The appointment as a receiver is a key role in the operation of a non-performing real estate asset and is a role we do not take lightly. Whether we utilize ourselves or one of our independent third party receivers, we must quickly act in the property’s best interest to secure, preserve and establish the highest value for the asset. To accomplish this we act swiftly to take control, review all aspects of the property and then promptly recommend the most cost effective direction to stabilize the property.
We are able to accomplish this by utilizing a written plan to achieve a trouble free transfer of control. Within hours of our appointment our management team would have inspected the property, met with the tenants and vendors and obtain and review the asset’s records from the owner and/or its management company. We would then establish the operational, maintenance and accounting procedures and systems deemed to be appropriate for the property. We have found that the faster this is completed, the better the chance the property has to bounce back into the market.
Our team is familiar with proper reporting to the courts as well as the lender’s asset manager. We are well versed to prepare and defend against any legal action on the defaulted asset. We will always seek the most cost effective path to achieve value for the asset. Our end goal is to increase the asset’s value to its greatest potential in the shortest amount of time.
- Receivership Activities
• Develop an operating budget
• Secure Property Records
• Perform occupancy verification
• Administer tenant compliance
• Manage vendor performance
• Conduct leasing and marketing services
• Maintain client relations
If you are interested in learning more about how our management services favorably impact receivership assets, please contact Brad Fitzgerald at (954)760-9300.