When you think about hiring a commercial property manager, there are probably some specifics you want to address before you make your choice. For example, you need someone you can feel comfortable working with, and who knows the market in the area. That will make things easier for you, and can also improve the quality of your landlording experience. If you’re not living in the area, it’s even more vital that you choose a good property manager for your commercial investment portfolio.
If you’re not sure who to hire, knowing what you should be looking for is a good place to start. That can help you feel more confident when you choose someone to manage your properties, and give you a checklist of attributes you want to consider as you interview property management companies. Not only will the right manager for your commercial properties make things easier and more convenient for you, but they can also provide you with additional peace of mind.
Whether you’ve been in the commercial property business for a long time, or you’re just getting started with your first property, here’s what you need to know about making the right choice for property management.
A Long Time in the Business is Important
One of the factors you want to consider when you choose a commercial property manager is how long they’ve been in the business. Someone who only has a couple of years of experience might be very dedicated to their job, but they’re far less likely to have all the experience and knowledge you’re looking for. They’ll gain those things in time, which is great for their future clients. You just don’t want them gaining important experience at your expense. Instead, you want someone with more years in the business.
Ideally, 20 to 30 years of experience in property management and/or the real estate market in their local area would be ideal for your new property manager. That way you’re choosing someone who has plenty of experience and a lot of knowledge, too. They’ve been through strong real estate and leasing markets, along with some downturns, and they know how to handle both of those experiences.
Also make sure that a lot of their experience is in commercial properties, since residential management is very different. That’s a good way to feel much more confident in what your commercial property manager is offering, since you know they’ve seen it all. Their knowledge and experience will help you be more successful, and also improve your ability to handle any problems that come up as you move through your land lording journey.
Full-Service Management Can Meet Your Needs
A full-service management company is the way to go when you’re looking for someone to handle your commercial property needs. You want to be sure that you’re working with professionals who can handle all aspects of your business, so you don’t have to worry about bringing in other people or companies for specific tasks. Needing to hire outside the property management team can defeat the purpose of hiring them and getting a company to handle your commercial properties for you.
You also have more peace of mind and confidence when you have a full-service team working on your property management needs, because you know the skills are available to take care of problems or address questions that come up. From finding tenants for your commercial properties, through handling rent management, maintenance issues, and move-in / move-out checklists, you need a full-service property manager to free up your time and lower your stress levels.
If you don’t have a company that’s focused on a full-service experience, you may find that areas of your management needs are falling through the cracks. Naturally, that’s a serious issue you want to avoid, because it can be detrimental to your portfolio development and also to your reputation within commercial leasing circles. You want tenants to choose your properties, and how those properties are managed plays a role in that very quickly.
They Need Experience With Multiple Business Types
Experience with multiple types of businesses is another area where you want your property manager to excel. Especially if you have several types of properties, or you’re considering getting more properties in the future, having a property manager who’s used to that makes a difference for you and your tenants.
From medical facilities and retail businesses, to office space and industrial companies, your commercial property management company should understand the nuances of all different spaces and business needs. The more experience they have with multiple kinds of businesses, the more they can help those businesses get into the properties you offer that are a good fit for them. Even two different kinds of retail or medical establishments can have very different needs, and a good manager will know this.
While most property managers would definitely understand that different types of companies have different property needs, that doesn’t necessarily mean they would all be aware of what those needs actually are. Rather than worry about whether your property manager has what it takes, choose one with plenty of experience with different kinds of business. Then you’ll have less to worry about.
Getting tenants into your commercial properties is only the first step. After that, your property manager will need to address rent collection, maintenance issues, and other concerns. Finding new tenants when others move out is also a big part of the job. When a property manager can anticipate the kinds of needs a specific type of company will have, it’s easier for the manager to meet those needs and quickly address problems, for a better tenant experience.
Find Someone Who Knows the Area
Knowing the area is critical for the management of commercial property. You not only need a property manager who’s been in business for a long time, but also one who’s done business in that local area for a long time. It doesn’t have to be their entire career that they’ve spent in the area, but it should be at least a significant portion of it.
Knowing the local area means a property manager understands what kinds of places are right for what types of businesses. That doesn’t mean a company can’t choose to lease in a location that’s not typical for them, but only that it’s much easier for those companies to get advice on their options, along with what’s most commonly seen in companies like theirs.
You want to get your commercial properties leased out, and keep them that way. That keeps your revenue high, and helps make your properties a better and more worthwhile investment. One of the very best ways to do that is through a knowledgeable property manager who will direct potential tenants to the right properties, so they’ll be happy there for the long term.
You don’t want a medical office going into a building in an industrial area, or an office in a busy retail location. Those just aren’t a good fit, and that can mean the business isn’t as successful as they would be in a different area. If they’re new to the area, you need to be able to trust your property manager to guide them to the commercial property that meets their needs and fits their customer or client base.
Trustworthiness and Reliability are Key Traits
When you hire a manager for your commercial property, you need someone you can trust and rely on. Along with experience and knowledge, you also want to feel confident that the person you’ve chosen is giving you straight answers and doing what they say they are doing. If you don’t have confidence in your property manager, it’s difficult to give them the benefit of the doubt if problems arise.
That’s not a good place to be, since you want to feel like you can work through any concerns with your commercial property manager. That can help you keep your properties rented out easily and efficiently. If you have a large property, or a number of properties, you may also be paying out significant sums for quality management. It’s important that you trust the people you’re paying to handle your portfolio of commercial real estate.
Choose Personalized Service and Client Dedication
Along with all the other important attributes of a good manager for your commercial property, you need to make sure you choose someone who’s dedicated to their clients. Providing focused, high-quality, personalized service can go a very long way toward helping you feel confident in your choice of manager.
You also want to feel comfortable in trusting your property manager to remember who you are and the properties you have, instead of seeing you as another number. Personalized service is extremely valuable, and goes hand-in-hand with dedication to clients as people, and not just as commodities.
While a large property management company might have a bigger team, you can get the quality service you need from a smaller company, as well. The dedication to their clients and their jobs, along with their experience and knowledge, are the biggest factors to consider when you’re looking for the property manager that will give you the best overall experience.
Find a Commercial Property Manager Today
Ready to find a commercial property manager you can trust? Looking for a manager who can meet all your commercial property needs and also keep your tenants happy? Schedule a call today to see how we can help you manage your properties. Whether you have one property or dozens, we’re here to make the management of your commercial properties easier.