What types of commercial properties does Sentinel manage?
In addition to the traditional commercial management, we also manage commercial NNN and NN leased properties, representing multiple co-owners in most of our properties. The majority are Tenants-in-Common properties. Because the tenant bears the responsibility and costs of maintenance, taxes, and insurance, in our NNN properties, Sentinel provides other services outlined below. We ensure the tenants comply with the terms and conditions of the lease agreement. Please read your lease provided to you by the TIC Sponsor, to anticipate any expenses that are the owners responsibly.
What services does Sentinel Sales & Management provide?
Sentinel receives monthly rent from the tenants and distributes a pro-rata share to each owner of the property with owner statements, annual tax statements, etc. Sentinel also coordinates voting actions by the co-owners and assists in the renewal of the original lease. We take care of all communication with various agencies, tenants, and vendors in owner’s behalf. We coordinate inspections, repairs, and see to lease compliance.
How do I get out?
Every owner owns an undivided fractional interest in the property, so each owner has the right to sell his/her fractional portion at any time they wish to do so. The Tenant-in Common Agreement allows the other co-owners the first right to purchase if any co-owner decides to sell. Sentinel will coordinate this communication if the co-owner requests Sentinel will also publicize the “interest to sell” to all opt-in investors in properties that are similar. After the time of first right to purchase has expired, the co-owner can sell his/her interest to any party they wish. The resale of a Tenant-in-Common interest in a debt-free property is made easier because a new co-owner/purchaser does not need to qualify for an existing loan. Also, all of the co-owners can collectively agree to sell the entire property whenever they choose.
Will I have to pay a cost to put out the word to other potential buyers?
The answer is NO. There is no cost for sharing your information with other potential investors/buyers that are co-owners. If you wish we can broaden the base of investors by offering your interest outside of the opt-in database. Contact us for more information.
What are the costs/charges to manage the TIC Property?
Please contact us directly and we will be happy to go over our fees with you. Depending on the type of lease that is in place, the tenant is responsible for paying the property taxes and insurance. Maintenance and repairs are subject to the lease requirements as to who is responsible for the costs. Please read the lease provided to you by the TIC Sponsor to understand expenses that are the owner’s responsibility.
When and how do I receive payment?
This is very important. Sentinel receives the rental payment for the tenant at the beginning of each month. We pro-rate the rental income (less any maintenance or repair fees), and the funds are sent to each co-owner soon thereafter; within 5 days of receipt. Each co-owner elects between a check that is mailed or through ACH Direct Deposit into your bank account.