Commercial Property Management for Beginners
Many owners of commercial property simply do not have the time to manage their own rental properties. This is especially so that for those with properties located outside of the area where they live and normally do business. For these investors, a commercial property management company can help them to get the most out of their investment.
What Commercial Property Managers Do
As a commercial property manager, you will coordinate the maintenance and repairs for commercial property. You will also handle the communication with tenants as well as your client’s accounting needs. The goal is to ensure that the property owner is provided with the best possible return on their investment.
Outline of Services Provided By Commercial Property Management Companies
- Communication with Owners
You will maintain contact with the property owner or their consultants, which may include their attorneys and accountants.
- Rent Collection
Your responsibilities also include the collection and recording of rent from tenants and you will be responsible for communicating with the tenant on behalf of the property owner.
- Maintenance and Cleaning
A large part of a property manager’s work involves conducting site visits and regularly inspecting the property while also coordinating activities for maintaining, improving and repairing the property.
The Importance of Maintenance
Both the exterior and interior of commercial properties should be in good condition. Unless the lease agreement states otherwise, the property manager will be responsible for the maintenance of the interior of the property. This includes touching up the paint on interior walls and ensuring that the flooring and furnishings throughout the property are kept clean. The aim is to ensure that tenants have a tidy and safe environment in which to do business.
Cleaning and Maintaining Facilities and Utilities
Your properties will have to be clean in order for you to build or maintain occupancy. Having a property cleaned by a reputable professional janitorial service ensures that it is kept to a high standard of appearance and that your tenants will be satisfied. For proper maintenance, commercial property managers should consider janitorial companies that provide the following services:
- Vacuuming or Sweeping Floors
This ensures that floors look better while also providing a healthier environment for tenants.
- Sanitizing Surfaces
This is especially important during flu season. Your janitorial service should sanitize all surfaces using a disinfectant.
- Clean Windows
Dirty windows are among the factors that can create a poor impression of your business. By regularly cleaning your windows, your janitorial service can help to provide your business place with a hygienic and professional appearance.
Other areas that are contained within the commercial property manager’s purview include the maintenance of bathrooms, break rooms and elevators. These facilities are all essential for the property’s operation.
The nature of commercial property management will differ somewhat depending on the market. The nuances of what is entailed vary according to the market; however, the aspects listed above will still be essential for ensuring that clients get good returns on their real estate investments.
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