Insurance forecast according to Ed Mackoul, president of the insurance brokerage, Mackoul Risk Solutions. The premiums on property insurance will increase for two reasons. One, the cost of materials and labor has increased, therefore the cost to rebuild a building is more than in prior years. Insurance carriers are increasing building limits, sometimes drastically, to…
Every year it’s a grueling process to get the estimates on services from vendors who are already stressed for time on services they are providing. If we have services already provided by vendors, why should we provide a budget? Preparing a budget should be viewed as a worthwhile exercise and not an unwanted task. A…
The proper insurance means properly covering your risk Covering your assets is an important element for property management companies. Property management is exposed to various risks by the very nature of the service it provides. At the property level, the property manager is imperiled to the liability of anyone who suffers a personal injury or…
Common area maintenance can be confusing, so how do you interpret common area maintenance (CAM’s) also known as operational expenses for a property? Terminology differs from lease to lease along with what is to be part of the CAM’s or operational expenses. Most common types for retail and industrial leases are the triple nets (NNN). …