Latter & Blum Property Management, Inc. is the property management arm of Latter & Blum, Inc., the oldest and largest real estate firm in the Gulf South. An Accredited Management Organization®, we manage commercial, multifamily, and residential properties in cities across Louisiana and Mississippi—and we’re constantly expanding to new areas.
What is a Receiver or a Keeper? The general definition is pretty straightforward. It’s a person or entity that is responsible for something. It’s a caretaker, or someone who might watch your winter home when you’re not in residence. When it comes to investment properties, it takes on a specific meaning for all involved parties.
Understanding the Role of a Receiver
When a loan goes into default, the lender typically has a strong case for the appointment of a fiduciary to protect its loan collateral. Accordingly, the Court often looks for a strong and proven property management company to step into the owner’s shoes and assume all duties and responsibilities.
This party is known as a “Receiver.” As a Receiver, the property management company has a fiduciary duty to the Court and all parties involved in the litigation. Primarily, the Receiver is responsible for securing the property, and paying all necessary bills associated with the property such as those related to insurance and utilities. The Receiver also collects rent from any tenants occupying the property and provides monthly accounting.
In many cases, the Court Order also allows the Receiver to make any necessary improvements to the property as well as market it for sale and/or lease.
Latter & Blum Property Management Receiver Services
At Latter & Blum Property Management, we have been working as Receivers and Keepers on behalf of financial institutions for many years. We work with a variety of property types and manage a number of property sizes.
Our services go beyond the basic requirements of a Receiver. You can expect the following:
- We will evaluate the overall condition of the property.
- We will stabilize property operations.
- We will protect the condition of the asset.
- We will make any necessary repairs and improvements.
- We will ensure continued tenant retention.
- We will provide monthly financial reports.
- We will provide one-site property management when necessary.
- We will handle and negotiate lease renewals.
- We will develop marketing, advertising, leasing, and exit strategies.
At Latter & Blum Property Management, we are licensed real estate brokers, general contractors, and an Accredited Management Organization (AMO®) by the Institute of Real Estate Management (IREM®). We have the management expertise required to handle any Receivership situation. All of these services are offered through our one company, including management, leasing, and the redevelopment of under-performing real estate.
Please contact us at Latter & Blum Property Management if you have any questions about Receiver needs or our real estate management plans in general. We look forward to hearing from you.