In our ongoing Frequently Ask Questions series, we’ve covered How Much Does Property Management Cost?What Services Does Property Management Include? and How Often Will a Manager Visit My Property?

So, what’s next on the list?

Can I Keep My Own Bank Account (for the property the management company is to oversee)?

Another great question! And certainly, a prudent consideration for any commercial real estate investor.

In fact, if you’re like many of today’s shopping center landlords, one, or both, of the following scenarios probably sounds familiar…

1. Partnership Selected Bank

You own a shopping center in partnership with several parties, and the group has collectively agreed to process all property finances through a specific bank.

2. Lender Designated Bank

You financed the purchase of your shopping center, and the lender requires that all property finances be processed through a specific bank (usually the institution making the purchase loan).

Well, the good news is in either case, CBM can accommodate your situation!

Now, just to clarify our typical process…

When taking on a new property management account, we open a property trust account through our preferred bank.

We Use a Preferred Banking Vendor For Several Reasons…

== > We have a long-standing relationship with our bank and hold tens of millions of dollars in deposits with the bank, which entitles us to individualized attention and preferential treatment.

== > After so many years in partnership with our bank, we’re well versed in their procedures. And they’re similarly acquainted with our processes. This ensures transactions run smoothly, with no surprises, or unexpected bumps in the road.

But Using Our Vendor is Purely OPTIONAL

With all of the above said, however, holding a property trust account with our bank is merely an option. Not a requirement.

We can, and often do, work with many landlords to accommodate trust accounts at any bank.

Our lead accountant will interface with bank administers and establish our depositing and payment processing in accordance with that institution’s protocols. And given that we process tenant rent and CAM payments via ClickPay.com (an online automated payment portal), our accountant will ensure this payment portal integrates seamlessly with a landlord’s bank of choice.

For More Information on CBM’s Property Management Services…

Visit our Services page at cbm1.com/services


In our ongoing Frequently Asked Questions series, we’ve answered…

How Much Does Property Management Cost? And  What Services Does Property Management Include?

So, what’s up next?

How Often Will a Manager Visit My Property?

Let’s start answering this question by digging into…

Why Do Property Managers Conduct Regular Site Visitations?

Monitoring Your Property’s Physical Condition

Maintaining your retail shopping center’s physical condition is imperative! This is important for several reasons…

First, you want your property looking good and in peak condition, so it’s appealing to would-be customers. Because, of course, your tenants depend upon those customers to say in business.

Secondly, you want to ensure your property is good physical condition and free from any potential hazards. This is critical to avoid any potential trip-and-fall or similar accidents that could result in personal injury lawsuits.

Foster + Maintain Positive Tenant Relations

Nurturing positive and productive tenant relations is also key to sustaining a profitable shopping center.

Your tenants are your property’s financial lifeblood. Ensuring their needs are met and concerns are satisfied is crucial to promoting their continued residency in your shopping center.

Thus, consistent access to a sympathetic ear empowered to address your tenants needs and concerns is VERY important to them. And ultimately, tenants take comfort in knowing a landlord representative FREQUENTLY visits the property they inhabit to offer that sympathetic ear.

The Best Way to Accomplish These Goals?

Have a property manager conduct regular site visits!

Site Visitation Overview

Physical Inspection

When a manager visits your property, they pay close attention to your center’s overall condition, in addition to monitoring specific details.
This includes evaluating:
== > The quality of vendor services
== > The health of landscaping
== > The condition of the parking lot, sidewalks + curbs
== > The overall appearance + integrity of the building’s structure + façade
== > And much, much more!

Tenant Relations Management

In addition to conducting physical inspections, regular site visits also afford tenants a forum to:
== > Voice concerns or issue complaints (about property or neighborhood conditions, vendor services, disputes with other tenants, or frustrations with lease terms they are struggling to satisfy)
== > Offer assessments of property vendor services (poor cleaning or trash collection may be negatively impacting their business)
== > Point out maintenance issues, mechanical or structural problems, and any potential hazards (which may be negatively impacting their business)
== > Develop a simpatico relationship with their property manager (which is often instrumental in avoiding a number of potential crises)

Now that you understand WHY managers conduct regular site visits, the question then is…

How Often Will a Manager Visit My Property?

Typically, managers visit individual sites once per week.

In our nearly three decades of retail property management experience, we’ve determined that weekly visits are the optimal frequency to ensure a property is consistently maintained and remains in peak physical condition.

Are there exceptions?

Of course!

More Frequent Visits

In some case, managers visit a site more frequently than once per week. Reasons for additional visits may include…
== > Persistent maintenance, cleaning or trash removal problems a manager is working to correct
== > Construction, remodeling or other special projects your manager is monitoring
== > Tenant meetings
== > Tenant move-in + move-out oversight

And these are just a few examples, many other situations may necessitate additional site visitations.

Less Frequent Visits

In other cases, managers may visit sites less often than once per week.

The most likely reason for this is when the 12th through the 15th of the particular month falls in the middle of the week. Managers are usually quite busy between the 12th and 15th of each month preparing monthly landlord financial statements and narrative reports.

Thus, a manager may not be in the position to visit every site in their portfolio.

Are Regular Site Visits to Monitor Your Shopping Center a Concern?

Professional property management would likely benefit your property.

For more information about our management services, visit our Services page at: cbm1.com/services.