Guide to Hiring a Commercial Property Management Company
Commercial real estate owners want to maintain a high value in their real estate investments. They hire professionals to assist with their Commercial Property Management needs. Commercial properties have their own unique needs when it comes to finding and maintaining tenants. Hiring an experienced property manager is critical to keeping tenants happy and maintaining property values. Hiring a commercial property manager does not need to be difficult when following these suggestions.
Benefits of Hiring a Manager
Property owners may feel they can manage their properties on their own. After all, how difficult can it be to collect rents and call in a contractor when a repair is needed? Skilled property managers bring much more than merely managing the leases. They will look for ways to both increase revenue and minimize expenses. When a property manager understands the investment goals, they can look for ways to increase the property’s value. Experienced managers build relationships with existing tenants and can identify problems before they occur.
How to Find a Commercial Property Manager
In real estate, reputation is crucial. Ask other commercial property owners about property managers they use and if they are satisfied with their services. Talk to real estate agents about property managers they know, as well. Develop a short-list of potential property managers to interview for the job.
Questions to Ask Potential Managers
When interviewing potential property managers, ask about their experience with the commercial real estate. While an individual may have experience with residential property management, commercial property has its unique challenges, that best require specific experience and knowledge. Ask for the number of square feet that they are currently managing. Talk about the current vacancy rate in the area. Talk about how the manager will handle property maintenance. Do they have staff for that or is it hired out? Additionally, be sure to discuss the management fees. Understand how they expect to be paid so that a full comparison can be made among the potential property managers, and so that there are no surprises once a hiring decision is made.
Making the Choice
After interviews have been conducted, the property owner will need to decide which one to hire. Ideally, a candidate will stick out, and the choice will be obvious. When it is hard to distinguish between candidates, choose the one with the most integrity. You can also watch video on their YouTube channel.