As a commercial property investor, you have a lot on your plate at any given time. From managing your existing properties, fulfilling maintenance requests, and analyzing new investment opportunities, it can be challenging to find enough time in the day to get everything you need to be accomplished. While the benefits of owning and operating commercial real estate can be extremely rewarding, it can be overwhelming without a dedicated commercial property manager.
If you are a commercial real estate investor who is struggling to get everything on your to-do list done, which is impacting how quickly you can grow your real estate portfolio, it may be time to consider bringing on a specialized commercial property manager to handle the day-to-day operations of your properties.
Not sure if investing in a specialized commercial property manager is the right decision for your investment portfolio? Price Commercial Management breaks down how commercial real estate investors can benefit from having a specialized commercial property manager on their team.
What is a commercial property manager?
The role of a commercial property manager is to assist with the day-to-day operations that are required to keep the building operating at peak performance. Hiring a property manager allows the property’s owner to take a backseat to the daily operations and focus on potential investment opportunities that will allow them to grow and diversify their portfolio even more.
The commercial property manager is the face of the building to the tenants, answering questions they have and facilitating maintenance requests, overall property maintenance, and more. The goal of the commercial property management team is to help relieve some of the stress and burden of day-to-day tasks of the property owner, allowing them to win back time and spend it on tasks that will be more impactful for their investment portfolio.
Why is it important to find a property manager who specializes in Commercial Real Estate?
Commercial and residential real estate are two very different markets, which is why you must hire a property management company with a proven commercial real estate track record. With the right team by your side, you can have peace of mind knowing your commercial properties are in good hands by a partner who is also working towards your investing goals. Finding a CRE firm who fully understands your investment goals is important to the success of your future investments. The right partner will have your portfolio’s best interests in mind and do whatever they can to continually increase your property’s value.
What are the benefits of hiring a commercial property manager?
Intending to relieve the property owner from the day-to-day operations, the commercial property manager tailors their role to meet the needs of the owner. While the responsibilities may vary from property to property, you can expect most commercial property companies to have the resources to handle:
Tenant screening – A commercial property manager can help screen potential tenants to ensure they are the ideal fit for your property.
Tenant retention – Your job doesn’t stop once you’ve acquired tenants to lease a space in your property. The most cost-effective route moving forward is to retain existing tenants and reduce the time and money needed to source new tenants. A property manager is the face onsite that handles the day-to-day operations that keep the building running smoothly, while simultaneously building relationships with key tenants — fielding any of their questions, comments, or concerns.
Rent collection – To keep your commercial real estate investment profitable, you need to have money coming in. To do this, your tenants are required to pay rent. One of the many responsibilities of the commercial property manager is to collect monthly rent from the tenants to ensure operating expenses can be paid on time.
Maintenance facilitation – Whether annual maintenance checks need to be scheduled or a tenant submits a maintenance request, the property manager handles all maintenance for your commercial property. With a reputable property management company, like Price Commercial Management, you can have peace of mind knowing they have a shortlist of trusted contractors they can call to work on your property.
These are just a handful of the many tasks that a commercial property management company can assist with and can be customized to meet the owner’s needs.
When should I think about hiring a commercial property manager?
There are many reasons why you may want to hire a commercial property manager, but it’s always important to determine if it’s the right fit for your business. You should consider bringing on a commercial property management company if:
You want to focus on investing not management – If your goal is to grow and diversify your commercial real estate portfolio, then it may be a good idea to outsource assistance. A property manager will be able to provide you with as much detail into the day-to-day operations so you never feel too far removed — opening up more time in your schedule to focus on the investment side.
You own a large number of commercial properties – The larger your commercial real estate portfolio is, the more you’ll benefit from hiring a property manager — even if you only have them manage a portion of your portfolio.
A property management company will always provide property owners with countless benefits, you just need to decide if it’s something that is a good fit for your property and needed to help grow your business.
Why Hire Price Commercial Management?
Commercial property management and commercial brokerage are two very different services and one size does not fit all. A specialized and professional property manager can safeguard your investment and keep your tenants satisfied.
Instead of hiring a firm that does many things well, count on one firm that specializes in commercial property management — like Price Commercial Management.
Above all, Price Commercial Management is committed to transparency, superior service, and a personalized approach to meet the commercial management needs of its clients. Price Commercial Management crafts customizable property management plans based on client needs, including:
- Rent Collection
- Lease Enforcement
- Monthly Property Reporting
- Expense Management
- Revenue Enrichment
- Property Assessments Scheduling
- Routine and Preventative Maintenance
- Relationships with Licensed and Insured Contractors
- Aesthetic Maintenance
Free yourself from the hassle and burden of managing your property or that other sub-par property management companies have added and let our trusted and proven record go to work for you.