Being a commercial real estate owner comes with a hefty set of responsibilities.
From the paperwork and legalities involved to maintaining communication with tenants and keeping up with maintenance, bills and marketing, owning CRE requires a lot of time, energy and specific expertise. Even if you’re knowledgeable about each of these CRE management needs, finding the time to handle all of them at once is a tall order.
Bringing on a property manager with the knowledge to successfully steer your CRE endeavors can help alleviate some of this stress and deliver a dedicated focus on the expertise you need.
Here are four benefits of hiring a commercial real estate manager.
Keeping track of all the money that changes hands in a CRE venture requires a trained eye. A property management company can help you track spending and income, as well as calculate budgets and taxes. An accounting team can also provide updates on your CRE investments and keep you updated on how those investments are paying off.
Having a property manager in your corner will also make collecting and calculating rent much simpler. Instead of spending your time tracking the numbers and reaching out to tenants who have missed payments, a manager can work to follow up with those tenants and streamline the process.
Property repairs are an inevitable fact of CRE ownership. These can range from simple upkeep to major refurbishments and replacements. The quicker you’re able to respond to maintenance issues, the happier your tenants will be.
A CRE property manager can act quickly to fix maintenance issues. They can send technicians trained in specific repair work to your property in a timely fashion and can even negotiate lowered rates for services.
Managing the different needs of each tenant can be challenging without a bit of help. A property manager can sort through the unique situations of each tenant, including differing rent/lease agreements. Having a second set of eyes on all these conflicting details will help keep each tenant’s information tracked and accurate.
This extra help is particularly important if you manage more than one property. Different rates, rules, dates and terms will likely apply to each piece of CRE you own, and a manager can help all of these specifics remain organized and easily accessible.
One of the most crucial aspects of CRE ownership is being able to effectively promote your property to prospective tenants. Making sure that the public is aware of vacancies, lease rates and the benefits of utilizing your property is a complex task, and a property manager can take the lead in this pivotal part of your business.
A manager can focus on advertising your property and use targeted channels – including social media, websites and even local media – to draw interest. By marketing to a wide breadth of potential interested parties, they can help you fill vacancies, avoid paying for unused space for longer than necessary, and spread strong word of mouth about your property/properties.
If you’re looking to bring on some CRE management assistance, the team at DRK is ready to help.
Until next time,
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