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Retail Property Management/Questions Answered by Expert Mike Fortunato
| Subject | Date Asked |
| SUBDIVISION RESTRICTIONS | 8/23/2011 |
| Q: Mike, Not sure if question is in your field of expertise, but here goes. My wife and I bought ... A: The bad news is that you could be asked to cure the violation. The not so bad news is that any other ... | |
| Termites in Fence | 6/29/2011 |
| Q: I have dry rot/termite damage in my fence gates(x2). The rest of my fences are metal. I am renting a ... A: What would you file? There are no damages as of yet, other than the damaged fence, and that actually ... | |
| Mgmt Fee vs Admin Fee | 1/25/2011 |
| Q: Can you please provide me with a concise explanagoin of the difference between the management fee ... A: The management fee is for services required to manage the building. The admin fee, sometimes called ... | |
| Fee: % of collected gross revenue | 10/4/2010 |
| Q: Fortunato, If I use collected gross revenue method to determine the management fee every month, ... A: That depends on how your management contract is written. If you do not specifically call for ... | |
| Parking lot liabilty | 9/8/2010 |
| Q: My car was damaged in a KMart parking lot by kids trying to jump over the hood. I did a police ... A: I think you're probably best served by asking that of an attorney to get a legal opinion. Despite ... | |
| Property Management Co Insurance | 4/29/2010 |
| Q: We are in the process of starting a property management company. Aside from E & O insurance is ... A: Yes, you should have general liability insurance, and you may also be required to be bonded by some ... | |
| Demising wall | 3/31/2010 |
| Q: I currently lease space for my business. I have a tenant who sublets a portion. We have 2 separate ... A: I wouldn't assume anything --- in any lease language that involves that demising wall, i would ... | |
| Demising wall | 3/31/2010 |
| Q: I currently lease space for my business. I have a tenant who sublets a portion. We have 2 separate ... A: I don't see any reason why you can't keep the current configuration, so long as both new leases ... | |
| lease question on mab paint stores | 3/23/2010 |
| Q: mike fortunato, i come to you to see about a quick answer regarding the mab paint store sytem ... A: We're not directly involved in any of those transactions, so I have not had a need to monitor the ... | |
| Land lease | 3/22/2010 |
| Q: I have an 8 acre piece of land that has been used for hay and am looking to find the lease value on ... A: Your best bet is to contact a local real estate broker in your area to do an analysis. That person ... | |
| property management | 1/18/2010 |
| Q: Our Pittsburgh, Pa. condominium is handled by an accredited firm, but their former property manager ... A: I'm not aware of Pennsylvania real estate regulations, so I'm not sure about licensing requirements ... | |
| warehouse ( case). | 12/23/2009 |
| Q: Suppose you are a warehouse manager for retail chain. You receive hundreds of items from many ... A: Wish I could help, but my expertise is in management investment real estate, not a warehousing or ... | |
| land lease | 11/19/2009 |
| Q: My brother and I own property outside Victorville. It's 40 acres of vacant land and it's zoned ... A: Yes, our company could certainly be of assistance as Victorville (and the High Desert) is within our ... | |
| Profitability consusltants | 9/28/2009 |
| Q: I consult with restaurants and retail establishments to enhance profitability. I have had a couple ... A: Marketing to targeted customers in any business is tricky -- I'm not sure what to suggest as far as ... | |
| sale or lease | 7/10/2009 |
| Q: I live in a community that is in a prime location in large city willing to sell our land. With the ... A: Yes, that is possible...but I would be inclined to advise against it. I have partnership clients ... | |
| rental issues | 5/28/2009 |
| Q: I was evicted from a property that I ended up suing. The rental company admitted to misplacing funds ... A: Sorry, but your question is far too involved in legal issues for me to be able to understand ... | |
| Land Lease Valuation | 4/14/2009 |
| Q: I work for a non-profit who received a portion of a land lease donation through a trust. Our ... A: There's not enough information to determine that. For instance, the value of the land lease is ... | |
| Land Lease Valuation | 4/14/2009 |
| Q: I work for a non-profit who received a portion of a land lease donation through a trust. Our ... A: The only adjustment you might want to make is for an annual inflation factor for the period from now ... | |
| repair on damage termite structrure wood | 2/12/2009 |
| Q: I just signed the commercial lease for the retail store, and my landlord wants to fix the termite ... A: You'll need to check your lease to determine who is responsible, but under normal circumstances, the ... | |
| Rights as a tenant | 11/3/2008 |
| Q: We have been renting our home for almost 4 yrs now. 2yrs ago we were promised by the landlords that ... A: Regardless of the amount of rent you pay, and irrespective of the fact that you don't own the ... | |
| land lease value | 10/9/2008 |
