In a previous article, we touched on the benefits and importance of the owner and the Property Management keeping track of budgeting plans for commercial properties. CapStar's Property Management will teach you how! One aspect of planning a budget is to look at necessary maintenance contracts and/or services in advance to initiate a project bid. This involves the history of the building, its age, and knowledge of what is needed to increase the property's long-term value.
Project bids can range from ordering supplies, retrofitting, and upgrading electrical and lighting, HVAC maintenance, hiring janitors and much more. What it looks like in a CapStar bid is gathering several proposals from different companies and our honest opinion. Because different companies may have varying quality of service, warranties, and pricing, a thorough explanation of the criteria needed can help create a competitive and fair market bid. This includes a goal and scope of work defined, providing a budget (if available and/or an understanding of a "NTE = Not to exceed"), and setting timelines based on the predicament. The bidding process can average around 2-3 proposals and CapStar's Team will provide options customized to the property and "in the shoes of" the owner. Timing, experience, and knowledge of various businesses, trades, and industries can make a difference in finding the right bidders for a project.
If the property is tenant occupied and a scheduled maintenance or service is coming up, CapStar's Team will send out a notice in a timely manner. CapStar's Property Management process includes a communication and work order system that tenants can review anytime and submit online. Tenants may also contact Property Management for any questions or service requests if they feel more comfortable talking to a person.
CapStar's PM will educate tenants on the terms of their lease and liason between the owner and tenant to find solutions as they come. CapStar's PM has a network of professional maintenance contractors-vendors to protect the owner's asset property. Following a great network, this ensures our client's properties are maintained often, lifespan is maximized, and a positive investment for the owner. And sepending on the lease terms, CapStar's Team may also advise the owner and tenants on how to address maintenance proactively, which saves costs in the long-run for both sides. Through CapStar's education, there can be less work orders, preventatives in place, and faster turn-around for resolution. Education is key and everyone wins!
About CapStar Commercial Realty
Since 1994, CapStar Commercial Realty is a full service commercial real estate firm headquartered in Gaithersburg, MD, operating across the District of Columbia, Maryland, and Virginia. CapStar assists small and large companies, from local to an expanding brand, with services in leasing, sales and acquisitions, property management, business acquisitions, consulting, and a unique specialty in restaurants. CapStar’s range of services and proprietary database help sellers, buyers, landlords, and tenants, identify real estate opportunities in retail, office, industrial, land, and condominiums.