Owning a commercial property is a great investment. But unlike a residential property, managing a commercial property is quite complex and difficult. That’s why it’s important to have an experienced and skilled property manager on your side. Considering the magnitude of a commercial property investment, you can never settle for anything less than the best commercial properties management team. The reality is that the better the management, the higher the rate of returns on your property. If it’s your first time to seek these services, this article will help you to sail through safely.
Why Hire a Property Management Firm
You will never regret hiring a commercial property manager. Generally, these firms help to generate growing interest of the property by keeping it well maintained and in the process attract more customers. They are trained in many aspects of property management that you might not have knowledge in. Some of the services they offer include:
- Management planning. They are able to assess a business environment and how the property fits into the environment, develop a marketing strategy and give recommendations on how customer’s objectives can be fulfilled.
- Budgeting. A commercial properties management company will monitor the budget of your property in terms of operations, personnel, marketing, and maintenance. A good firm will always try to keep the budget on the low by using cost-effective options.
- Maintenance. Your property management firm will ensure that your property is well maintained through a monthly preventative maintenance program.
- Marketing. They will develop and implement a marketing program to improve the image of your property in local and international markets. Examples of marketing tools they may use are: site signs, maps, videos, property magazines, special events, advertisements, and brochures.
- Rent collection. This is a great benefit you get from hiring these professionals – you don’t have to crash with a tenant over money issues. They collect rent and evaluate investment returns of the rent using a cash management system.
- Lease negotiation. Property managers coordinate all leasing activities with tenants or recommend a good leasing company to work with.
What to Look for When Hiring
1. Reputation. A good company will have a good name in the industry, so ask other professionals and property owners about the company’s standing in the business community. The number of years the company has been in business will also reflect its reputation.
2, Accreditation. Make sure that the company has accredited management team and employees. Some common property management accreditations include Real Property Administrator (RPA), Certified Property Manager (CPM) and Certified Shopping Center Manager (CSM). Ensure that they also possess adequate knowledge and skills in accounting, marketing, appraisal, law, sales, architecture, and maintenance.
3, Insurance. Hire a company with an insurance coverage. This will prevent you from liabilities that might be caused by their employees. Ask if the company is familiar with risk management and loss prevention. It is also important to work with a company which has a fidelity bond. This will protect you against loss of money through dishonest or fraudulent acts of employees.
If you are a property owner who wants to truly receive huge income from your commercial property yet have a lesser burden of managing the property, the time to act is now – Look for a reputable commercial properties management firm.