| Q: What is the best way to determine the present value/worth of the income stream created by a long ... A: I believe you will probably need to create a custom spreadsheet to accomplish that, if your goal is ... | |
| retail property mgt. | 10/7/2008 |
| Q: What is typical for a full service retail prop. mgt. fee? And, what is typically included in "full ... A: Depends on your area, the complexity of the property, and a whole host of other factors. I would ... | |
| Demising wall for restaurant in new constructed shopping center | 10/2/2008 |
| Q: My name is Sup and I am leasing a commercial space in the shopping center to build restaurant. I ... A: Most likely, you'll want insulation, whether you need it or not. As for code issues -- it may or may ... | |
| Retail property management | 6/24/2008 |
| Q: I currently work for a fairly large developer as the commercial lease administrator. We anticipate ... A: You can look into the Institute of Real Estate Management (www.IREM.org), and they have courses you ... | |
| Denial to Rent Store Front | 5/29/2008 |
| Q: I have been working diligently to open a retail dollar store and found some great locations to ... A: Unfortunately, you probably don't have any recourse. Commercial landlords can, and often do, ... | |
| The Life of a Property Manager | 5/26/2008 |
| Q: I am a student, wife, & mother looking to get a job in commercial property management upon ... A: Property management is much like any job in that it requires a full time commitment. So, if you work ... | |
| Retail Center Management | 5/22/2008 |
| Q: My mother and father own a shopping center and I am going to manage it. It is in Naples, Florida. I ... A: I'm not sure about the rules in Florida. Here in California, you would be able to manage a ... | |
| Portfolio Management | 5/19/2008 |
| Q: i am from Sydney Australia and studying postgraduate in Property Commerce. I would like to know how ... A: Unfortunately, entire books are written on that subject so I'm unable to answer most of your ... | |
| Project in China | 5/16/2008 |
| Q: I have managed residential for over 10 years and while I worked in management at a major retailer in ... A: One possibility is the Institute of Real Estate Management, which you can find online at ... | |
| Property Management Jobs | 4/28/2008 |
| Q: I've been managing properties on my own for several years now. But I am interested in getting ... A: Not sure what to suggest -- this industry doesn't tend to be in hiring mode these days, but job ... | |
| Commercial Property Management | 4/6/2008 |
| Q: I currently manage a full service retirement community and have 15 years managing apartment ... A: Obtaining the RPA & CPM credentials would be good, as some institutional investors require them. At ... | |
| Non-agents | 12/11/2007 |
| Q: What is or who is considered a non-agent in a real estate transaction? Such as a non-agent fee ... A: Real estate regulations vary widely from state to state, so you would probably need to check with ... | |
| Site Development | 11/25/2007 |
| Q: I'm a builder/developer of 27 years. Recently I purchased a 4ac. tract of commercial property that I ... A: Most of the major branded tenants all use real estate professionals to handle their site ... | |
| Retail lease and construction | 11/14/2007 |
| Q: I currently found a very nice place to open up a retail store and found the landlord to be very good ... A: If you have already begun negotiations, it could be tough to add your broker into the mix now. The ... | |
| Retail lease and construction | 11/13/2007 |
| Q: I currently found a very nice place to open up a retail store and found the landlord to be very good ... A: Constructing of a demising wall (or modification of any existing one) is usually a negotiated item. ... | |
| Management Contract Purchase | 11/8/2007 |
| Q: I have an issue with the prior property management. However, their management contract was sold to ... A: I'm not an attorney (you should probably consult one), but the document between the prior management ... | |
| Land Lease economics | 9/11/2007 |
| Q: Where can I find information on how to price a land lease? A: Because lease rates are largely dependent upon local market conditions, your best bet is to obtain ... | |
| Per diem interest on construction loans for residential developments. | 9/10/2007 |
| Q: Hey Mike, Do you have any experience with construction loans on residential property? For example, ... A: Your simple calculations on interest per lot would be fairly correct. the tax implications get into ... | |
| Commercial property | 8/24/2007 |
| Q: I am in the middle of negotiating for a property, to trade in for gift Retail. I am just starting ... A: Unfortunately, I do not know how real estate negotiations are typically handled in your country. ... | |
| Build a Career on Retail Property Management in India | 8/16/2007 |
| Q: I am a retail operations post graduate with 1.5 years of work experience across middle level ... A: Naturally, education and the resulting credentials would probably help advance your career, and make ... | |
| Commercial Lease | 7/25/2007 |
