is requested, a firm specializing in reserve studies will estimate the remaining useful life of the major improvements and establish a monthly reserve amount necessary to replace those items when their useful life has expired. The benefit to such an account is that it reserves a portion of monthly cash flow for the replacement of major improvements removing the need to come up with a significant amount of cash all at once.
Like excess funds, financial reports are distributed on a monthly, quarterly, or annual basis. Typically financial reports are distributed on a quarterly basis.
Each property is different and will require different inspection periods depending on the size of the project or building. Typically retail centers are inspected on a near daily basis, offices inspected at least twice a week, and industrial buildings once a week or every other week depending on the number of people working at or visiting the project.
We establish an operating budget for each account which we review on a monthly basis. If there are any variances we make sure we understand why the project was over budget. In addition, on a monthly basis the managing broker reconciles all accounts to ensure all funds are accounted for and all expenses were appropriate.
If there are multiple owners, each owner will receive an operating report and the appropriate share of distributions based on proof of ownership documents.
G&L handles what is commonly referred to as the bookkeeping or accounting through Net Operating Income (NOI). If needed, we can provide an accountant as an additional fee. Typically an accountant will provide services related to the calculation of depreciation and amortization as well as the preparation of any income tax fillings.
Yes, G&L is a full-service brokerage firm and can provide leasing services when needed. However, it is our philosophy to encourage the use of a local expert in the project type to handle any leasing services; our specialty is in operations and management.
We generally employ two different approaches based on your wishes. We call them the soft approach and the hard approach. The soft approach is where we send a polite letter reminding the tenant that their rent has yet to be received and it is in their best interest to remit payment as quickly as possible. The hard approach is where we deliver a “3-day or quit” letter immediately upon a tenant’s failure to pay. Depending on your portfolio there may be the need to balance the two approaches with respect to the size and nature of the delinquencies.