Managing commercial property requires time and effort, especially when dealing with tenants. Managing things yourself might seem like a cost savings, but can limit your profit and investment opportunities. What are important reasons to hire a commercial property manager?
1. Marketing Expertise
2. Tenant Relationship Skills
3. Market Knowledge
4. Established Resource Networks
5. Maintenance Management
6. Legal and Regulatory Know-How
7. Time Savings
One of the benefits of hiring a professional property manager is the marketing and advertising expertise they offer. Being prepared to take an available property quickly to market requires a significant investment of time and energy. Especially for digital channels, like Google, establishing a presence as a good resource that shows up in search results when tenants search for space doesn’t just happen overnight. Vacancies need to be filled as quickly as possible, so utilizing a property manager’s promotional platforms is wise. A good property manager will have a marketing infrastructure in place to promote your property to targets who have already expressed interest in leasing in the area.
Tenant Relationship Skills
As a property owner, dealing personally with tenants can create relational difficulties that can be avoided by hiring a property manager. Professional property managers have systems in place to ensure you get paid in a timely manner without hassle or awkwardness. Many tenants also feel more comfortable dealing with a property manager as they are ensured a more professional experience as well. A good property manager will ensure that both parties are adhering to agreed-upon lease terms, reducing stress for all involved.
A good property management company will ensure that you get the highest market rate possible while minimizing vacancies. A good property manager will have the skills to assess the market and its implications for your situation. As an owner, your perception can be biased based upon emotional connections you may have to your property or investment. Seeking external assessment is vital. Because property management companies often manage multiple properties within a single market, they can assess value based on economic data as well as real-world experience. These are great benefits to you as pricing your property incorrectly can lead to extended vacancies.
Established Resource Networks
Commercial real estate property managers have the vast resource of the industry relationships they have formed over the years. This gives you immediate access to vetted, trusted and dependable contractors, tradesmen, suppliers and maintenance workers. Using a property manager produces savings in both time and money when you need to make repairs or perform maintenance on your investments.
Maintenance and regular inspections are key in maintaining a good relationship with the tenant and preventing bigger, more costly issues later down the road. An experienced and well-educated property manager will ensure that the property is well-cared for and protect your investment.
Legal and Regulatory Know-How
As an avid investor, you have a lot of things on your mind. Trying to navigate through all of the legal regulations of commercial real estate can be stressful and time-consuming. Hiring a commercial real estate property manager reduces your risk and exposure to costly errors. A good property manager will keep your properties up-to-date and compliant with current regulations.
Having a property manager is crucial to freeing up time you would otherwise spend performing the day-to-day tasks of managing investment properties. This leaves more time for you as an investor to focus on other investment opportunities or pursuing other interests.
These are all great reasons to consider professional management of your commercial property.
What do you think? Is it time to choose a commercial property manager?