| Q: In May 2004 I signed a seven year lease to open and operate a convenience store/gas station. In ... A: Sounds to me like you need the advice of a real estate attorney, especially if the lease isn't clear ... | |
| Land lease valuation | 7/24/2007 |
| Q: I saw your questionabout land lease valuation. I have a property that a bank may be interested in. ... A: Sorry, but I answer a zillion questions on this site and can't recall what you are referring to. I ... | |
| History of Property Management | 7/23/2007 |
| Q: My name is Chauntrell. I am looking for books and websites that can give me a history of Property ... A: Wish I could help, but I haven't had the occasion to ever research that information. I have to think ... | |
| How to lease a property | 7/19/2007 |
| Q: My father owns an Upholstery Shop and the property which he runs it out of. I'm trying to get him ... A: Most brokers are basically the same, in that they have the same tools and resources available to ... | |
| NEW and want to lease retail space in a NJ enclosed shopping mall | 7/4/2007 |
| Q: I have looking to lease a retail space approx 1200 sq ft (in line store)..in an enclosed shopping ... A: First, I would strongly recommend hiring a commercial real estate broker to represent you. Normally, ... | |
| Property Mgt Fee | 6/29/2007 |
| Q: This is a great resource. My non-profit corp has been offered an opportunity to manage some ... A: First, you should know that most states require a real estate broker's license to manage properties ... | |
| How to lease a property | 6/19/2007 |
| Q: My father owns an Upholstery Shop and the property which he runs it out of. I'm trying to get him ... A: First thing I would recommend is to contact a local commercial (not residential) real estate broker, ... | |
| Retail Budget From Scratch | 6/12/2007 |
| Q: Let's say your company purchases a new property and there is no history or files....what's the best ... A: We prepare budgets for new properties without historical data frequently, and we do so based on our ... | |
| management fee | 6/9/2007 |
| Q: we have a shopping center with our grocery store as the anchor[34,000 sq ft]. the rental area is ... A: I don't know of any published report you could use. Out here in California, 5% is not unreasonable ... | |
| Retail store | 5/7/2007 |
| Q: I am planning to open a retail store in Florida. Are there any companies that can help you ... A: There are no specialty companies that I know of who could choose a location for your particular ... | |
| Evaluating Expenses based on a new purchase | 4/10/2007 |
| Q: Mike, I am fairly new to the retail/commercial real estate sector and my question is in evaluating ... A: When we analyze properties, we prepare our own proforma (budget) which includes operating expenses. ... | |
| superintendent administrative fee | 3/31/2007 |
| Q: Typically retail centers are run by management teams or companies who would have to rely on third ... A: I would think that if you told your objecting tenant the same thing you wrote to me, that's a pretty ... | |
| Valuation of a business on leased land | 3/28/2007 |
| Q: We are considering the purchase of an on-going business located on leased land with 22 years left on ... A: Unfortunately, I probably won't be of much help on valuating a business venture, as it is somewhat ... | |
| business contract | 3/5/2007 |
| Q: i have a clause in my contract which says; to do all the work to the property which any authority ... A: Not sure what "Parliament" refers to -- I'm guessing you are overseas, possibly in Britian, and I'm ... | |
| business contract | 3/4/2007 |
| Q: i have a clause in my contract which says; to do all the work to the property which any authority ... A: I'm sorry, but I really don't follow your question. It would seem to involve some repairs you are ... | |
| i have a question | 2/27/2007 |
| Q: I am an executive in the Hospitality Industry that is looking for a change of pace. After doing ... A: In a nutshell, retail property management is the management of shopping centers (which includes ... | |
| Leasing Manager Career | 2/19/2007 |
| Q: Mike, I have been a Property Manager in the assisted housing field for nine years. Due to ... A: As an eductaional resource, you can try the Institute of Real Estate Management (www.irem.org). That ... | |
| Land lease valuation for thriving commercial sector | 12/5/2006 |
| Q: Mike, Recently I was contacted by a commercial realty company interested in purchasing some property ... A: Alex, Unfortunately, there is no ballpark estimate as to what land lease values would be, that ... | |
| Relocation headaches | 11/29/2006 |
| Q: I own a music retail store that has been within a block for over 50 years. We have new landlords ... A: Joe, I think you would probably need to ask yourself some questions before really knowing which ... | |
| What types of contracts does a typical mall have, and how many? | 11/21/2006 |
| Q: I am curious to know about how many contracts a typical shopping mall has and with whom? I know ... A: There will usually be contracts for everything that requires regular service (janitorial, heating & ... | |
| Retail lease, tenant question | 11/15/2006 |
