With so many great commercial properties for sale, it’s no surprise a lot of people are investing in the area. However, novice buyers must realize that there’s more to commercial real estate investment than meets the eye.
As an investor, you have the responsibility of managing tenants and taking care of day-to-day tasks. To make things easier for you and ensure the success of your endeavor, hiring a property manager is the way to go. A property manager can take care of everything, from marketing to tenant care.
Here’s a detailed list of why you should hire a property manager:
Collecting rent is one of the most challenging aspects of owning commercial real estate. With a property manager, you don’t have to worry about chasing a tenant for payment or figuring out how to impose late fees.
Experienced property managers are there to ensure on-time payment. They’ll also have systems in place to enforce penalties on late fees. In addition to collecting rent, property managers also set the rent price to match current standards.
Property managers research the local market extensively to come up with rental rates that are fair and competitive. This involves comparing similar properties and checking out real estate trends.
Keeps your books in order
There’s a lot of bookkeeping that goes into commercial property management. Managing a commercial property involves figuring out taxes, audits, creating balance sheets, and the like. This is enough to overwhelm even the most well versed investor.
Save yourself from costly mistakes by hiring a property manager. They can organize and update the financial records of your rental property. They will also submit the requisite reports that will allow you to assess your investment’s performance.
Deals with maintenance and repairs
Maintaining your commercial property takes a lot of work. The more properties you own, the more time consuming it is, even when it comes to organizing the simplest maintenance tasks.
If you have a lot of investment properties, it’s best to hire a property manager to take care of the day-to-day maintenance and upkeep of your rental units. They’ll make sure your property remains in great condition for your tenants.
Property managers have access to a network of real estate professionals. If there’s something that needs to be repaired, they’ll have a laundry list of reliable plumbers, electricians, and the like on speed dial.
Property managers are also helpful for those thinking of upgrading their commercial property. They can help connect you with trustworthy contractors and tradespeople, as well as provide insight into your renovation.
Property managers are there to take care of everything related to occupancy. They’re responsible for screening potential tenants and running the necessary background checks. Having an experienced property manager handle the tedious screening process will improve the tenant turnover rate and make your investment more secure.
Evicting tenants also falls under the purview of property managers. A good manager knows how to effectively remove someone who has violated the terms of their lease or failed to pay rent.
Market the property
Chief among a property manager’s many responsibilities is filling up any vacancies as quickly as possible. And the best way to do that is through a strategic marketing approach.
Expert property managers know the most effective ways to market commercial property. They’ll be able to use different promotional platforms like social media and reach out to their network of real estate professionals.
Property managers understand the complicated legalese and laws surrounding commercial real estate. They’re well versed in changing tenant-landlord laws and know how to navigate through legal regulations.
Handling such matters on your own could lead to liability and costly fines. For an easy and stress-free commercial real estate experience, hiring a property manager is your best option.
Commercial real estate expertise
One of the most valuable assets of having a property manager on board is their commercial real estate know-how. Their specialized market knowledge will give your investment the extra push it needs to be even more successful.
If you want to learn more about commercial property management, get in touch with me, Alexander Meskouris. I’ve been helping buyers achieve their real estate goals in New York. Check out AMPM Property Group – property management services you can trust.
From investment advice to tips for selling commercial property, I can assist you every step of the way. Schedule a consultation with me today by calling 917.741.4296 or sending an email to info(at)alexandermeskouris(dotted)com.