Property Management

Property Management is a collection of versatile sub-services. It encompasses personal relationships with landlords, tenants, facility service providers, visitors, insurers, accountants and banks. From another standpoint, it can be broken down into operational, financial, marketing, legal and maintenance aspects. When all of these components come together – and can be quantified in a sustainable budget, maximizing a building’s net operating income – property management becomes a complete and befitting service.

Every organization is unique, and hence there is no work plan that can be replicated across clients. Our consultants meet with every client and tailor our property management services for their individual needs. Essentially, these services can be broken down into two broad stages, pre-opening and post-opening.

Pre-opening Setup

For instance, if you are an investor or developer with a project nearing completion, you will need to hire administrative staff and facility service providers. Our consultants can provide advice on how to choose your subcontractors. We can prepare draft contracts for them, draw up a budget and establish reporting procedures.

Another element is Insurance policies. Our consultants can provide advice on this topic and can assist with the entire set of administrative and operational documents and procedures that go hand in hand with running a commercial building.

If your project is yet to open its doors and you want seamless operation from the very start, there are many organisational details to cover. For a commercial building these may include; the handover process to management;  liaison with prospective tenants;  handling queries during the fit-out stage;  design consultation and advice on building systems;  tender service contracts;  service charge budgeting and apportionment procedures; recruitment and on-site training of management staff;  a Tenants’ Handbook;  preparing an Income/Commercialization strategy;  a Health & Safety Policy and various other aspects. Forton’s Property Management Team has experience with these issues and can help you efficiently manage the pre-opening setup for your property.

Post-opening Management

In an operational building, being in control is important. Our property managers can be engaged to oversee the proper inflow of all rental revenues. We can attend to your accounting and legal paperwork and check for compliance with budgeting procedures. We can also take-on the role of checking that all installations are working properly and ensuring proper hygiene and security control. Throughout these processes, it is our practice to regularly provide updates on your property’s performance and make sure you have full control over your asset.

The day-to-day management of a commercial property also involves a people-orientated aspect. This means hiring staff, dealing with tenants and the oversight of facility maintenance service providers. As a property owner, you can turn to us for any of the services below:

  • Tenant Relations
    • Monitoring tenant compliance with the lease obligations.
    • Managing tenant inquiries, including having a ‘hot line’ for tenants.
    • Managing negotiations, subletting and relocations.
  • Facility Management
    • Managing service providers (cleaning, security, technical… etc).
    • Negotiating new service contracts.
    • Developing and supervising a planned preventive maintenance program.
    • Organizing repairs and modernizations.
    • Planning capital improvements.
  • Property Administration and Financial Services
    • Processing invoice, rent and service charge collections.
    • Performing bank account administration and accounting.
    • Preparing and tracking an annual service charge budget.
    • Reconciling year-end service charges.
    • Preparing lease analyses and establish a database of lease information and tracking key dates.
    • Exercising credit control and initiating action for recovery of any arrears in conjunction with a preferred lawyer.
    • Preparing comprehensive monthly reports.
    • Providing insurance advisory services and litigation assistance.

Should you have any inquiries, please contact:

Maya Baltadjieva on: +359 2/ 805 90 40 or mbaltadjieva@forton.bg.