Constructing a building that meets all regulatory standards and is made to last is one thing; but making it generate revenue over the long term, in a manner that is advantageous to both the owners and tenants, can be a logistics nightmare – and that’s why Martello Property Services Inc. is such an important tool for asset holders.
For the past 29 years, Martello has provided a wide range of services, including management of residential, commercial and mixed use stratas; consulting (to help do-it-yourself clients better understand all of the inner workings of leasing, maintenance and regulatory requirements); assisting the transfer of property assets between generations and improving financial performance (on behalf of families and investors); and helping corporations and syndicates ensure that their assets are managed to maximize investor/shareholder gains.
Martello’s team, led by president Wayne Smithies, has developed Martello with a keen appreciation that flexibility is vital to its diverse clientele. “This is especially true of property management,” says Warren Smithies, senior vice president. “By engaging us, building owners can have as much control as they want over their assets, whether it be vetting new tenants or overseeing upgrades – whatever their needs may be.
“And if they want to step back completely – which is often the case with clients whose assets are in another province or country – we handle every aspect of management for them, including accounting and rental payments, thanks to our in-house accounting experts.”
One of the grim realities of property management is that despite the best intentions of even the most experienced owners, quite often a property can become outdated or fall into disrepair. “People underestimate the complexities of management, which includes upgrades and the daunting task of securing desirable tenants,” says Smithies.
A North Vancouver strip shopping mall is one example of how Martello transformed an underperforming property into one that worked for the owner. “Over the years it had simply been outclassed by the competition and the tenant mix wasn’t all that it could be,” says Smithies. “We developed a redesign plan with architects and engineers; the entire mall façade was revamped and most recently we were able to attract a high quality anchor tenant as well as another recognizable brand tenant.”
For other clients whose properties require upgrading, Martello has implemented an aggressive asset strategy that not only improves tenant mix but also reduces operating costs and creates new revenue streams. “We also develop preventative maintenance programs to help clients avoid major issues as well as nip smaller issues in the bud,” says Smithies.
Martello implements its strategies without requiring any equity contributions from the client. “Our fee is derived from the total revenue a building generates, payable by the tenants, not the owners,” explains Smithies.
With over five million square feet of floor space managed and with three offices in Vancouver, Edmonton, and Calgary, Martello has earned its reputation for being one of the most trusted real estate advisory firms in Western Canada. For more information on the company, visit www.martello.group