Every piece of real estate is different, as is every portfolio and investor. At some point bringing on a commercial property management company makes sense. So, if you own commercial real estate, a good property manager is going to take a lot of things off your plate. Also, they will give you “fresh eyes” to see what opportunities and threats you may be overlooking.
Create a Strategy
Beginning with a strategy that should take into consideration the goals of the property owner, the age, location, history, and condition of the property, and other relevant considerations, a plan is developed. Depending on the property it can be more or less formal. What is most important is that it becomes a guide for the property management company. Going forward, the guide will help to make decisions that reflect the mind of the owner, as closely as possible.
Customize a Plan
Once a property manager understands the strategy, it’s time to work out the nuts and bolts of how the property will be managed. This customized plan is largely a schedule to implement the hundreds of tasks that a commercial property needs to be accomplished over the course of a year and beyond. Tasks like maintenance, janitorial, inspections, budgeting, financial reporting, insurance reviews, communications, marketing, and on and on. At some point, the properties will need a new roof, new HVAC systems, and other large items replaced. There needs to be a discussion and a plan for that too.
As you can imagine, commercial property management companies, come in all shapes and sizes. A large corporate owner or a real estate investment trust requires giant corporate property management companies with each aspect of management run by a separate department. Most commercial property owners don’t require that, and frankly wouldn’t be a good fit for those big box management companies.
Our company is not a giant corporation. We are a local commercial property management company in your market. Check out our reviews and then ask us to help you today.