What is Commercial Property Management?
Commercial property management is the process of leasing, operating, and maintaining commercial real estate on behalf of an owner or investor. Similar to residential property management, commercial property management encapsulates the tasks and responsibilities of operating an income producing property.
What Does a Commercial Property Manager Do?
The primary role of a commercial property manager is managing their properties. Other roles include overseeing tenant relations, facility maintenance, financial reporting, and other administrative tasks. Commercial property managers are also responsible for ensuring that the property is properly maintained, tenants are paying rent on time, and that all other contractual obligations are being met. Commercial property managers do their best to treat properties as their own They try to protect their clients and give good advice and guidance to the best of their abilities. They recognize their position as the “eyes and ears” of their clients and do their best to counsel clients on obtaining, maybe not the cheapest, but the best properties for their budgets and needs.
Why Hire a Property Manager for Your Commercial Property?
Hiring a property manager for your commercial property can bring on increased property value, improved tenant relations, maintenance management, and valuable market knowledge.
1. Increased Property Value
Commercial property managers are able to make adjustments and upgrades to your commercial property that will prevent it from suffering damage over the years, not only maintaining, but increasing its value. Additionally, they can help secure tenants and ensure rental rates are kept up to date in order to reflect the current market.
2. Improved Tenant Relations
A commercial property manager can help to maintain good relationships with tenants by responding to their inquiries, addressing their concerns, and helping to resolve any disputes that may arise. Property managers establish an open line of communication with their tenants and ensure that all parties involved are on the same page, and that any problems or issues are addressed in a timely manner.
3. Maintenance Management
Commercial property managers are able to monitor the performance of maintenance staff by tracking response times to requests, evaluating the quality of repairs, and performing regular audits of the maintenance process, and ensuring that maintenance tasks are being completed in a timely and satisfactory manner. They are also able to ensure proper communication between the maintenance staff, tenants, and other stakeholders. This could include updated systems for tenants to submit requests, providing updates on progress, and keeping all parties informed of any changes or updates.
4. Valuable Market Knowledge
A commercial property manager will ensure that you get the highest market rate while simultaneously minimizing vacancies. They will be able to use their expertise and experience in order to assess the market as well as its implications for your particular situation.