All Forum Posts by: Beverly Meola

Hi @Account Closed , I am also trying to get started in a commercial property management business.  I've been in commercial property management over the last 8 years in Florida and Massachusetts.  Mostly office, industrial, and laboratory.  I have my real estate salesperson license and just started working with a commercial real estate broker who is training me to take over her business so she can retire.  I eventually want to get my broker's license (3 year minimum experience requirement).  

IREM and BOMA are highly reputable commercial property management associations. CCIM and SIOR are also commercial property related to investment and brokerage. All 4 of these associations offer seminars, webinars, events, designations and certifications if you think it would help you get ahead. I'm taking courses now to get an RPA designation through BOMA because BOMA is more active in Boston than IREM. IREM will recognize the RPA achievement and fast-track me to a CPM designation and CCIM will recognize both the RPA or the CPM to get the CCIM designation. Do you really need all of them? No. Will it help you? With knowledge about the business definitely and the confidence provided by having that knowledge might land you contracts. If any of these associations are highly active in your market and commercial property owners recognize the designations then it will be worth the effort and money (a lot of money).

How did you become interested in commercial property management?

@Manuel Sarabia  The Institute of Real Estate Management (IREM) and the National Association or Residential Property Managers (NARPM) are both highly reputable residential property management associations that offer professional designations, credentials, and courses. If you're interested in managing condominium or homeowner's associations the Community Associations Institute is one that I see frequently.

I can't say that I've read many books on the industry aside from course texts.  I've kept abreast of the industry mostly through trade magazines published by associations and attending association and industry seminars and round tables.  You've already managed your own property for the last 4 years and I think hands on experience is the best!

Boston has a Rental Housing Association that publishes updates to tenancy laws. I'm not sure if California has something similar but it might worth looking into.

And if the contract you're talking about has to do with commissions, the listing broker typically has a broker agreement with the property owner and will have a separate agreement with the tenant's rep for commission.  Sometimes it's just a letter that you both sign and it would be drafted by the listing broker. 

In my commercial real estate experience as a third party manager and working for owner/managers the property owner or owner's agent provides the lease form.  

As for the commission portion of your question, I can't help because I've never seen a month-to-month commercial lease.

I know that SOME commercial spaces are listed on MLS, but you may find additional spaces listed on LoopNet.

Thanks @Mike Fitzpatrick , I added my information.

@Ann Bellamy keyword alerts already set up!  I will definitely look for you on Tuesday.

Thank you @Beau Blinder , @Shaun Reilly , and @Brandon Turner  for the welcome and the tips!

Hello all,

My name is Beverly Rogers.  I have worked in commercial property management since 2006 starting in Florida, where I'm from originally, and in Massachusetts since 2008 in the Boston area primarily.  I moved out to Central Mass a couple years ago while still commuting to Boston so I'm still not intimately familiar with this area.  My real estate experience is in managing Class A & B properties: high-rise laboratory, research parks, industrial parks, mid-rise office parks, office and industrial condominiums, and a corporate campus. A couple properties had underground and above ground parking structures.  Several were new construction.  My employers were always larger firms with highly specialized roles, so I wish I had better exposure to leasing, acquisition, and disposition transactions - I have some exposure but not the nitty gritty good stuff.  

There has been an entrepreneurial itch that I would never let myself scratch until this year when I started to put together a property management business.  The target market is mid-sized commercial and residential condominiums, commercial properties, and mixed-use properties in Central Mass.

I am a licensed Real Estate Salesperson in MA looking for a Managing Broker to gain experience in real estate transactions - preferably commercial, but deeper transaction experience of any kind would be sincerely appreciated.  I want to eventually obtain a broker's license. I am also looking for a mentor in running a property management business.  SCORE and the National Association of Professional Women were dead ends. 

My boyfriend and I decided we wanted to start investing in mixed use real estate and I picked up a BiggerPockets book.  We think we are set up pretty well to succeed - his family has a background in residential real estate, my family has a background in constructing residential real estate + my management experience.  But we have put investing on the backburner until we can figure out a few more things. I'm hoping to take the opportunity to gain experience in transactions and analyzing comps.  My endgame is still to buy and hold real estate, but my present goal is to grow this property management business.

Thanks!

Beverly

When you say 8-unit property - is that an apartment property or something else?

It really depends on how each of the tenant leases are written. It's an important distinction if Tenant 3 is subleasing TO Tenant 2 or subleasing FROM Tenant 2. Who holds the master lease? Does Tenant 1 have the Right of First Offer if any adjacent space becomes available for lease? When does Tenant 2's lease terminate? Do they have an Early Termination Right if the property transfers title?

If either Tenant 1 or Tenant 2 have the right to sublease, you would want to understand the approval process. If either Tenant 1 or Tenant 2 are Guarantors on the sublease with Tenant 3, you have some protection because you can go after either of them if Tenant 3 defaults. Have you reviewed Tenant 3's sublease agreement to find out what the terms of default are and what rights you have if they default.

If it's too complicated a situation and you don't have someone representing you or you're not willing to pay for representation I would just walk away if you can.