Leading Property management is just a phone call away. Contact us for a free apartment audit or for a general discussion at (972) 248-6065. Protea’s staff have between them, over ninety years’ experience in apartment management, covering every class and type of apartments, including management of Off-Campus Student Housing.
Management of Shopping Centers, Office and Industrial Buildings, and Associations
Our company enjoys a leading reputation in the field of shopping center, office and Industrial building and Association management. Protea’s staff have managed over 100 of these type properties.
Your Intended Purchase
Many prospective clients have approached Protea asking for its advice on properties, especially apartment communities, they are looking to purchase. Protea has advised against
the intended purchases in over 90% of cases, and the passage of time has proved that its advice had been correct in all such cases.
The inexperienced buyer can easily fall pray to the unscrupulous seller and/or his broker. Nothing is more important than dealing with an honest management company more interested in the prospective buyer’s welfare than its own pocket. Protea is this management company. Read Client Testimonials. Additional references available upon request.
When a prospective buyer signs a contract to purchase an apartment community, in nearly all cases a 60 day period is given to the buyer for a due diligence. The buyer then has the property inspected, often very comprehensively. Protea will take care of all of your due diligence needs. We will walk all interiors and note any damages or items that need to be updated or replaced. We arrange for experts to inspect roofs, foundations, plumbing, exterior facades, parking lots, interior and exterior electrical, air conditioning systems, irrigation, pest control, and landscaping. We oversee environmental inspections performed by consultants, and physical condition inspections by engineers. Each lease flle is audited and tied to the Rent Roll provided by the seller. We review all of the seller’s financial documents as well as utility bills, to ensure there are no red flags.
In the case of shopping centers, office and industrial properties, we review the status of property tax, insurance, common area maintenance costs and what each tenant has paid towards these to date. We also interview all tenants if possible.
When asked by the buyer to do so, we oversee preparation of the appraisal of the property concerned.
Due diligence is a vital exercise. Our due diligence is extremely detailed, including investigation of insurance costs, easements, service contracts in place (such as landscaping), investigation of tenant profile, crime in the area, and several other matters. If required, we also prepare our own detailed budget forecast for the buyer.
Protea has handled dozens of major renovations for clients. In the past two years, Protea supervised the very extensive renovations of Creek on Park Place in Bedford, Texas and Creekside on the Green In Garland, Texas. For more information, see Case Studies.
Financing and Equity Availability
Protea has the connections necessary to obtain for you the best financing or refinancing possible. Why not give us the opportunity to do this for you? If we do not satisfy your requirements, it will not cost you anything.
“Within a few months, a client was obligated to repay its mortgage in full. For the previous six months the client had attempted to obtain refinancing sufficient to pay its mortgage, but the best refinancing offer it had was for $1.5 million less than the amount owing. The client turned to Protea for help. Within six weeks, Protea was able to arrange for refinancing sufficient to repay the existing debt in full.”
Protea also has sources for equity investment in your project. Give us the relevant information and we will try hard to obtain what you need.
Handling Property Insurance Claims
When disaster strikes, we have the extensive experience necessary to handle all claims.
Let’s say there is a hail storm. We use the best public adjusters, who will inspect roofs in detail and whose reports will usually be acceptable to the insurer. We have succeeded in getting new roofs for owners after hail storms. We have experienced numerous fires and have been able to have the buildings reconstructed at no or little cost to owners. If you don’t know your way around these type of insurance claims, it can cost you big time.
When you get the insurer to agree to your adjuster’s assessment of the amount of the claim, you then have to choose the best contractors for the job. We will use our experience to guide you in this regard.
Later it is important to file a claim for loss of rent suffered from the date of the calamity until the damaged part of the property is ready to be occupied. This requires experience and expertise, which we will provide.
In the OFW area, we have a team of roving maintenance employees who can attend to needed repairs and maintenance 24/7. They are able to handle the difficult work that most in-house apartment community staff cannot. They also provide maintenance for shopping centers and industrial and office buildings.
Emergencies will often occur on weekends and holidays, when it is often impossible to get contractors to come out. Over the years owners have raved about the convenience and benefit, not to mention cost savings, of our team.
Outside of DFW, we have made arrangements with trusted vendors who are just a phone call away.
Working to Lower Your Insurance Cost
Because you can become an additional insured on Protea’s master policies, you will enjoy lower premium rates. Our master policies cover many properties, which gives you the benefit of a bulk rate discount.
Our accounting team is superior and includes separate payables and receivable departments. A checks and balance system ensures mistakes are minimized. Our Accounts Receivable department recovers funds from lenders which are held in reserves.
Our accounting department has vast experience in cash and accrual accounting and prepares reports for clients, which are easy to understand.
Like any discipline, there are the good accounting departments, which know exactly what to do and do it efficiently, with few errors, and the bad, where many errors occur, postings to the wrong accounts, unable to get last month’s financials out on a timely basis, expenses incorrectly labeled, moneys deposited in the wrong accounts, etc. etc.
Our accounting department has been praised by all our clients over the years – never had a complaint, which is an unbelievable record.
Property Tax Assessment Protests
The Personnel of Protea Real Estate have been very successfully handling property tax protests for over thirty (30) years, for many different types of properties, and in several different jurisdictions. Results obtained have exceeded the expectations of Protea’s clients.
Free Property Audit
We offer a free property audit which will give you a complete blue-print of what we can do to improve your bottom line. Email Us.
What We Offer
You profit from our expertise in all aspects of property management to enhance the bottom line. You will have peace of mind knowing that your property is well taken care of and that your investment is growing.
Property Management Expertise and Knowledge
- City Ordinances
- State Laws
- Current Market Conditions
- Market Trends
Because of our vast commercial real estate management experience in all of these areas, Protea will be able to achieve maximum profitability for you. We are dedicated to providing you with the best customer service experience. Protea Real Estate understands that you have specific financial objectives, and will do what it takes to achieve these for you.
Where We Deliver
Protea Real Estate properties are staffed with experienced, organized and goal oriented teams whose primary concern is your economic interest.
Protea Real Estate’s ability to offer consistent service and efficient teams, results from our ability to hire and retain the industry’s most talented people.
You profit from Protea’s expertise in all aspects of property management, which results in an enhanced bottom line, a well taken care of property, and a growing investment.