Choosing the right Property Manager for your commercial property asset
Choosing the right asset manager for your office, retail or industrial property requires a level of research matching the professional service you expect.
It’s not hard to find a local commercial property manager, but it is difficult to find the specialist and agency which is the right fit for your investment needs.
Property managers are the regular communication channel between the landlord and the tenant, but that’s not all they do.
The role of an asset manager
A quality property manager will perform a host of duties, including:
- Managing the search for a quality tenant for your property;
- Ensuring the property is in condition for leasing;
- Negotiating and confirming all lease conditions and legislation are followed;
- Making sure all relevant certifications are in place;
- Ensuring the building is correctly insured.
While you could choose to manage the property yourself, the risks and time involved normally outweigh the return. The benefits of engaging a professional to look after your asset are numerous.
Benefits of hiring a property manager
- They can make the process of finding a tenant easier by tapping their existing database;
- They understand all the legal requirements of establishing a new lease;
- They know the best way to negotiate the contract to benefit both parties;
- They can negotiate and communicate with the tenant on your behalf;
- They can manage repairs and maintenance, sourcing trusted professionals at competitive costs.
If your property manager doesn’t have the relevant experience for managing a commercial property or you find them difficult to communicate with, then they’re probably not the right property manager for you.
Tips on choosing the right property manager for you
- Do your research: Look for a property manager who specialises in commercial real estate. Commercial property management requires expert knowledge of legislation and expertise to maximise the potential of your asset;
- Get to know them: When you hire a property manager, you’re putting them in charge of your asset. You want to ensure that they are a trustworthy hire whom has your best interest at heart. You also want to ensure that they are a clear and reliable communicator as they will be the sole link between yourself and your tenant;
- Get a referral: A sure way to know that you’re hiring an experienced property manager is through a referral from someone you know. There’s no harm in asking around to see if anyone you know can recommend a good property manager that you can inquire further about.