Often a new building owner doesn’t realize all that is required to manage commercial real estate. It won’t take long to learn there is more to it than just depositing rent checks. However, it’s not the kind of thing you want to learn on the job. There is too much on the line to risk managing a good property poorly.
Property management is a full-time job.
If you are an experienced building owner, you already know that property management is a full-time job. A good property manager must be proactive when considering the volume of detailed tasks that need regular tending. Anticipating needs, rather than waiting for inevitable problems to develop, signifies a good property manager.
That means an organized and systematic approach to market analysis, tenant relations, collections, financial reports, lease management, marketing, hiring vendors, managing repairs, scheduling annual inspections, and the hundreds of other issues a commercial building requires attending to. To be sure, anyone can learn how to do these things and create systems around them, but it takes time.
Commercial property management experience is essential.
At some point, it may become evident that unless you intend to become an experienced property manager yourself, then hiring a professional commercial property manager is the way to go. A good property manager will already have the processes, relationships, checklists, data, and knowledge to get the most out of your investment for you.
Unless you are onsite, an experienced property manager will spend more time at your property than you will. They will know your tenants better than you will. They will understand the physical condition of your building better than you will.
The point of hiring a good commercial property manager is to free you up to spend your time on more profitable activities. Perhaps activities that can help you to own more commercial real estate. If you need a property manager, contact us today.