Court Appointed Rent Receiver
Court Appointed ReceiverAssociation Advisors is bound by its mission statement to limit exposure for the lender & borrower by stabilizing and preserving the asset. Our mission is to ensure the asset is secure, insured, and maintained so that the assets will not deteriorate further.
Association Advisors is proficient in running the day-to-day operations of commercial and residential real estate. This may include repairs, maintenance, leasing, and/or modification of the asset at the court’s or lender’s direction. Further, Association Advisors will manage the financial aspects of accounting for all funds associated with the property.
Selection of Association Advisors, as the court appointed receiver, will ensure the preservation of the commercial assets.
To properly protect the asset, a court appointed receiver must be knowledgeable in the areas of property management and business operations. Association Advisors employs numerous certified property managers who possess decades of experience in the fields of management and reestablishment of distressed commercial assets. When Association Advisors is appointed receiver, all bases are expertly covered.
The business receivership services offered by Association Advisors are always handled in-house, utilizing staff with extensive experience in property management. The Association Advisors staff has experience in acting as a court appointed receiver in foreclosure actions and as expert witnesses for property management related issues.
Association Advisors offers many important advantages as the court appointed receiver including:
- Rents and Profits Receiver
- Property Management - commercial and residential
- Troubled Real Estate Properties
- Health and Safety Compliance Issues
- Code Enforcement Issues and/or Actions
- Residential Development
- Commercial Leasing/Consulting
- Cash Flow Analysis
- Tenant Improvements
- Accounting Services
- Real Estate Acquisition, Leasing, and Brokerage
- Construction Management
- Commercial Development
Association Advisors serves as Receiver for office, industrial, association, and multifamily properties. Given the current realities of both the financial and tenant markets, lenders are now finding themselves in a position where they need to quickly gain control of assets in an effort to avoid further physical deterioration and loss of value.
Once installed as receiver, via court order, Association Advisors and its staff will move to secure the property, gain control of all operating accounts, notify all vendors, interview and evaluate the level and competency of existing contracts and leases, document the current condition of the physical property, review all vendor pricing and scope of services, obtain all relevant lease files and records, assure proper levels of insurance are in place, and begin to build a relationship with existing tenants or residents in an effort to stabilize the property’s related income streams. Once these, and a variety of other foundational measures are taken, a property-specific asset plan can then be produced and recommendations offered. Once approved, implementation will follow.
Association Advisors is well versed with the requirements associated with the court approval process, bonding requirements, the detailed financial reporting appropriate for this type of legal action, and the obligation to serve as an officer of the court until formally dismissed.