Lease & TI Administration
Lease administration is a multifaceted management function that begins when a tenant signs a lease and concludes only when the lease expires or terminates and all contractual obligations are satisfied. Lease administration includes move-in procedures, records management, billing and rent collection, certificate of insurance tracking, gross sales tracking, communication and documentation, encumbrance and option management, and move-out procedures. All managers are trained to flag key elements of the lease that can be a source of liability to an owner if not monitored closely.
Property and liability insurance protect the owner from financial loss. Because of the magnitude of potential losses and their effect on the financial viability of an investment, Because of our scale, we achieve exceptional pricing for our insurance coverage. Since 2008, we have reduced insurance costs on our owned portfolio by more than 30%, but we can work with your own risk managers also to insure timely and cost effective procurement of insurance.
Tenant Improvement Administration
Milan Capital frequently manages the construction of tenant improvements on behalf of our clients. It is imperative that these construction projects be well managed. Not only does this protect the owner’s interests, it also increases long-term tenant satisfaction.
There will also be occasions when tenants choose to manage their own construction. Because we must still protect the value of the asset, the property manager must fulfill specific responsibilities associated with tenant-managed construction, such as lien management, obtaining insurance certificates from the tenant’s vendors, and making sure other tenants and major building systems are not interrupted.