At Romano Litchfield and Associates, we collect rent payments, property taxes, insurance premiums, and pass thru maintenance charges from tenants in a timely manner. To increase efficiency we offer our tenants several options for paying rent and other charges including:
- automatic withdrawal directly from their bank
- direct ACH receipt
- wire transfer
- standard mail or drop off
We also have the tools in place to assist with any collection issues that may arise including:
- Monthly Delinquency reports to monitor each property
- Rent Rolls on each property
- Late Fees (based on a percentage of the base rent as set forth in the Lease)
- A strong emphasis on the tenant/property manager relationship. Communication is key.
- Initiation of legal proceeding, when necessary, such as Notice of Default and 3 Day Pay or Quit Notices.
With over 30 years of experience in the Commercial Brokerage industry, we are well-skilled in negotiating lease renewals with our tenants. We are in tune with the real estate market, knowledgeable of current market lease rates, and our philosophy is that the tenant is always the customer. All combined, this experience and knowledge helps to keep occupancy levels of each individual property at its highest to maximize return on investment.
Arranging lease renewals and extensions is part of the service we offer and there is no additional fee for this service. Leases are written to protect the property owners from future commission obligations on renewals at the end of the lease term.
We make it a standard practice to contact tenants 6 months prior to the expiration of their Lease to arrange a lease renewal. We prepare lease extensions, amendments and all other necessary documents for a lease extension. For industrial properties, we utilize the most current forms available from the American Industrial Real Estate Association.
We recognize that no two buildings are exactly alike, and neither are the maintenance issues that can arise on any given day. Just as in other areas of effective property management, a very intentional, pro-active approach to property maintenance is absolutely essential to protect and preserve our clients’ assets at the highest possible values. At Romano Litchfield and Associates, we are prepared to immediately address and meet every maintenance need with a team of licensed, insured, experienced, professional contractors with whom Romano Litchfield and Associates has worked closely for over 10 years. From quarterly inspections and service of fire alarm and HVAC systems, to exterior landscaping and everything in between—plumbing, electrical, roofing, parking lot and any and all general repairs—we place the highest priority on the physical care and upkeep of the properties we manage.
Additionally, Romano Litchfield and Associates will, as representatives of our clients, oversee major refurbishment and/or expansion of office and manufacturing improvements. We will insure that the work is done in a professional and timely manner on a carefully managed budget at the best possible prices.
At Romano Litchfield and Associates, we oversee the entire cash flow cycle related to the separate “business” represented by each property and by each client. We utilize online banking services to facilitate and expedite deposits and collections as well as to provide an accurate and detailed accounting history for each of our clients including:
- ACH Debt and Credit Origination
- Wire Transfers
- Current Day Account Information
- Federal and State Tax Payments
- Check Image Services
- Remote Deposit Services
- Payment Processing
- Checking Accounts with FDIC
- Money Market Accounts
- Savings Accounts
- Certificates of Deposit (CD)
Our cash flow management philosophy is grounded on four pillars. First, we want to ensure the financial integrity of our clients’ money. Utilizing the latest electronic banking technology, we are able to maximize accuracy and protection of our clients’ funds.
Secondly, we seek to help our clients maximize cash flow from their properties. The immediate depositing of income and distribution into appropriate accounts for each property allows us to achieve this goal for our clients.
Third, we seek to assist our clients in leveraging their assets for the greatest benefit and return on their investment. This aspect of our services may include consulting on financing, refinancing a loan, or investing cash reserves but there is much more to achieving this goal. Positioning the asset in the marketplace in such a way as to attract, secure and retain the highest quality tenants ensures that our clients receive the highest possible return on their investments.
Lastly, Romano Litchfield and Associates recommends that an adequate cash reserve balance for each property is in place to allow for timely payment of mortgages, for tax and insurance payments, as well as the unexpected, emergency type of expenses that may arise. Additionally, adequate cash reserves allow us to take advantage of cost-saving opportunities on both regular and unusual property expenses.
Romano Litchfield and Associates develops mutually beneficial relationships with their tenants with a strong emphasis on communication. When matters arise that cannot be resolved and the only recourse is a legal solution, we have a team of highly qualified lawyers to assist with the following:
- Unlawful Detainers
- Alternative Dispute Resolutions
- Business Litigation
Requiring out tenants to obtain adequate Liability insurance coverage for each property is one of the many services we offer and is something that we diligently pursue. We take the necessary steps, for each property that we manage, to monitor the expiration dates and obtain current documentation of Liability Insurance Certificates and, where applicable, Property Insurance Certificates naming the property owners as “additional insured”.
We exercise the same level of documentation for the contractors that we employ to perform maintenance on our properties, as well as tracking and obtaining workers compensation certificates for each of them.
In addition, we routinely purchase property and liability insurance for our property owners, when requested.