REO Property Management
IAG’s REO property management services are designed to meet and exceed the needs of our clients which entail large and small lending institutions, special servicers, private equity firms and private note buyers.
IAG specializes in REO management and maintenance of multi-family, mixed use, office and industrial assets. IAG has a solid track record in Southern California of successfully improving and turning around REO properties.
As an REO service provider, IAG has the capacity and expertise to manage challenging REO properties on a temporary or long-term basis.
When IAG takes control of your REO asset, some of the hands-on, “trench” style property management services you can expect are:
Complete and thorough property inspections with detailed asset inspection reports
Immediately upon being engaged, IAG will conduct a thorough exterior and interior property inspection. A detailed inspection and asset intake report will be completed highlighting any and all key issues.
Quick action to rectify any housing violations
Immediately upon being engaged, IAG will verify if there are any outstanding health, safety and code violations. Violations will be rectified swiftly to bring the property up to code to minimize liability.
Timely and frequent communication to ensure you are aware of all property issues
IAG understands communication is the key to success. We take great pride in communicating with clients as frequently as possible to ensure there are no surprises.
Detail review of tenant leases and rent roll compilation
Immediately upon being engaged, IAG will obtain all tenant leases as quickly as possible. Detailed lease abstracts and rent rolls for commercial properties and detailed rent rolls for multi-family properties will be prepared as quickly as possible.
Determine and investigate tenant delinquencies
Once detailed rent rolls are prepared, IAG will determine and investigate tenant delinquencies by working hand in hand with the tenants. To the extent possible, payment history and records will be requested from the tenants to determine if they are current. All legal efforts will be pursued to collect any and all delinquent payments.
Work hand in hand with delinquent tenants to assess their financial capacity and ability to pay
After assessing the tenant delinquencies, IAG will work hand in hand with delinquent tenants to asses their financial ability to become current. Rather than quickly filing evictions, which equates to legal costs and can take as long as two to three months, IAG will review financial statements from commercial tenants and verify income from multi-family tenants to determine if a payment plan can be arranged to bring tenants current.
Institute a cash for keys program, if necessary
IAG has taken over management of many distressed REO properties where tenants have not paid rent for many months. After assessing their financial ability to pay and determining that evicting non paying tenants is the last resort, IAG may institute a cash for keys program to eject non paying tenants as apposed to incurring legal expenses for evictions and taking two to three months to evict the tenant. A cash for keys program allows IAG to remove non paying tenants and re-lease units quicker resulting in lower legal expenses and increased rental revenue.
Quickly file evictions and handle the eviction process every step of the way
IAG is well versed and experienced in the unlawful detainer process. After quickly serving non paying tenants with three day notices to pay or quit, IAG swiftly moves forward with eviction proceedings to take back legal possession of units. Because IAG processes a large number of unlawful detainer actions, favorable pricing is achieved which equates to cost savings for clients.
Proactively preserve the asset to minimize deterioration
IAG conducts routine property inspections to identify and minimize asset deterioration and proactively preserve the asset.
Detailed and timely monthly reports with analysis on key operational issues
IAG’s monthly reporting format is second to none in the industry. From operational to financial information, monthly property reports include highly detailed information. Operating reports are delivered no later than the 15th of the month for the preceding month. Please request a sample of IAG’s monthly operating report to see firsthand why clients praise IAG's approach to financial reporting.
Lease negotiations with national and mom and pop tenants for commercial assets
IAG’s principals have tremendous experience and expertise in commercial lease negotiation and execution. Whether negotiating with national/anchor tenants, or smaller mom and pop establishments, IAG will strive to negotiate and execute the best possible deal for clients’ commercial properties. IAG’s principals have successfully negotiated and executed long-term commercial leases with Old Spaghetti Factory, Wells Fargo Bank, Save Mart and many more.
Quick BPO turnaround
As part of it's commitment and complete real estate and advisory services to clients, IAG proudly offers brokerage services. IAG's principals are knowledgeable about the commercial real estate market and can quickly and efficiently prepare Brokers Price Opinions for clients usually within 24 hours.
IAG understands communication is the key to success. After understanding the objectives, IAG will proactively recommend the necessary steps to achieve our clients’ specific goals and objectives.
Don’t hesitate to allow IAG to manage your REO properties. IAG is delighted to provide references upon request who can attest to the quick turnaround of their distressed properties.