SERVICES
Our array of services covers every aspect of property management, ensuring a seamless and efficient operation. From meticulous document review and budget creation to physical inspections and monthly management, we cover it all. Drake's hands-on approach extends to leasing and marketing, with a focus on negotiating favorable deals and actively managing the process. Our expertise in lease negotiation, design, construction, disposition, and court-appointed receivership guarantees maximum value for your property.
Property Onboarding
Reviewing all project documents is crucial for understanding the Center's operations. Drake will thoroughly assess leases, title work, declarations, and other relevant documents, entering key information into our Project Management System. We'll create budgets, contact tenants and relevant parties for account transfers, and manage third-party vendors for services like snow removal. Drake will oversee all aspects post-boarding, including date tracking and communications.
Physical Inspection
Drake will perform a thorough inspection of the property and building to understand the systems associated with the Center, such as irrigation, grease traps, security, lighting and mechanical. Drake will identify any deferred maintenance items and/or capital improvements and suggest strategies for correction. After the inspection, Drake will be responsible for supervising all of the physical maintenance of the Center.
Monthly Management
Drake will manage all aspects of the Center on a monthly basis, including: invoicing and collection of rents, communication with tenants, management of property vendors (i.e., snow removal, landscaping and trash pick-up), respond to property maintenance issues and emergencies, reconcile expenses and report back to the Client on a schedule and format of their choice.
Lease Renewal Negotiation
Keeping our clients' centers full and retaining quality tenants is a critical part of Drake's business and helps to increase the property's NOI and value. Drake takes a very hands-on approach to this by providing superior service and building relationships with our tenants, and proactively reaching out prior to their option deadlines to discuss their renewal. We understand that vacancy loss and turnover can be very costly; effectively negotiating renewals and keeping the property occupied and satisfied is a critical part of a property's success and stability.
Construction Management
From time to time, our existing clients may opt to take on larger projects for their centers that would typically go beyond the scope of property management. Drake AM can not only provide construction management services for a negotiated construction management fee to our existing clients for these larger projects, but we use our existing relationships with our vendors and knowledge of the property to keep costs down for a property, and ROI high for our clients.
Disposition
Drake has an excellent track record of maximizing value upon the sale of the Center by taking a hands-on, proactive approach to selling. We build impeccable tenant collateral files and due diligence packages. We interview, select and manage the best brokerage firm to handle the sale of the Center. Drake actively markets the Center with the broker and negotiates the deal in-house, on the Drake form contract, which provides excellent protection to the Seller. Drake’s ability to pre-qualify potential buyers, administer due diligence review, intensely manage the financing contingency, manage estoppels, SNDAs and all communication with Buyer, Brokers, Tenants and Lenders. This greatly increases the probability of a closing without having the Center “re-priced” in the final hour.
Receivership
Drake’s Director of Property Management has served in the capacity as a court-appointed receiver for several properties in the Denver metropolitan area. Our staff has in-depth knowledge of the receivership process, including securing and maintaining the property, taking control of all revenues, rents and financial reporting, and court reporting. Preserving the Shopping Center value is our priority and we do this by stabilizing operations, cutting costs where possible, negotiating lease renewals and fulfilling all obligations as outlined in the court Order. Cost: Determined by the court.