HOW DREFM CAN HELP
How We Help Agencies
DREFM works with state agencies to determine the best real estate option to meet both their operational and budgetary needs. Over time, agencies may need to change or expand their existing space, search for new space, sell underutilized real estate, or simply renew their leases. These can be complex transactions that benefit from real estate expertise, negotiation experience and an advocate for your agency and the Commonwealth. DREFM serves that role, working with agencies throughout the entire process to secure the best real estate option.
Agencies' Part in the Process
BRES Transaction Managers work with agencies to develop a strategic plan to meet their real estate needs today and in the future. It is important for agencies to involve their Transaction Managers early in the process and to share information that will help BRES develop a solution to meet the agency's needs. Find My Transaction Manager
The General Assembly requires agencies to report annually to DREFM certain information about acquired or leased space. Providing timely, accurate responses allows DREFM not only to fulfill its statutory reporting obligations, but also gives the Division the information needed to help agencies determine appropriate real estate options. Records and Reporting
Since 2005, BRES management of agency lease transactions has resulted in more than $148.7 million in cost avoidance (such as negotiating improved terms and reducing agency space) and savings (such as reducing rental rate). To assist with the one-time transactional expenses, BRES administers commercial real estate broker, appraisal and title services contracts. The BRES team remains committed to keeping your costs as low as possible throughout the lease term. BRES Lease Administration reconciles each bill to make sure all charges are applicable under the lease.
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