You Know You Need a Commercial Property Manager When…
When you find the right commercial property manager, you’ll get help finding quality tenants, launching effective professional marketing campaigns, and maintaining your real estate asset.
But that’s just the tip of the proverbial iceberg. You’ll face many different issues if you’re a commercial property owner. How much time do you have to address these issues? If you’re currently debating whether or not to hire a commercial property manager, consider the benefits.
Keep reading to learn about the top 5 ways you can tell if a commercial property management company is the right option for you.
1. You Need Help With Maintenance Calls
If you own a commercial property with many tenants, you’ll deal with many maintenance calls. You’ll want to ensure your tenants are well taken care of. But do you want to handle all requests for maintenance and repairs personally? Probably not.
Hiring a commercial property manager will help. The company will communicate with tenants, dispatch staff members to assess the issues, figure out the best courses of action, arrange times to send staff to fix the problems, and handle payments for the completed jobs.
While the commercial property manager will keep you abreast of what’s going on, you won’t have to be hands-on if you don’t wish to be. The service provider will handle things for you.
2. You Need Someone to Conduct Inspections
Another way you can tell you need a commercial property manager is if you’d like someone to inspect your commercial property. Even if you think you have the time to handle this responsibility, do you know what a thorough inspection entails? If not, it’s best to hire an expert to do it for you. A commercial property manager will be able to routinely visit your property, check things out, and give you status reports. If maintenance or repairs are deemed necessary, the service provider will share this information with you and advise on a proper course of action.
3. You Don’t Want to be That Hands-On
How hands-on do you want to be with your commercial property? Do you fancy taking on all the day-to-day duties and responsibilities? If you don’t, consider hiring a commercial property manager offering the range of services you require. You can focus on buying additional properties or doing other things and delegate day-to-day responsibilities to a service provider.
4. You Want Help Vetting Tenants
If you want to find good tenants, consider hiring a commercial property manager. Such companies have experience finding suitable tenants to fill vacancies. You’ll want tenants who stay for a long time, pay their rent on time, and take care of their office spaces. When working with a commercial property manager, you can count on the company to vet people by conducting thorough background checks and verifying their ability to pay the rent. This will ultimately increase the odds of you getting quality, long-term tenants.
5. You Want Strategic Advice
Yet another reason to hire a commercial property manager is that you want to get strategic advice. For instance, if you plan to add to your real estate portfolio, you may want to get feedback from your commercial property manager. It doesn’t hurt to get another perspective, especially if the service provider will also oversee the new real estate.
It pays to consider hiring a commercial property manager if you own commercial real estate. It’s technically possible for you to manage your asset yourself. But putting so many responsibilities on your plate will make owning and managing property a round-the-clock job.
If you’d rather have some time to do other things while ensuring that your commercial real estate and tenants are well cared for, it makes sense to find a commercial property management firm.