Commercial real estate is not an easy industry to tackle. The assets are larger not only in size but also in value thus further escalating risks and the work. This is why many investors have sought the help of commercial property managers.
These professionals tackle a lot if not all of the requirements and responsibilities when it comes to owning commercial spaces put up for lease. Among many of the tasks they handle on a day to day basis includes the following.
CHIEF OF COMMUNICATION – Should the tenants have any questions and concerns about the rental, these managers will be the ones to pick up the phone and answer them. They simply make life stress free for investors. No phones buzzing at the dead of night!
TENANT-LANDLORD DISPUTES – Sometimes unlikely disputes happen and not all owners and investors have the time, energy, ability and desire to deal with these. Property managers can handle these troubles in the most professional and legal means possible.
DOCUMENTS – There are a lot of responsibilities and requirements in terms of finance and documentation when one chooses to lease out their assets. This includes taxes returns and income and expense reports to name a few.
EVICTIONS – Bad tenants are hard and tiring to deal with. A manager can stand as the owner’s representative in these cases. They will look into the matter and within the terms allowable by law and as per contract; they will carry on with all the tasks necessary to evict your bad tenants.
MAINTENANCE – Likewise they will ensure that the repairs and maintenance of the assets are done by all parties liable to do so. This avoids any possible dilapidations issues in the future.
RENT – Managing commercial properties for rent is tough business. Collections may sound pleasing but they’re no easy task. This is especially true if one has other business endeavors, a day job or lives somewhere far off. A manager will help you when it comes to rent collections. You don’t have to go to each tenant every month and do it on your own.
TENANTS – Rental vacancies are massive blunders. After all you are putting them up for lease for a reason and that is to get a return on your investment and profits to boot. If vacancies are rampant then this would be hard to achieve. Commercial property managers not only look for tenants but they screen them as well to ensure that you only get the good ones.