According to an update from Kimball, Tirey, & St. John LLP (KTS), unlawful detainer cases are experiencing heavy delays throughout California. In San Diego County, “sheriff lockouts are expected approximately 5 months from the date of submitting a request” for default judgment.
The delays are due to reasons including “a large backlog of cases and understaffing in both the courts and Sheriff’s Departments.”
Please see the link here for the timeline of estimated delays provided by KTS attorneys.
Update from BOMA California quoted below.
“Major Threat to Proposition 13 Passes the Assembly: Urgent Action Needed to Stop ACA 13.
Assembly Constitutional Amendment 13 (Ward; D- San Diego and Rivas; D-Salinas) is a last-minute attack on Proposition 13.
The bill seeks to limit the initiative process by shifting the power to raise the voter threshold for new and higher taxes away from voters and to the Legislature.
Yesterday, ACA 13 passed the Assembly on a vote of 57-19 with only one Democrat voting no. The bill now heads to the Senate.
Your help is needed. Contact your state senator today in order to help stop ACA 13 and protect Prop 13.
Financial support is needed. If your company wants to get directly involved on this critical cause please contact Matthew Hargrove at [email protected].”
More info can be found on CPBA’s website
The California Business Properties Association (CBPA) has presented a call to action to sign this petition to protect Proposition 13 and oppose ACA 13 as directly quoted below:
“Assembly Constitutional Amendment 13 (Ward; D- San Diego and Rivas; D-Salinas), seeks to limit the initiative process by shifting the power to raise the voter threshold for new and higher taxes away from voters and to the Legislature. ACA 13 is a last-minute attack on Proposition 13 sponsored by the same public employee union group that spent almost $100M on Prop. 15 in 2020 – a Split Roll Property tax measure which we helped defeat.
ACA 13 is meant to protect the recent court decisions that have removed the two-thirds tax vote thresholds on your properties. Most recently this loophole was used to pass Measure ULA in the City of Los Angeles, an $800M per year tax on apartments and commercial properties.
ACA 13 is a brazen attempt to change the Constitution to stop the CBPA co-sponsored Taxpayer Protection and Government Accountability Act, which has qualified for the November 2024 ballot and will restore the two-thirds vote requirement on special taxes, fixing the Upland Loophole and protecting against future attempts at creating a Split Roll tax.
We need your help. Please take a moment to sign the petition to let your legislators know you oppose ACA 13.
If you would like to do more to help please reply to this email ([email protected]) for more information on contacting legislators directly and/or how to contribute to help fund the campaign to protect your rights.
Thank you for your support of our ongoing efforts to protect taxpayers from the continued attacks on Proposition 13.”
Sign the petition here: https://fightforprop13.org/
🎉 San Diego Business Journal ranked us as #1 on the Commercial Property Management Companies Book of Lists! Hats off to our phenomenal team for all your hard work and dedication.
Click Here to see the full Special Section: https://lnkd.in/g2CffXPu
Besides maintaining operational excellence through best-in-class service and maximizing operating income through cost-effective management practices, tenant relations is also paramount in achieving a stabilized, leased-up commercial asset.
Property Name: Bel Villaggio I II & III
Property Location: Temecula
Property Description: Retail, 116,663 Total Square Feet
Bel Villaggio is a three-star, retail community center, centrally-located in the South Riverside submarket of Temecula. Developed in three phases and sitting at 116,663 total square foot, this very walkable and transit-oriented property includes a tenant roster that appeals to the surrounding demographic. Meissner was contracted in early 2015 by then ownership to provide professional commercial property management services to this asset.
Client Requirements
Meissner worked with ownership to establish the financial goals and parameters of the property to maximize cash flow in both the short and long term, and identified the top three areas that required immediate attention – 1) high vacancy rate, 2) delinquencies, and 3) deferred maintenance.
Process
Upon takeover, Meissner immediately enacted a plan to resolve all three areas of concern. First, Meissner actively supported the leasing plan by working with ownership’s contracted brokerage team, Newmark Grubb Knight Frank, to reduce the then 50% vacancy rate by supplying property information and operating expertise, being available for meetings with prospective tenants, ensuring available spaces are in rent-ready condition, and assisting in new tenant move-ins. In addition to enacting a standard delinquency program, the delinquencies issue was further resolved through Meissner’s hands-on management style where focus is placed on improving tenant relations by communicating and meeting with each tenant site contact on a regular basis and responding proactively and promptly to questions and concerns to issues such as lease document interpretation, budget, and CAM reconciliation. Lastly, Meissner addressed the problem of deferred maintenance by enacting a landscape program that included trimming overgrown trees that inhibited visibility of the center, replacing landscaping with drought tolerant plants and installing a water-efficient sprinkler system to reduce water use, enacting a lighting retrofit program to upgrade all exterior lighting to help alleviate security issues, updating and repairing fire sprinklers to meet code requirements, repairing tired, exterior furniture to improve the appearance of the common areas, and enlisting strategically-placed security guards to ease the parking issue.
