Capital Associates currently manages over 3.4 million square feet of commercial space. Our professional property management services are provided in concert with the individual goals and objectives of each property owner. Once we establish the objectives for the property, we aggressively manage the property by adhering to the fundamentals of property management. While we pride ourselves on a creative approach to management, we never lose sight of the fact that successful property management results from paying attention to details, details, details.
The positive relationships that our property managers establish with each tenant is proved by our consistently strong tenant retention rate, which has exceeded 95% over the last five years (excluding tenants that left the market completely or those of whom we could not accommodate specific growth needs). Our commitment to the highest level of service is the reason why each of our managers is responsible for fewer buildings than is typical in our markets. Our strategy and determination to be the best are what motivate our managers to proactively serve our clients, prioritizing their requests, responding quickly without fail, and handling service requests the same business day (unless impossible to do so and in those instances the tenant is informed of the reason and told when the work will be completed).
Our goal of delivering heightened tenant interaction is why our managers have offices in the buildings they oversee to ensure the highest standards of proactive management. In conjunction with normal tenant visits, our building managers also make scheduled courtesy calls to every tenant, initiate lunches with decision makers, and host tenant appreciation day events to help break down the stereotypical landlord/tenant barrier.
Through a customized ACCESS database, all leases are entered into a master file. This program generates a critical date report to ensure that all lease provisions are carried out at the proper time and that all income scheduled to be collected is billed.
All rents, common area maintenance charges, operating expense escalation charges, taxes, percentage rents, and other charges are billed and collected as they become due and payable. Managers use a date-specific tickler system to initiate reminder calls, and they continue close contact with tenants until all rents are collected. This personal, continual contact greatly minimizes delinquencies.
Response to tenant service requests is within the same day and typically within minutes. Upon completion, all requests are maintained in a historical file, allowing managers to watch for patterns of service calls that might indicate larger problems. This is also beneficial in documenting the history of any problems a tenant may have experienced. All work performed by outside contractors is also maintained in a similar database.
Property managers are experienced in every aspect of a building's interior and exterior and have working knowledge of the mechanical, electrical, plumbing, and structural systems. All building systems are maintained by monthly preventive maintenance contracts. Additionally, our staff of building superintendents provides additional high quality cost-effective maintenance.
All existing contracts are reviewed to ensure that the owner is receiving the best possible value for his money. Capital Associates maintains detailed specifications for each maintenance contract. While we demand competitive pricing, our focus is on quality and value received from the vendor. For example, where we have the chiller water systems, HVAC contracts are full-service contracts that cover all service calls and preventive maintenance. Such examples of our proactive management shifts the financial liability for system failure to the contractor. In the case of tenant-maintained equipment, we verify that the equipment is being maintained to our specifications by only our approved vendors.
Capital Associates' managers routinely manage the design and construction of tenant improvements, providing close supervision and cost control. Our management team typically oversees tenant improvements, ranging from a standard build-out of $15 to $50 per square foot to high-end construction in excess of $75 per square foot.
Managers secure construction drawings and solicit bids from prequalified general contractors, who provide unit pricing by line item with all of their bids. Once selected, the contractor works closely with the manager who coordinates and monitors the entire construction process, ensuring that the contractor meets contract specifications, guidelines, building rules, and move-in dates. We take special care to see that existing tenants are not disturbed in the process.
The manager functions as an administrator between the tenant and the contractor to facilitate any change orders requested by the tenant. The property manager accepts or rejects completed work, including punch-list items, and ensures that all required inspections are completed and the final Certificate of Occupancy is issued. Our extensive background in all areas of tenant construction has given Capital Associates strong leverage in pricing, as well as a depth of experience that surpasses other local management companies.
Capital Associates conducts annual reviews of real estate property taxes and maintains ongoing comparative tax database for every building we manage. Insurance rates and coverages are reviewed annually, and competitive quotes are solicited, as necessary, to maximize coverage and reduce cost.
Since utility costs represent one of the largest components of the annual budget, Capital Associates closely monitors and tracks utility expenses. Our energy audit includes a rate review along with energy management recommendations and implementation.