Commercial property management in Calgary
CMS Real Estate Ltd. offers a full range of property management services to many types of clientele, specializing in residential, commercial and industrial condominium management. Serving the needs of landlords and tenants alike, we have established a strong reputation and loyal client base. We listen closely to the client’s needs to determine how their business operates and the desired degree of involvement to ensure that we work as a team to produce the ideal outcome.
At CMS Real Estate Ltd. one of our property management goals is to maintain the property at a high level of care for the most economical cost. Although the primary responsibility as a property manager is to the landlord and secondly to the tenant, CMS Real Estate Ltd. can help bridge some of the gaps regarding expectations of both parties. By controlling operating costs, CMS Real Estate Ltd. assists owners and tenants in continuing their leasing obligations and focusing on their own business activities.
At CMS Real Estate Ltd. we take pride in our creative solutions and management expertise. We know that each business has different management requirements and that each client has a different degree of desired involvement; we tailor our services to match those needs.Talk to an expert
There are numerous functions that can be applied to property management services, but a few of our core competencies are:
- Developing operating and capital budgets for each property
- Developing a repairs and maintenance program to maintain or improve the conditions of each property
- Establish insurance coverage that meets the property and owner’s interests
- Review financing and maintain payments to protect the credibility of the owner
- Determine appropriate staffing for site maintenance
- Maintain sub-trades to perform any specialized repairs and maintenance at competitive rates
- Monitor budgets, tenant accounts and annual reconciliations of costs
- Reporting – customized to individual owner and property requirements
- Trust Accounts – each property has an individual trust account for funds collected and disbursed relating to the operation of that property; these trust accounts are audited annually and reported to RECA in order to protect the property owners
- Managing property tax and cash flows for the owners
- Liaison with legal and accounting advisors to ensure management is using the most current policies and procedures
- Banking relationships that try to achieve the highest return possible on reserve funds
All of our reporting is customized to the needs of the individual owner and the property and can include, but isn’t limited to:
- Management and release of excess funds with full reports on a monthly basis
- Annual financial statements necessary for tax return completion
- Reconciliation and collection of common area maintenance (CAM) accounts
- Profit and loss statements – monthly, year to date, actual and budgeted comparisons
- Balance sheets
- Tenant ledgers
- Accounts payable
- General ledger – monthly, year to date or for a specific time period
- Cash Flows
Frequently Asked Questions
How much does commercial property management cost?
It depends on a number of factors, including the property’s location, size, condition, and type. While there is no single price point that we can specify, we can customize a solution that meets your budget and needs. Typically, the rate is based on a percentage of the base rents. If the tenants are under a triple net lease agreement, then the management fees are recoverable by the landlord as operating costs.
What is commercial property management?
Commercial property management is the process of overseeing and maintaining non-residential properties. Establishments such as retail spaces, offices, industrial facilities, storage accommodations, and more, go under the watchful eye of a commercial property management team.
Essentially, commercial property management handles the daily responsibilities of directing and running a revenue generating property.
A good commercial property manager will also assist the landlord in obtaining repair quotes and scheduling the maintenance to ensure cash flow requirements for the project.
Why should I invest in commercial property?
Historically, commercial real estate has yielded high returns and has been considered by many to be a profitable, long term investment. However, there are plenty of other reasons to invest in commercial property including tax advantages, cash flow opportunities, beneficial financing rates, and of course – equity appreciation. While it certainly is a huge endeavor, investing in commercial property also offers many benefits.
What makes a good commercial real estate broker?
There are many qualities a good commercial real estate broker should possess. First and foremost, they should have some experience in commercial real estate transactions.
Secondly, local market knowledge is important. You want your broker to be knowledgeable of the past, present, and future real estate market projections in your area. Having such expertise will go a long way in helping you make well informed decisions going forward.
Third, your commercial real estate broker should be connected with the right people in the industry, including property owners and commercial property managers.
Last but certainly not least, a good commercial real estate broker is available. They’re easy to get a hold of, they’re responsive to your calls, messages, and emails. And if they are busy and can’t get back to you right away, they will inform you of when they can get back to you within a reasonable amount of time. You’ll never be left hanging with a good real estate broker.