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Property & Asset Management
Veritas Realty actively represents commercial property owners and lenders throughout the country to assist with property management, asset management, receivership, development and leasing responsibilities. The Property Management team at Veritas efficiently manages in excess of 100 commercial properties throughout the Midwest and Southeast, with a total management portfolio of over 3,500,000 square feet. Listed below is a description of services provided to property owners:
Accountability
Veritas Realty respects the responsibility we have accepted as the management company of a valued asset. Our objective is to make prudent decisions, offer well researched advice and provide services that help our clients exceed their goals.
Financial Reports
Utilizing Skyline software, the monthly financial statements provided to owners include detailed accounting of income and operating expenses by account category, balance sheet, capital expenditures, monthly and year to date actual vs. budget analysis, accounts payable distribution, cash journal, accounts receivable and aging, vacancy and lease expiration summary, and an itemized rent roll. Our financial reports facilitate our client’s annual tax preparation and year end financial statement. Upon request, financial statements are forwarded to lenders and/or CPA’s for review.
Property Reports
Accompanying the monthly financial report is a summary of the months’ activities including, income and expense explanation, pending or on-going capital improvements, maintenance and physical conditions, and marketing status.
Property Operating Budget
Recognizing that guidelines are necessary to meet our clients’ objectives, an operating budget is created prior to the commencement of the calendar year. Upon client approval, the budget is used to forecast income and establish spending perimeters, leasing goals, and capital improvement implementation. When applicable, budgeted operating expenses are provided to tenants to establish operating expense recovery estimates.
Tenant Relations
Establishing a positive relationship with tenants and residents is of the highest priority to the Veritas Realty staff. We recognize that being responsive to all concerns, and providing quality customer service, greatly improves all aspects of property operations.
Operating expense Recovery
Veritas Realty maintains accurate records of all operating expenses and recaptures 100% of the expenditures allowed pursuant to each individual lease. To facilitate collection of additional income, detailed reconciliation statements are provided to all tenants at the close of the year.
Lease Administration
A lease analysis is created for each tenant providing Veritas Realty staff with a reference guide to the salient facts. Tenants are promptly notified of any condition which constitutes default of the Lease Agreement, and Landlord responsibilities are implemented as agreed to in the lease document.
Contract Services
Due to the size of our management portfolio, Veritas Realty is able to provide competitive pricing to its clients, and efficiently manages all contracts such as landscaping, snow removal, trash removal, parking lot sweeping, janitorial and security service, and other routine services for the maintenance of the property. Certificates of insurance are maintained on all companies and quality control is enforced.
Maintenance & Emergencies
Veritas Realty employs a staff of maintenance professionals who are qualified to provide a variety of services, as required, for each property within our management portfolio. Daily activity logs are maintained and cross referenced with work requests and approved projects. Twenty-four (24) hour emergency answering service is provided, and all management personnel alternate the responsibility of responding to emergency after-hours situations.
Insurance
Veritas Realty offers its client’s participation in our master insurance program. Coverage is provided by an AA+ rated insurance carrier and administered by Brown & Brown Insurance Agency. All properties are reviewed and quoted annually to ensure proper coverage and competitive pricing.