246 capen erie county real estate transactions
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The owner learned that, upon review of some legal invoices, the property was being sued by the former cleaning company, which cited that the contract with the property was inappropriately terminated. On a recent financial-operations review for a property owner in the Baltimore area, our team exposed various unexpected findings to a rather surprised owner. This checks-and-balance process gives owners the power to conduct a periodic review of the activities and transactions conducted by its property manager, details that might get overlooked in the rush of monthly and quarterly closings. Reviewing the financial operations of a property - the operational review - is often a missed opportunity by owners making real-estate investments. MGM Springfield’s plans to launch construction on an $800 million casino project in the spring of 2015 may just provide the confidence needed to inspire new investments in the Springfield area by out-of-town owners gaining interest in a market that is not overpriced compared to Boston and New York. Conversely, a less scrupulous property manager takes advantage of a trustworthy owner who does not closely scrutinize transactions of their investments. A trusted property manager duly performs his or her tasks, and the owner earns the expected return on the investment. Real-estate owners commonly hire property managers to run the day-to-day operations of an investment property with an implied trust that their manager will act ethically. These are just some of the insights property owners might see if they were a fly on the wall of property managers who look out for their own best interests, instead of the owner’s. Questionable leasing relationships have been developed by your property manager. He or she has changed the name of the payee on a check after the payee has been reported to owners. Your property manager is awarding significant contracts to related parties.