Result
As a result of Meissner Commercial Real Estate’s proactive property management approach, ownership’s investment objectives of improving the occupancy rate to 67% and maintaining a stabilized, operational asset were achieved.
Sources:
Meissner Commercial Real Estate Services
In recent years, the real estate industry has witnessed a transformative revolution fueled by technological advancements. Among these, artificial intelligence (AI) has emerged as a game-changer, offering unprecedented opportunities and redefining how the sector operates. From streamlining property searches to optimizing investment decisions and enhancing customer experiences, AI has revolutionized real estate.
1. Enhanced Property Search and Analysis
AI-powered platforms and applications have empowered buyers and investors with advanced property search and analysis tools. Through natural language processing and machine learning algorithms, AI can process vast amounts of real estate data, analyzing factors like location, amenities, price trends, and market conditions. This capability not only helps potential buyers find properties that meet their specific requirements but also allows investors to identify lucrative investment opportunities with higher accuracy.
2. Intelligent Virtual Assistants
With the rise of AI, virtual assistants have become an integral part of the real estate ecosystem. These AI-driven chatbots and voice assistants can provide instant responses to customer queries, offer personalized property recommendations, and guide users through the buying or renting process. Intelligent virtual assistants not only save time for real estate agents and customers but also enhance customer satisfaction by providing round-the-clock support.
3. Predictive Analytics and Market Insights
AI has unlocked the power of predictive analytics in the real estate industry, empowering agents, investors, and developers with valuable market insights. By analyzing historical and real-time data, AI algorithms can forecast property price trends, identify emerging markets, and predict demand fluctuations. This enables professionals to make informed decisions, optimize investment strategies, and mitigate risks.
4. Property Valuation and Risk Assessment
Determining property value and assessing associated risks are critical aspects of real estate transactions. AI has revolutionized these processes by introducing automated property valuation models. By leveraging vast amounts of data, including historical sales records, market trends, and property characteristics, AI algorithms can provide accurate and objective property valuations. Moreover, AI-driven risk assessment models help identify potential risks such as natural disasters, crime rates, or economic factors, allowing stakeholders to make more informed decisions.
5. Smart Building Management
AI’s impact on real estate extends beyond buying and selling properties. It also plays a crucial role in the management of commercial and residential buildings. AI-driven systems can optimize energy consumption, enhance security through facial recognition and smart surveillance, and automate maintenance processes. This not only improves the overall efficiency of buildings but also provides a better living or working experience for occupants.
6. Data-Driven Investment Strategies
Investors are leveraging AI to develop data-driven investment strategies that maximize returns and minimize risks. AI algorithms can analyze large datasets to identify patterns, market trends, and potential investment opportunities. This enables investors to make well-informed decisions, optimize portfolio diversification, and react quickly to changing market conditions. The ability to process vast amounts of data and generate actionable insights sets AI apart and empowers investors to capitalize on emerging trends and unlock new avenues of growth.
Conclusion
Artificial intelligence has emerged as a generational opportunity in the real estate industry, revolutionizing the way properties are bought, sold, managed, and valued. With AI-powered tools and platforms, property search and analysis have become more efficient, saving time and effort for buyers, sellers, and investors. AI also enables predictive analytics and market insights, empowering stakeholders with accurate information for decision-making. AI’s transformative capabilities also benefit smart building management systems and data-driven investment strategies.
As the real estate industry continues to evolve, AI will likely play an even more significant role in shaping its future. Embracing AI technology empowers real estate professionals to remain competitive, improve customer experiences, and uncover untapped opportunities.
Yardi is a software platform that is widely used in the commercial real estate industry for property management, accounting, and other related tasks. Its accounting software, in particular, has become popular due to its ability to handle complex financial functions specific to the commercial real estate industry.
One of the key benefits of Yardi’s accounting software is its comprehensive accounting system, which includes accounts payable, accounts receivable, general ledger, and financial reporting functions. This system helps property owners manage their financials efficiently and accurately, providing them with the data they need to make informed financial decisions.
User Friendly: Yardi’s accounting software is also designed with user-friendliness in mind. Its interface allows users to easily access financial data and generate detailed financial reports, which is particularly useful for commercial real estate owners in tracking their financial performance and identifying areas for improvement.
Integrability: Yardi’s accounting software can be seamlessly integrated with other Yardi products, such as its maintenance module, Common Area Maintenance (CAM) module, construction management moduel, and online tenant billpaying, providing owners with a complete solution to manage their properties and finances from a single platform. This integration saves property owners time and money by reducing the need for manual data entry and minimizing the potential for errors.
