If you are investing in commercial real estate, there are certain responsibilities you have in taking care of this. And one of the critical decisions you have to make on behalf of the success of your property is choosing the right property manager.
Before you start looking for property managers,
You have to understand what kind of services you are looking for and what you expect from a property manager. There are so many different types of commercial properties such as office spaces, industrial complexes, retail centres etc. and all of these come with certain requirements that are unique to them. Some of the services provided by property managers are financial reporting, communication with tenants, negotiating leases, maintaining the property and marketing it. Once you define your goals clearly, you can speak to your local real estate agent to understand the different services they can provide you with to ensure the health of your investment. It all depends on your goals for the property such as increasing the occupancy rate of the building or increasing the rental income.
It is important to select a property manager
That has a good idea of the commercial real estate industry as this is what allows them to identify market trends and market your property effectively along with ensuring the compliance of your property in accordance with relevant regulations. Make sure to look for property management companies that have a successful track record in managing properties that are very similar in type, nature and scope to yours. You can ask potential property managers to provide you with references to their previous clients so that you can contact them to get a first-hand account of what it is like working with the property manager. You have to ask the property manager about how they will be able to handle the demands of your commercial property and how their past experience can help with this. It is especially important to select a property manager that has prior experience with similar size properties with same complexity in scope.
You can ask the property management company
To provide you with copies of their licensing or certifications. It is important to select a property manager that is licensed as required in your jurisdiction so that they meet the legal requirements set by your local authorities. You can also look for property managers that are affiliated with reputed industry organisations so that it gives an idea of their commitment to developing professionally. When you have your first consultation with the property manager, in addition to clarifying concerns, you have to evaluate their level of communication. They should be professional in their communication and be able to provide clear answers. You can also ask them about their approach to communicating with tenants. Ask if there is a common channel of communications that will be maintained so that tenants can get in touch with the property manager when it comes to repairs or concerns. Make sure to ask about their approach to handling tenant issues.