Committee approves contract with Main Line Executive Realty for property management at 201 Save Aye

On Sept. 18 the Finance Administration Committee approved a contract with Main Line Executive Realty to serve as property manager for the borough-owned property at 201 Save Aye, formalizing the terms under which the firm has been operating since Aug. 1.
Staff said Main Line Executive Realty has been maintaining the property, collecting rents and handling tenant issues since Aug. 1 under an interim arrangement and that the contract simply formalizes those terms. The contract sets the commission for new and renewing leases at 7.5% (listed as 75% of a period rent in staff discussion) of first month's rent for leases, a monthly management fee equal to 7% of collected rents or $3,000 whichever is greater, and a sales commission of 3.5% if the borough sells the property. Staff said a long-term lease would require a separate addendum because the current contract does not envision servicing a long-term lease.
Committee members asked whether the manager had been put in touch with a community garden group that had used water on the property under the previous manager; staff said they would follow up with the borough manager. After brief discussion the committee voted to approve the contract.
Action: committee approved the property-management contract; staff will finalize documentation and continue oversight of property management duties.