During the first initial 90 days of our contract, we prepare a management plan which includesan analysis of the on – site personnel (if required) and simple Audit of the Building, complete with the conclusions and recommendations based upon our analysis of costs versus benefits, as well as meeting requirements that the building owner or P3SRSs may have regarding business philosophy and liability issues.
Typically, our experiences with larger buildings would dictate subcontracting elevator maintenance, housekeeping services, trash removal, security and fire safety systems. Biding: For jobs over the amount specified in the Management Agreement, two bids will be obtained. Typically, for capital expenditures, tenant improvements, or major repairs, three bids are obtained. Generally HVAC construction and maintenance are performed by the building service contractor for consistency of operations.
The internal practices for expenditure of funds are controlled by the limitations set forth in the Management Agreement, as well as the Owner or P3SRS – Approved Budget. The Owner or P3SRS Approved Budget is used as a guideline for expenses. For those items not included in the scope of the budget, the Property Manager proposes recommendations to the owner or P3SRS for final approval. Even though an expense is in the Approved Budget if the amount exceeds the
Management Agreement limit, a secondary approval is sought prior to the expense being incurred.