When you own a commercial property, managing this efficiently and effectively is crucial to its success, especially when you’re leasing it out to business owners. But this takes a lot of time, and can divert your attention from other key areas of your business that you need to focus on. That’s why, investing money in a real estate management company could be the answer – because they won’t just save you time but could save you money too.
Many commercial property owners wrongly assume the management fees they’ll pay to a property consultant business will be excessive and unnecessary. However, the fees you pay to the property management company (such as GVA Worldwide Limited) could be far outweighed by the money you save.
Here are just some of the things you should look for when choosing someone to manage your commercial property space:
Experienced Property Managers
A lot of people may claim to be a “property manager” but not everyone has the necessary experience and skills to carry this job out well. Therefore, you should look for a company that boasts experience managers who have the relevant skills, education and training behind them to make your leasing project a success. Ask to meet with the managers so you can get an overview of what they’ll bring to the table, finding out how they’ll find the right customers for your commercial property.
Another ongoing headache when you’re leasing property is the upkeep of it, as much of this will come back to you – the landlord. But that’s where property agents can help again, as they can manage all of the day-to-day issues that come with running a commercial unit. Find out what maintenance staff the property agents hire, whether they’re in-house and how quickly they’ll respond to issues. It’s crucial that the agents are reacting quickly to tenants’ requests. Minor issues should be dealt with as quickly as possible, while major ones should be addressed straight away to make sure the building is safe and usable.
During your initial meeting with the property agents, you should also establish what policies they have in place for tenants. This can include check-in and check-out policies, emergency procedures and contact hours. It’s also worth asking what the management firm does to retain tenants, especially when their lease is up for renewal. You could also ask to see what plan they’d implement for your particular building(s).