Selecting the right commercial property management company can be intimidating. However, with the careful planning and proper interview techniques, your business can successfully navigate the process. By finding the right property manager you can simplify the complex, time-consuming job of managing your rental property. Using the right team your business can focus on maximizing investment and passive income opportunities.
Understanding Your Commercial Property Management Needs
First and most importantly it is essential to create a short list of your business’s needs. Does your property require full property management services? Will your property require brokerage or leasing services? Is an on-site or full-time management team a necessity? Does your business require a large company with multiple locations? Is a boutique team with local or special experience a better option? Using these questions, you can narrow your commercial property management search.
Narrowing the Management Search
Next, your business should focus on narrowing the search between companies that cater to your business’s needs. The five most important factors in narrowing the commercial property management search; company focus, management systems, cost structure, availability, and customer service.
- Company Focus
Some property management companies take on all property types, while others specialize. Besides focusing on property type some commercial property management companies concentrate on a particular management duty. As a result, some property managers will focus on marketing, inspections, maintenance or administrative aspects of running an income property. Therefore, when evaluating a commercial property management company that your interests are aligned.
- Cost Structure
A good commercial property management team will make it easy for you to understand the total monthly cost of their services. When reviewing the contract make sure you understand what tasks are included and the compensation structure. It is essential to understand what is included in property managers monthly, hourly, or project-based fees.
- Management Systems
A good property management company can describe their methods for securing payments, performing maintenance, complying with regulations, handling emergencies, and resolving disputes.
Commercial property management is a 24/7 responsibility. The best companies have systems to handle emergencies that arise outside of standard office hours. You don’t want to find out during an emergency your property manager is not available.
- Customer Service
Your commercial property management team is your front line in representing your property to customers and handling tenants. The team you hire should be professional and attentive. Be careful to observe the company you are interviewing and familiarize yourself with all of their policies and procedures.