Important Qualities to Look for in a Commercial Property Manager
Good commercial property management is the difference between a good landlord and a bad one. Commercial property management companies are essential for anyone who owns a commercial building – they will ensure full occupancy, management of day-to-day affairs and collection of rents. As a landlord who is looking for a hire a property manager for the first time you may be wondering what qualities you should be looking for – how do you know that a property management company will deliver as promised? Here are some important qualities that can be quite telling:
They should be highly professional
One of the most important qualities of a commercial property manager is professionalism – they should be able to manage your property in such a way that it attracts high quality tenants, and they should also be able to anticipate problems and get ahead of them. Professionalism comes from experience, so find out how long the company that you have in mind has been in business.
They should understand commercial property
Commercial property is very different from residential property; it requires different kinds of tenants, the manager has to know how to handle all the different issues that may occur and they also have to have a working knowledge of commercial property law and accounting, as well as taxes.
One of the most important qualities to look for in a commercial property manager is organizational skills. They will be looking after many tenants and they have to keep track of what is happening in each unit. If they are not organized there will be a lot of confusion which will eventually lead to loss of tenants and may even lead to lawsuits.
Getting tenants for a commercial property is not as easy as some may think – you have to be able to convince prospective tenants why they should rent from you and not from any other landlord. People skills are also important when it comes to dealing with problems in your property. In addition to people skills they should be excellent communicators – they have to be able to put their point across without causing agitation, and also listen to tenant problems so that they can find solutions.
Imagine that you are renting out an office unit out for $5,000 a month, but the tenant is costing you $4,500 every month with all sorts of minor complaints. Does it make any sense to hang onto that kind of tenant? If you keep them it means that you are not making any money – in fact, you may be spending your own money instead. A good property manager can sniff out where there are deals to be made and they can see bad ones and avoid them. They will also give you advice on what you can do to make your property more profitable.
Lastly, make sure that you hire a commercial property manager who is trustworthy. You shouldn’t have to worry about whether they are submitting your fair share of rents or whether they may be stealing from you in any way.