All Forum Posts by: Eric Weireter

Has anyone heard of and/or use Particle Space? I've been pinged by them twice this past week. The software seems to be in its infancy (I haven't heard of it before), but they appear to offer multiple intriguing features. 

I currently use Yardi Breeze for my commercial property management but am open to exploring other options with additional/better commercial features as our AUM grows (expected to triple in 2021).  

Hi @Calvin Thomas - I'd recommend looking into access control systems that use key cards/fobs. We have a vendor that installs Linear's eMerge System in all our properties that allows us to remotely manage access control. Our most recent install was 6 months ago... they removed the existing antiquated physical key/lock system that you are talking about, installed fob readers on 8 doors, 2 security cameras, ran all the wiring and labor. The final bill came out to $17k. 

While I know there are many access control systems available, what I like about Linear is that it does not have a monthly recurring fee. I've managed other properties that have had access control systems that charge a monthly fee per reader... often totaling $100-200/mo just to use the system. 

Once you install the hardware of an access control system you can overlay it with sexy/trendy technology software like Kisi or ButerflyMX which I would think would be of interest to coworking members. 

Hi @Kelly McMillan - I've got a client that has used Cornerstone Foundation on a couple of occasions (different property each time). 

@Michael Veloso This article is a good place to start, which includes many links. Most rental laws are state statutes, therefore county sites typically don't have specifics on rental laws unless you are searching for Housing Authority (Section 8) information for the county your rental is located. 

I'm exploring the requirements of submitting a HUD bid and need to select a Title Company/Closing Agent prior to submitting a bid. Who are some HUD-approved Title Companies/Closing Agents in the Pittsburgh market?

Those who have successfully had their HUD bid accepted, who did you use as the Title Company/Closing Agent?

I manage a couple of historic commercial properties in Durham, NC that have multiple 200-500sf offices within the building(s)... a good tactic we've had a great experience with is advertising to the existing tenants. 

If the existing tenant(s) are not in a position to expand, more times than not they are aware of another business within their network that needs space. Sometimes, a tenant can find it beneficial to have a business they deal with frequently occupy space within the same building.

Hi @Derek, I run a commercial property management firm here in the Triangle...

Think of a NNN lease as the owner is responsible for the building envelope (roof, walls, windows) plus taxes and insurance. Typically, according to the lease, you are able to charge back expenses to the tenant, based on their pro-rata share of the property, in what is called TICAM (Taxes, Insurance, Common Area Maintenance). Again, you'd want to refer to the lease to see if you are allowed to charge TICAM, which is sometimes referred to as "additional rent" in the lease.

NNN expenses for a landlord could include landscaping, parking lot, roof R&M, HVAC (based on the lease sometimes the tenant is responsible for up to a certain dollar limit in a 12 month period and then the owner is responsible for above/beyond that amount), exterior water proofing, management fees, general & adminstrative, etc.

NNN expenses for a tenant would include essentially everything on the interior of their space... lightbulbs, janitorial, HVAC contract, plumbing, etc.

Feel free to reach out directly if you have any other questions.

@Colton T. I currently manage a portfolio for a client of ~130k sf of historic office buildings, with each property typically being in 15k-25k sq. So, I am extremely familiar with these boutique offices that you refer to. 

When leasing, we had an attorney draft a standard lease agreement. We do the leasing for these properties without a commercial broker since it's not a complex transaction. It's also unlikely that the tenants that are looking to lease this type of space have a broker either. We don't offer any TI, what you see is what you get. We'll freshen up the paint and wax the terrazzo floors, but you're not getting a kitchen, new carpet and the nines. 

You have to understand, the majority of tenants that take these boutique offices are typically solo shops (attorneys, counselors, designers, insurance, logistics) and occasionally have up to 4 employees. The longest lease term we offer is 3yrs, but the majority are 1yr leases. The majority of these tenants are not established and are just trying to figure out if they have a viable business proposition and are trying to do so outside their personal residence.  

From the management standpoint, collecting rent from these small tenants is significantly more difficult than my large corporate tenants. We require all our tenants to pay online through a portal (which has an automatic payment option), but often the small tenants are accruing late fees and or NSFs. 

Happy to answer any other questions.

I recommend: Carlos Paulino w/ Goosehead Insurance

Hi @Tracey Callison, unfortunately, I'll be out of town for the holidays. Raincheck? Perhaps another time?