Newmark Knight Frank Receivership & Asset Management

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National strength. Local expertise.

Our broad understanding of the national commercial real estate market, and specialization in the Midwest market, lends perspective and a steady hand to all of our efforts. The following is an outline of the steps we take with the distressed properties in our care:

Property Management
  • Prepare operating budget
  • Abstract leases and update rent roll; implement an effective rent collection process
  • Obtains permits for occupancy and other regulatory permits required for the property
  • Identify expenses including real estate taxes, utilities, third-party vendors, on-site staff and delinquent accounts payable
  • Explore opportunities to reduce utility costs
  • Vendor management, including identifying all vendors and ensuring they have been paid in full to prevent liens; evaluating and rebidding service contracts as appropriate
  • Evaluate effectiveness and quantity of on-site staff to ensure value
  • Create a maintenance plan that includes correcting deferred maintenance issues and establishing a process for routine care and upkeep
  • Implement a tenant outreach and communications program to better manage tenant requests, build tenant satisfaction, and ultimately increase tenant retention
  • Establish an efficient, standardized accounting system for accounts receivable and accounts payable
  • Complete annual real estate tax analysis and develop a plan to address any delinquencies, liens, or potential reductions
Leasing
  • Develop an effective leasing plan including related marketing strategy
  • Create standard lease documentation and procedures
  • Ensure timely execution of all new leases and renewals
Asset Management
  • Develop an asset management plan to maximize long-term asset value
  • Complete financial projections to determine current value, complete “sale vs. hold” analysis for strategic decision-making
  • Risk mitigation
  • Rebranding of asset
  • Green/sustainable building strategies
  • Prepare accurate property budgets and obtain required capital expenditure approvals
  • Develop effective reporting system to REO institution
  • Project/Construction management
Asset Disposition
  • Develop a preliminary dispositions strategy including analysis of the benefit of immediate sale or repositioning the asset before disposition
  • Commence sale process upon approval from appropriate parties

Other Services

Newmark Knight Frank offers a wide range of real estate services. Be sure to check out our other offerings.