Owning a rental property comes with a host of benefits, responsibilities, and duties. There are the costs associated with upkeep, the effort to find new tenants, the knowledge needed to abide by the various codes and laws, all for the benefit of a sound investment and a good source of income. These factors are only amplified when you’re leasing out a commercial property; the terms and conditions of the lease will be more variable, and there are fewer protections from the government for the tenant and the landlord. Entrusting your commercial property to a professional property manager is a great idea.
Property managers make their living through their knowledge not only of property management but good real estate practices. A good manager will consult with you about the lease agreement for potential tenants. Should the rent you charge be of fixed value or a percentage of income? What types of business activity should you allow in your facilities? What are the risks associated with different types of tenants, and what businesses tend to do best in your building’s region? Commercial property management can help you answer all of these questions. They’ll also help you create your lease, as well as a budget to ensure your success; your property managers are your business partners, and when you do well, they do well, so the relationship is mutually beneficial.
You want to have 100% occupancy in your commercial property; the costs of maintenance with low tenancy in larger buildings can be untenable. Property management will keep vacancy down in a few different ways. First, they will ensure your property is well-maintained; attractive, clean properties attract tenants. Second, they will consult with you and determine the best type of tenant for your property. They will then employ a variety of advertising strategies to attract that particular type of tenant. Finally, they’ll act as the point of contact for your tenants, ensuring repairs are conducted swiftly, and that concerns are addressed immediately. Having someone available to deal with problems on the property 24/7 is essential for a business to have peace of mind; property managers take care of this need.
Commercial property managers want you to make as much money as possible; again, their success is your success. This means that when you have a property professionally managed, your team will employ cutting edge strategies to maximize your cash flow and reduce your tax burden. A good property management team has a lot of connections; accountants, insurers, maintenance staff, marketing, and lawyers will all be available to your property manager. A team of professionals is essential to successful investment in real estate; to this day, the business environment is all about who you know.
Property managers have the expertise, the staff, the knowledge, and the connections to make sure your commercial property is an investment worth having; they’re also invested in your success. Commercial property is far more complex than residential, as there are fewer protections and more variance in the lease. Take the guesswork out of what might be your most valuable investment, and hire a professional commercial property manager.