Commercial Property Management is a field where you will be responsible for maintaining a commercial property. This can include repairing roofs, plumbing, drainage, snow removal, graffiti removal, trash removal, and more. If you own commercial property, you are probably aware that it can be very costly to maintain your property daily. This is where commercial property management companies come into play. They will do all of the work for you and help you achieve the results you are looking for.
You might be wondering what kind of help you can get from a commercial property management company. It’s pretty simple. One of the most important things you can get from a commercial property management company is scheduling your tenants. They will assign the duties and responsibilities of each of your tenants based on the contracts that they have written.
Of course, most management companies will charge a fee for their services. You should find out what the fees are upfront, though. If the fees seem high compared to the service that you can expect, find out why. Make sure that you are getting what you want in the contract. Sometimes there will be a monthly fee. Other times there might be a per-use fee.
Another fee that you might be curious about is cleaning fees. If you own a large office building, you might have to pay a monthly fee for cleaning services, just like any regular tenant would. You need to make sure that you ask about those fees upfront, too, so you don’t end up surprised at a later date. That can be very frustrating and especially so if you already have an expensive lease.
Landlord-tenant relations are another key area of responsibility for commercial property management companies. To avoid negative tenant situations and maintain a good relationship with your tenants, you need to be very organized. Please keep all of your information in one place, whether it’s on your computer or in a paper folder. That way, you can look at it at any time and make sure that everything is precisely the way that you meant it to be. Even little things like proof of lease renewal or notice of new tenants need to be in the same place.
Of course, you want to be able to get involved as well. At the beginning of every year, you should send a small team of people to your tenants to meet them and learn more about them. If you own multiple commercial property management companies, it’s nice to have someone from each one of them take care of it on a rotating basis. The more hands you have doing it, the more help you’ll be able to give to your tenants.
It would help if you also kept a good eye on the turnover rate within your buildings. If you notice a lot of turnovers, it may mean that your contracts aren’t as straightforward as they could be. Make sure that your lease contract has clear instructions for when you can enter and exit a building.
Commercial property management isn’t always something that you do by yourself. It can be highly stressful and time-consuming, so make sure that you have someone on hand to help you run the property management company. This person can help you find tenants, negotiate contracts, and do all of the little things that you might end up forgetting along the way.