Reasons to Hire a Commercial Property Manager
Commercial property management is a time-consuming job comprising numerous vital duties. If your investment skills have brought you into the possession of a commercial property, you know well how much effort, knowledge, and dedication a big and important project entails. The best course of action that will make your investment truly a successful one is to hire a commercial property manager and allow everybody to do what they do best.
What can a commercial property manager do for you?
There’s only so much a single businessperson can do in a day. After closing a deal on that commercial real estate in a prime location, you might feel superhuman strength and decide to manage it yourself. Slow down. Look the truth in the eye and wait for your adrenaline level to drop. You don’t want to juggle a whole new set of important duties and your primary job.
However, there’s someone whose job is to oversee that your rental property business runs smoothly with minimal to no supervision from your side – a commercial property manager. But what makes them so indispensable?
- Keeping track of a whole new set of duties.
- Freeing up your busy schedule.
- Having years of know-how at the ready.
- Fluency in relevant laws and regulations.
- Managing property maintenance and renovation.
- Maintaining good relationships with tenants.
- Offering timely response to emergencies.
- Handling tenant screening and checks.
- Established ties with the most reliable and reputable subcontractors.
- Commercial property marketing and advertising skills.
- Detailed and timely financial reporting.
Quite a list, isn’t it? It gets even better.
Managing day-to-day operations
These professionals take care of a host of tasks and responsibilities related to your commercial property. There’s no need to hire another assistant to manage your overstuffed workday. A commercial property manager is that assistant.
Free up your schedule
Your knowledge, skills, and presence are more valuable elsewhere, just as your manager’s skills are valuable for your commercial property’s growth. Scale up your investment business, enjoy quality time with family and friends, meditate, or jog with a dog. If you hire a commercial property manager, you can fit everything into your day.
Property management done right from the start
They already know the what, when, and how. There’s no need for you to brave a long trial-and-error learning curve. There is a good reason why successful investors rely on professionals in other industries to assist them. They recognize the value of specific know-how needed for doing the job right from the beginning.
Legal know-how is their forte
Commercial property managers are familiar with the specific legislation and ensure compliance with the right regulations. This is particularly important for specifics of landlord and tenant law. It is always best for all if the commercial property operations are transparent and done precisely according to the regulations.
Arranging for property inspection and maintenance
Maintenance and renovation tasks are a cog that ensures that your commercial real estate operates smoothly and increases in value. A manager will plan for a successful office renovation to adjust it to your needs and your lessees’ requirements. Furthermore, their frequent and thorough supervision and organizing for timely maintenance will save you money.
Maintaining professional tenant relations
Having people skills doesn’t make specific tenant-related tasks more pleasant. However, if you hire a commercial property manager, they will take care of rent collection, complaints, non-paying tenants, and even evictions. Being a DIY owner and manager of a smaller investment property makes professional relationships with tenants difficult. Hiring an experienced manager keeps you at an emotionally detached distance.
Invest from anywhere – they manage from the locale
You don’t need to live near your investment property, but your manager does. They are your eyes and ears, a right hand, and even a part of the prefrontal cortex. You know, the decision-making part of the brain. Having someone reliable to make choices on your behalf and handle tasks that don’t require your presence is priceless, especially if your investment business takes you across the nation.
Reviewing tenant applications
Tenant qualifying is one of the tasks a property manager can do for you. Doing background and credit checks, picking out only the high-quality renters, and maintaining good relations ensure tenant satisfaction and high retention. Trustworthy tenants take good care of your property. Happy tenants, however, are your property’s best references.
A developed network of subcontractors at your disposal
Commercial property managers have established relationships with reputable maintenance companies, contractors, and suppliers, providing the best value for your money and the best service to your tenants. Tapping into their network saves you time screening contractors and making maintenance calls. They also save you money simply by having connections with reputable experts who won’t make costly, unnecessary repairs.
Establishing your property’s strong online presence
Marketing expertise allows property managers to fill any vacancies quickly. Reaching out to the right target group of prospective tenants will ensure that only the most interested become your tenants. Maintaining high occupancy rates is particularly important as it helps balance your income and expenditure. Creating a solid online presence for your commercial property is how a property manager achieves that.
Proper and regular financial reporting
The manager compiles financial reports that shed light on the performance of your commercial property. This financial history provides a basis for your future investment decisions and tax reporting on whether you’re renting or owning a commercial property. Depending on your agreement with a commercial property manager, you can receive these reports monthly, quarterly, or annually. These reports can contain cash flow, profit, and loss statements, as well as rent rolls and balance sheets.
To summarize
Saving you time and money, lending you years of expertise in a specific niche of the management industry, and offering a wide range of skills an investor doesn’t need to possess – that is what you get when an expert runs your newly acquired rental property. And that’s quite enough reasons to hire a commercial property manager who will keep you out of the stress of investment real estate management.