A proven way to increase the value of your commercial real estate is to enlist an excellent property management firm.
Managing commercial real estate requires specific skills and extensive industry knowledge regarding the details of all property types.
Each property type – whether it be retail, office, industrial, or a commercial owner association – demands different requirements in order to achieve a highly-performing property. Including enacting the ownership’s business plans and investment objectives, instituting site management and preventative maintenance, ensuring superior client relations, enforcing a tenant retention plan, and succeeding in tenant satisfaction.
Hiring the right commercial property management company can provide you with the experience, stability and resources you and your property require.
Professional real estate management firms possess a deep understanding of every management element – including property operations and maintenance, vendor management, regulations, technology trends, and more. Your commercial property management firm’s real estate managers can also screen potential tenants, lowering tenant turnover and providing higher quality tenants overall. Commercial property managers review numerous tenant applications and can spot the red flags of potentially high risk tenants.
Commercial real estate property managers also possess the resources and prowess needed to deliver superior service management. A property management company’s access to premium technology provides benefits such as accurate financial reports and accounting services. They understand that embracing technology allows them to more efficiently anticipate client needs while streamlining communications.
A commercial property management company possessing a breadth of experience also has buying power and access to quality vendors. A real estate manager’s established relationships with these service providers benefits owners, as getting the job done correctly and within budget ultimately leads to savings on operating expenses, capital expenditures, and green initiatives now demanded in the marketplace.
A talented team of commercial real estate management professionals will guide property owners through strategic business decisions concerning their assets, allowing owners to focus on their core business.
But professional, courteous and experienced commercial real estate management companies can be a challenge to find.
You should begin your search for a reliable commercial real estate management firm by conducting a thorough interview of each company you are considering. Ask specific questions regarding what services are included in which fees. Also, ensure that their experience is in line with your business and property-specific goals and needs. The goal is to contract with a reputable commercial property management firm that has a stellar track record, and a team you can trust.
Another key factor to keep in mind, is that it is in your best interest to hire a commercial real estate management company that specializes in commercial real estate, not residential management or other subsidiary commercial real estate services.
A qualified commercial property management company should possess experience in the following:
- Increasing Net Operating Income
- Excellence in property operations
- Positive tenant relations
- Superior tenant retention
- Construction management, including capital and tenant improvements
- Lease renewals and administration
- Effective owner communication
- Long-term vendor relationships
- Enacting energy management and sustainability initiatives
The attached infographic serves as a roadmap to guide you through a search for the commercial real estate management company that is best suited for your property management needs.
Sources:
- Meissner Jacquét Commercial Real Estate Services