Advanced reporting capabilities: Yardi’s functions allow owners to generate custom reports that meet their unique needs. This feature is particularly valuable for commercial real estate businesses that need to report on complex financial data, such as lease revenue and expenses, capital expenditures, depreciation, and complex lender schedules.
Yardi’s accounting software is relevant and widely used in commercial real estate due to its ability to handle complex financial functions, user-friendliness, integration with other Yardi products, and advanced reporting capabilities. By using Yardi’s accounting software, commercial real estate businesses can streamline their financial operations, reduce errors, and make informed financial decisions that help them stay competitive in a rapidly changing industry.
On Thursday, April 13th, we were honored to host students here at the Meissner corporate office as part of the Real Estate Awareness and Diversity Initiative (READI). This program, a partnership between the USD Burnham Moores Center for Real Estate and the Barrio Logan College Institute, aims to provide high school students in underserved communities with an opportunity to explore career opportunities in real estate.
During their visit, we had the privilege of introducing these bright young minds to the world of commercial real estate and showing them the diverse range of career paths available. Our team members spoke to small groups of students, sharing insights about their roles and what makes our company unique.
READI’s mission is to inspire students who might not have otherwise considered real estate as a career path. By exposing them to various areas of real estate, such as development, finance, property management, and asset management, we hope to have opened up new possibilities for these aspiring professionals.
Overall, it was a great night filled with excitement and curiosity, and we’re grateful for the opportunity to have played a part in inspiring the next generation of real estate professionals.
Congratulations to our Vice President/Director of Business Development, Kristin Howell, RPA, FMA, for being named a Leader of Influence in Commercial Real Estate in the San Diego Business Journal! 🎉
We take great pride in Kristin’s exceptional leadership and forward-thinking approach, which have enabled Meissner CRES to consistently deliver top-notch services to all its clients. She has been a driving force behind the company’s vision and mission, inspiring our culture of professionalism and excellence in everything we do.
See the full Special Section here: https://lnkd.in/gwaDcVqa
Commercial real estate is a complex and constantly evolving industry where financial management can make or break success. Many commercial real estate owners and managers are turning to outsourced accounting services to handle their financial reporting needs. Outsourced accounting has become a popular solution for many CRE businesses, as it can be more cost-efficient, guarantee greater accuracy and timeliness, and boost overall business efficiency.
Outsourced accounting involves partnering with a professional commercial real estate (CRE) accounting firm to handle a variety of financial tasks, such as rent collection, bill payment, general bookkeeping, financial analysis, and financial reporting for owners and investors. These services can be tailored to meet the specific needs of each property or operating entity and support the manager in delivering on the financial reporting requirements of owners, investors, and lenders.
One of the main benefits of outsourced accounting for commercial real estate is cost savings. By outsourcing accounting functions, property owners and managers have saved significantly on the costs of hiring and training new staff, purchasing accounting software and equipment, and office space and utilities. Outsourcing also reduces or eliminates expenses associated with employee benefits, like health insurance, retirement plans, and paid time off.
Another benefit is greater accuracy. Firms specializing in commercial real estate accounting are staffed by trained and experienced accountants with expertise that helps ensure all financial data is accurately recorded, analyzed, and reported. This reduces the likelihood of errors, improves the timeliness of reporting, and thereby increases investors’ and owners’ confidence that the financial reporting they receive is accurate and meets the highest industry reporting standards.
Outsourced accounting can also improve the efficiency of commercial real estate businesses. The best CRE accounting firms maintain state-of-the-art technology and software to streamline financial processes, allowing property owners/managers to access financial information quickly and easily. By outsourcing accounting tasks, property owners can focus on their core competencies of property management, asset management, and development, resulting in increased portfolio value while leaving the financial functions to the accounting professionals.
Additionally, an outsourced professional accounting service can help commercial real estate owners stay compliant with tax laws and regulations. Accounting firms stay up-to-date with changes to tax laws and regulations so that their clients are kept in compliance. This helps to avoid costly penalties and legal fees that can result from noncompliance.
Outsourced accounting has become a popular solution for commercial real estate property owners and managers who need accurate, efficient, and cost-effective financial management. By partnering with a professional CRE accounting firm, property owners can save money, improve accuracy, streamline financial processes, and stay compliant with tax laws and regulations with greater ease and peace of mind. It’s safe to say that outsourced accounting has become an essential resource for commercial real estate owners and managers striving to stay competitive and focus their expertise on portfolio value in this rapidly changing industry.
Are you struggling to compare the performance of your assets or portfolios due to inconsistent reporting?
Our financial services, inlcuding our property management accounting, can help you gain a clear view of your asset performance. Watch our video to learn how we can help you make informed portfolio decisions that align with your business objectives.