Part 3
By Adrian Evarkiou, Sierra Consulting Group, LLC

Your number one goal as the receiver is to make the building look good – as the landlord, a receiver will  make sure it is well maintained and increase the aesthetics, but at a minimal cost.   In many cases, the project has already lost most of its value; we are not there to compound the problem, so you simply cannot spend money that just doesn’t exist.

 The toughest projects a receiver handles are the vacant buildings. They are at the most risk right now, with break-ins, copper thefts, and vandalism an everyday occurrence. Overnight a building can be gutted. This is mitigated by keeping a close eye on the asset. Receivers can hire security companies, automated security units (solar powered), cameras, and even hire existing tenants to watch the property.

For more information on receiverships and the services that professionals at Sierra Consulting Group can provide, do not hesitate to contact us at 602-424-7001 and visit our blog again for the final section (Part 4) on receiverships: Getting the Most Out of a Bad Situation.

Sierra Consulting Group has been a leader in the turnaround, receivership and consulting services industry since 1981. Sierra is comprised of a group of extremely talented and experienced turnaround, real estate, accounting and finance professionals. We advise lenders, debtors, attorneys, owners and investors in a wide variety of transactions.