What’s the Process: Arranging Suite Management

What is the process? Here’s what to expect when you come to us to arrange suite management.

When someone comes to us with a suite that they want us to manage, first we sit down with the owner and find out where the suite is, the size, the amenities and things of that nature.

We also then find out what the owner is expecting because if owners have unreal expectations they’re going to be frustrated.

So once we establish that they have a realistic sense of what’s going on in the market, then we make an appointment to go view the suite. Why see the suite? Because we can talk about prices all day long but we have to go into the suite and see the layout, the condition, what the suite looks upon, as well as the state of the hallways in the common areas. Until this viewing you can’t really put a price on the suite.

Then we negotiate a suite price with the owner. This has to include the current marketplace, because even fifty dollars over what the general market price is can make a suite sit empty for at least a month. And it takes over a year to make up that lost money, so you want to be right on the spot with the rents.

Also with the owners coming into the office we want to make sure that we have a rapport  – not only because we have to deal with them on a monthly basis, but from their point of view they’re handing over a substantial amount of their investment for us to manage. We want to make sure that they’re comfortable with us and we’re comfortable with them.

It’s a “getting to know” process plus it’s seeking out what expectations they have. And once that’s established then we sit down, we sign an agreement, and we put the suite on the market. Usually we’re successful within the second and third week in getting them a solid tenant.