{"id":1004100609,"date":"2014-07-16T10:09:14","date_gmt":"2014-07-16T18:09:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004100609"},"modified":"2022-12-04T17:14:50","modified_gmt":"2022-12-05T01:14:50","slug":"prepare-for-q4-in-the-summer","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prepare-for-q4-in-the-summer\/","title":{"rendered":"Prepare for Q4 in the Summer"},"content":{"rendered":"<p><em>By\u00a0Manuel Fishman, RE Attorney,\u00a0Buchalter Nemer\u00a0<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004096951\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/is-it-a-bubble-yet-reflections-on-current-state-of-cre\/fishman\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\" data-orig-size=\"276,235\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D300&quot;,&quot;caption&quot;:&quot;????????????????????????????????????&quot;,&quot;created_timestamp&quot;:&quot;1373452043&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;85&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Fishman\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg?w=276\" class=\"alignleft size-thumbnail wp-image-1004096951\" alt=\"Fishman\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\" width=\"150\" height=\"150\" \/><\/a>Typically, there is a lull in commercial real estate transactions during Q3, with summer vacations and other factors creating distractions.\u00a0 Nevertheless, given the likelihood that commercial real estate will experience a strong Q4, it is a good time to look at one\u2019s portfolio and \u201cclean things up\u201d in advance of dispositions and financings, which will all begin in September.<\/p>\n<p>What are some obvious tasks and projects that RE professionals should consider?<\/p>\n<p>(i)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review all leases to confirm that fully executed copies of all deal documents have been received, and are available digitally.\u00a0 You would be surprised how many times I find that the files are missing Lease Amendment No 2. when the lease has been amended 4 times, or that the copy of Lease Amendment No. 3 in the file is only signed by the tenant.\u00a0 No reason to chase that when it is an emergency.\u00a0 Have the asset management staff focus on this during July and August.<\/p>\n<p>(ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review tenant delinquencies.\u00a0 Are there delinquencies that are more than 90 days outstanding?\u00a0 Are there maintenance and repair issues at properties that need to be addressed \u2013 are these tenant responsibilities or deferred maintenance that ownership is responsible to perform?\u00a0\u00a0 Develop a plan to address these.\u00a0 Focus on tenants that you perceive to be experiencing financial issues.\u00a0 Be proactive before Q4 in approaching tenants to address late payments, breaches of use provisions (excess utility usage, for example), and failure to maintain and repair.\u00a0 If the property where these issue arise is being positioned for disposition in Q4, now is the time to \u201cclean it up\u201d with appropriate documentation.<\/p>\n<p>(iii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Review vendor agreements for compliance with insurance and scope of services.\u00a0 These often go unmonitored for too long.<\/p>\n<p>(iv)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Have building engineering review fire life safety protocols, and have property management review compliance with law matters \u2013 are there any open notices of violation, any known conditions of non-compliance that may affect a disposition.\u00a0 Focus on common areas and path of travel for ADA compliance.<\/p>\n<p>(v)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Focus on adoption of energy conservation measures (water and electricity), and how this is impacting operating expenses.\u00a0\u00a0 There are many firms and consultants that can assist in some form of audit.\u00a0\u00a0 The real estate industry, because of the bell curve of its consumption, is a target for regulators in the area of energy consumption.<\/p>\n<p>(vi)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If the property is in the queue for disposition, have a title company pull a title report.\u00a0 Are there liens for any unpaid taxes, any old mechanics\u2019 lien filings, other matters that need to be addressed and \u201ccleaned up.\u201d<\/p>\n<p>If some of the foregoing tasks are not applicable to your portfolio, think of one or two that are (riser management, access control, standard-form agreements).\u00a0 From my perch as a real estate lawyer, I am seeing the pipeline being strong, and while this is good, focusing on asset management at this time of year will reap benefits in Q4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Manuel Fishman, RE Attorney, Buchalter Nemer: Due to the summer-vacation lull in CRE transactions during Q3, it&#8217;s a good time to look at one\u2019s portfolio and \u201cclean things up\u201d in advance of dispositions and financings that all begin in September.   <\/p>\n","protected":false},"author":952,"featured_media":1004096951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[685],"class_list":["post-1004100609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-investment-column"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Prepare for Q4 in the Summer - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prepare-for-q4-in-the-summer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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