Believe it or not, Commercial Property Managers regularly become mistaken for Residential Property Managers. Although both manage properties, these two types of individuals have a massive difference in the actual type of work involved. Some of the differences include complex leases, maintenance, and operational oversight.
Now that we have a simplified understanding of what a Commercial Property Manager does, how do we identify between a good or bad manager?
Here are a few tips on how to identify the correct Commercial Property Manager for you:
1. Knowing lease details inside & out: Commercial properties are tricky to manage. A successful property manager should have a clear understanding of the types of businesses, restaurants, or other types of commercial uses that will be operating on your property. More importantly, knowing how to appropriately optimize the rental space for different businesses is equally important.
Commercial property managers who can successfully facilitate this type of challenge will also show a great display of confidence when negotiating lease agreements with potential tenants.
2. Insight on industry-specific opportunity & risk: The last thing you want is to hire an inexperienced commercial property manager. Before you hire a property manager, you need to see if their risk management plan is appropriate for your needs. Knowing how your property will be used by tenants is extremely important.
The types of day to day operations of tenant's, and who has access to your facility all play a role in constructing the risk management plan. Additionally, your property manager should be scouting out new opportunities to increase the success and profitability of not only your property but your tenant's success as well. This type of cyclical relationship will work for the benefit of everyone involved.
3. Up-to-date commercial property management software: Good Commercial Property Management Software will allow you and your manager to gain that additional advantage over your competition. You want to ensure that whichever property management company you chose, their property management software allows them to track: Rental Income Rates, Monthly Expenditures, Renter & Tenant Demographic Targeting, Turnover Rates, Maintenance Work Orders, and Inspection & Upgrade Tracking.
4. Proactive with upgrades or maintenance: Generally speaking commercial property is an investment that will grow in value over time, however failing to schedule and implement regular maintenance and proper updates will devalue your investment.
Experienced Commercial Property Managers utilize up-to-date software to construct timely maintenance schedules for you. Maintenance plans include inspections and upgrades to plumbing, electrical systems, landscaping, infrastructure, and everyday maintenance such as repainting.
5. Keeps tenants happy: As with residential properties, it is inevitable that you will have tenancy turnover. However, the number one way to combat this issue is to work for and make your tenants happy. When you have commercial tenants, their needs will change drastically. Being malleable and adapting to their circumstances can be a more profitable long-term strategy than being reluctant to embrace change.
Professional property managers will recognize this philosophy and work to apply this strategy when working for your property.
For more information on Commercial Services Strata Management, Rental Management, or our list of available Rentals, contact our team today. Our certified Property Management Professionals are always prepared to customize our services to meet your unique requirements.
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