Page 19 - Tradd Management Proposal- 224 Fresh Drive Retail Center

Management Proposal for 224 Fresh Drive Retail Center

Standard Operating Procedures

Ease of Start-Up and Transition Process

Step 1: Tradd will develop the transition plan for Owner approval

 Tradd Management will meet with the Owner to review the transition process. This meeting
should take place within 7 days of the acceptance of the management agreement. The following
items will be discussed in detail: property information, owner information, CCR’s & by‐laws,
rules and regulations, existing banking information, vendor information and warranties,
inspection reports or studies, plat surveys, building plans, letter to tenants acknowledging new
management, review of existing contractors and duties, review of any on‐going projects, create
a list of duties and responsibilities for take‐over, review property as a whole to include all
amenities, equipment, fixtures and appurtenances, website design and function.

Step 2: Tradd to notify current management of the transition decision and process

 Tradd shall contact the existing management company in writing and via telephone to inform
the management company of the transition to Tradd Management. Request the following items
within 7‐10 days: property legal documents, property warranties, copies of all plats, surveys,
and building plans. Request electronic copies of the following: financials, bank information,
vendor contracts, vendor licenses, vendor insurance, insurance documents, owner information,
owner ledgers, copies of minutes for Board of Directors meetings, and request keys.

Step 3: Change is positive; Notify Tenants of New Direction and Benefits

 Prepare letter for Owner approval, notifying tenants of new management information.
 Letter shall outline benefits and increased value associated with the new direction in
management.
 Input property, tenant, financial and other data into management software.

Step 4: Operational Set‐Up

 Transfer operating and reserve funds to new accounts
 Meet with service personnel and providers, and implement bid processes if beneficial.
 Implement revised budget and service contracts meeting Owner approval
 Website implementation and revisions

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Myrtle Beach, SC | Greenville, SC | Charlotte, NC 18

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