Keeping an investment property well-maintained and compliant with state regulations, handling all tenant concerns, and making sure that bills are paid are all responsibilities that can be a real headache for owners. Our company provides the services that owners need to keep their investment properties running smoothly, without the headache.
Leasing: Elmquist Real Estate Services is a full-time brokerage, offering the services of two licensed Washington State Real Estate Brokers.
Marketing: We organize advertising campaigns for available spaces, keeping vacant days to a minimum.
Competitive Market Analysis: We understand and are alert to changes in our local economy. By regularly researching the market, we are able to set competitive prices for Gross and NNN leases, making sure that our owners’ properties receive their full worth.
Customer Service: We are available for our owners and their tenants 24/7 by phone or by e-mail. Every issue we are given is handled by us in a timely manner, and we always send out notifications to our owners and tenants of any building issue that may affect the flow of daily life and business.
Rent Collection: Monthly statements are sent out to all tenants, and ledgers are updated once we receive rent payments. Aged receivables are available to all owners. We make every attempt to keep tenants up on their rent.
We complete construction and tenant improvement (TI) projects that time-sensitive and cost-effective. These typically include the following:
- Identify project scope, set priorities, and motivate our project team to create drawings and specifications.
- Consult with owners and tenants, prepare Request for Proposals (RFPS) for contractors, and compare bids.
- Establish an initial budget and contingencies and schedule with successful contractors and sub-contractors.
- Create a risk management review to determine standards and codes that will be followed to mitigate owner or company exposure.
- Select technical experts to support the project (e.g. structural engineer, acoustical expert, soils engineer, etc.).
- Submit permits and documents for the project to governing jurisdictions and their planning and engineering departments.
- Obtain approval of the final design and construction budget from the owner.
- Coordinate office and field work with contractors, sub-contractors, engineers, staff, consultants, suppliers, inspectors, and other personnel.
- Inspect the project daily to make sure that construction is running on time and to budget.
- Work with contractor change orders, delays, inspection or access problems, and other project issues when necessary.
- Track budget and make reports to management on our progress, separating TI owner and TI tenant costs.
- Deliver the project to the owner and/or the tenant on time and to budget with expected outcomes and benefits.
Other project management work that we do includes preventative maintenance projects, such as window replacements, driveway replacements, entire building painting, and other large projects requiring a shortened version of the expanded services noted above.
Building Updates and Owner Reports: Our owners are continuously kept informed of what is happening at their properties. Prior to any financial obligation outside of normal operating procedure, we communicate with owners. We then send out bi-monthly reports notifying the owners of what repairs and maintenance have taken place at their buildings along with any work done to keep their buildings compliant.
Tenant Improvements: Whether these are settled in-house or through our relationships with local sub-contractors or general contractors, we provide the improvements required to meet any tenant’s needs.
Repair: Our experienced field team can handle any repairs encountered. We have a close working relationship with multiple vendors, who assist with plumbing, electrical, HVAC, and fire/sprinkler systems.
Preventative Maintenance: Annual and semi-annual maintenance is performed on our owners’ building systems to keep them in good order. Regular window cleanings and cleanings of exterior and interior areas of the buildings are always a priority. We also schedule weekly walkthroughs of the buildings that we manage, ensuring that minor issues cannot become major problems. The grounds are the finishing touch on well-maintained properties; the landscapers with whom we work do an excellent job of keeping our landscapes manicured and lovely.
Compliance: We work with local vendors in the fields of storm drains, fire, sprinkler, and elevators to keep our buildings compliant with local and state regulatory agencies. We confirm that all vendors, sub-contractors, and tenants hold current certificates of liability insurance in which the owner is always listed as an additional insured.
Monthly, Quarterly, and End of Year Reporting: We provide comprehensive accounting and report preparation for all our clients. Receiving accurate and complete information on a timely basis gives our property owners the confidence to respond to all their property investment needs.
Account Maintenance and Reconciliations: We set up bank accounts and maintenance for all owner accounts, including operating, reserve, and deposit accounts. All accounts are balanced and reconciled to cash monthly, though our books are kept in either cash or accrual.