FAQ
Who pays for professional commercial Property Management?
Commercial leases are typically in the form of a “triple net” or NNN expense allocation. Under these terms, property management fees are part of the ‘additional rent’ indicated as ‘operating expenses’ or ‘common area costs’ and are paid monthly by the tenants of the property. It is Sundance’s experience that those tenants that occupy well maintained buildings with good lines of communication with their landlords agree that management fees represent money well spent.
What does a Property Management agreement look like?
A Property Management agreement should be in writing. It ought to clearly describe the responsibilities of the Manager, the owner reporting regime, the Manager compensation, expense approval authorization and processes, banking, and the term of the management relationship.
What is involved in switching my Property Management to Sundance?
Sundance has onboarded dozens of commercial properties. Sundance will work with you to determine any notice period in your existing property management agreement and develop a simple and easy transition plan. Sundance will take care of tenant notifications, vendor notifications, and all the other details.
Is Sundance a licensed Property Manager?
Sundance Property Management operates within Sundance Realty & Management Inc. Both the company and our Property manager individuals are licensed by the Alberta regulatory body – “Real Estate Council of Alberta – RECA”.
What Property Management reports would I expect from Sundance?
Sundance believes that great owner reporting is a critical part of our Property management function. Sundance owners receive a monthly financial report package, an Annual Report Package, quarterly budget to annual comparison reports, and bi-annual facility inspection reports.
How much does professional Property Management cost?
There are at least two pricing models in the industry. One model derives much of the compensation from numerous specific charges for activities. The other model derives the compensation from a more inclusive ‘all in fee’.
Sundance utilizes the latter model to avoid owners feeling ‘nickeled and dimed’ by invoking a charge for every document request, every cheque written, every report provided, or every minor service call attended to. Depending on the nature of the property, Property Management compensation (paid for by the tenants) could range between 3% and 7% of rent collected. Property Management compensation is always agreed upon, in advance, between Sundance and our owner customers. The most common rate is 5% for Sundance managed commercial properties.
Where does Sundance Property Management operate?
Sundance manages commercial properties exclusively in Alberta. Sundance operates in most municipalities. Properties managed are in locations from Fort McMurray to Lethbridge and from Rock Mountain House to Lloydminster and Medicine Hat.
What information would be in a Sundance “Free Property Assessment”?
The comprehensive written document would typically include the following topics: Overview of Property, Overview of Market, Property Analysis (Exterior, HVAC, Plumbing, Windows/Doors, Parking Lot, Signage, Grounds, Electrical, Roof), Tenant Satisfaction, and Sundance Recommendations for Facility Management, Tenant Relationships, and Owner Reporting).
LET US KNOW HOW WE CAN HELP
As a Tenant of Sundance Realty since 2010, we would highly recommend their team of professionals. They provide knowledgeable, prompt, and efficient service with any tenant concerns. Sundance has and maintains a very high standard of property maintenance.
– Sherri M. / McMan youth, Family and Community Services Association