| Q: Location: Portland, Oregon We rent a retail space in a large facility which is principally office ... A: Joe, Unfortunately, there's probably not a lot you can do, except what you are already doing which ... | |
| tenants coordination management | 11/7/2006 |
| Q: i currently join in tenant coordination dept. of a leasing company. this company manages a big ... A: Unfortunately, I'm not familiar with that exact terminology for such a department within a ... | |
| Commercial Retail Property Management | 11/5/2006 |
| Q: While I understand my question is rather broad in nature, I was hoping that you could provide me ... A: Steve, As you might imagine, entire books have been written on these aspects of property management ... | |
| Retail leasing | 8/23/2006 |
| Q: I found this 1400 sq. ft. retail space that is in the remodeling stage (the whole strip plaza)on ... A: Quite simply, you offer less for the space and see if the Landlord will accept. They might, if the ... | |
| Retail leasing | 8/22/2006 |
| Q: I would like to know how do you go about negotiating the rent for a retail space that is too high? ... A: To be able to answer that question, I would need to know further details of the transaction. Any ... | |
| Tenant insurance | 8/18/2006 |
| Q: I own a 2500sq ft free-standing center with a hair salon tenant. The lease requires the owner (me) ... A: Ken, In that described situation, I would probably recommend allowing the tenant to purchase the ... | |
| Development & Leasing | 8/18/2006 |
| Q: Mike Thank you so much for your reply. You mentioned that the development phase can be daunting ... A: The architect probably could handle the construction management, but that would be the most ... | |
| land lease valuation | 8/17/2006 |
| Q: I own a commercial property with a garage/office. I have prospective tenant who is interested in a ... A: Richard, If you know what the resulting size of the building the tenant is to construct, you could ... | |
| Shopping Centre Management | 8/12/2006 |
| Q: I am a student from Australia studing property management. My specific assignment topic is on ... A: There are so many things a property manager handles, it would be difficult to list all of the ... | |
| Commercial Real Estate Lease | 8/10/2006 |
| Q: I hope I don't make this complicated. I will try to keep it simple. I have been offered an ... A: Teresa, There's no standard answer for that....it really just depends on whatever you two ... | |
| rental increase | 8/2/2006 |
| Q: How much can a landlord increase rent per year in Florida? A: I don't know Florida real estate law (I'm in California), but I'm not aware of any legal maximum ... | |
| Retail Leasing | 5/24/2006 |
| Q: Mike, I am trying to find retail space in an enclosed shopping mall in a "first ring" suburb of a ... A: Tommy, The best thing you can do is to create a business plan for your concept. Most word ... | |
| Retail Property Management at multi-use development | 5/3/2006 |
| Q: Is there a sample property managment handbook for retail tenants anywhere, possibly the internet for ... A: I don't know of any handbook that would provide direction for those items. Typically, how those ... | |
| HI, my qestions are as follow: 1.... | 11/1/2005 |
| Q: my qestions are as follow: 1. what is an important leasing tool and fair housing record for ... A: 1. Not sure what you mean by the second half of your first question (fair housing record). But for ... | |
| SHARE VS PENETRATION | 9/6/2005 |
| Q: I wanna know if there is any difference between market share and market penetration, I mean, are ... A: Based on my understanding of that terminology, market penetration would be the initial impact on ... | |
| leasing property | 7/7/2005 |
| Q: I own a 8500 sf. freestanding restaurant that I want to lease. What is the best method to market it ... A: To market the space, you could try to simply put a "for lease" sign on the building and see what ... | |
| Retail Real Estate Basics | 5/20/2005 |
| Q: I was having a tough time finding any information on best practices for retail property management. ... A: I'm having a little trouble understanding your question. Do you mean performance from the ... | |
| my house | 8/16/2001 |
| Q: my family owns a motel,(3 stories) and there is a 9 story hotel next to us. they took their old air ... A: If you can prove that the neighboring equipment is causing your problems, then you could certainly ... | |
| Retail rental valuation | 8/2/2001 |
| Q: What effect does a rent review clause have on the new rent negotiated at a review? This is just in ... A: Here's one legal definition of a rent review clause: A rent review clause is designed to deal with ... | |
Mike Fortunato
Top Expert on this page
Expertise
Can answer questions on all aspects of commercial real estate management, including lease administration, eviction issues, financial reporting and budgeting, asset valuation/enhancement, marketing & leasing, and site maintenance and repairs. 20+ years of real estate management.
Experience
20+ years in commercial management. Current own and operate property management company in southern California.
Organizations
BOMA and IREM
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