What to Expect from a Full-Service Commercial Property Management Team

Between managing client relationships, completing maintenance tasks and collecting rent, being a commercial property owner may feel like a juggling act. Partnering with a full-service property management team can streamline daily operations, which is crucial if you have multiple investments. A property management team also provides access to market insight and technology, alleviating guesswork and stress.

What Does “Full-Service” Mean?

It means you’re working with a company that handles all aspects of managing commercial real estate.

That includes:

• Lease creation and enforcement
• Tenant screening
• Property inspections, maintenance and repairs
• Budgeting and financial reporting
• Legal compliance

Because this type of property management company runs the gamut of service options, you get to pick and choose which you use. An entity with limited offerings may not address your immediate needs or be able to keep up with your growth.

Benefits of Full-Service Commercial Property Management

Working with a commercial property management team is an effective way to optimize daily operations, enhance asset value and increase ROI. You also share responsibility with a team of experts who are dedicated to your success, so you don’t have to go it alone.

Additional benefits include:

• Tenant retentionand decreased vacancies
• Competitive market analyses
• Regular inspections
• Preventative maintenance
• Detailed financial reports
• Tax and insurance management

What You Can Expect

Comprehensive Property Maintenance and Repairs

Your property management team can schedule necessary repairs and proactive maintenance to enhance your asset’s operational efficiency. They may also have an established network of vendors who provide competitive pricing. They should have experience managing properties similar to your investment so they can address your unique requirements. That could include anything from HVAC repair to landscaping.

Streamlined Financial Management and Reporting

Property management companies typically use software to collect rent, track late fees and organize tenant data and documentation. You can request regular reports and projections from their platforms, too. Detailed reporting and expense management allow you to establish an accurate budget, project cash flow and grow your investment.

Tenant Acquisition, Relations and Retention

Screening potential tenants is an important part of owning commercial property as it influences vacancy and retention rates. A property management team has the expertise to advertise your assets and conduct interviews to determine if a business is the right fit. They’re also responsible for fielding complaints and requests and maintaining consistent communication to support a positive tenant-landlord relationship. Prompt response times and efficient service can leave a lasting impression on your tenants and increase the likelihood of lease renewals.

Regulatory Compliance and Risk Mitigation

Legal compliance, zoning regulations and environmental standards require careful consideration, and a property management team can provide guidance. They also handle insurance and property tax payments to make sure those fees are paid on time. A property manager will see to building codes to keep your tenants safe and reduce your risk for financial and legal liability.

Value-Added Services and Asset Enhancement

Property management isn’t limited to daily tasks. A full-service agency will also offer marketing strategies to advertise your properties and attract tenants. That takes the responsibility off your plate, so you can focus on other investments.

If you’re still learning how the commercial real estate industry works, utilizing an agency’s investment advising services is essential. A property manager will identify opportunities to increase asset value and help you restructure leases to boost cash flow.

Other value-added services include:

• Professional staging
• Virtual tours
• Building automation
• Energy-efficient upgrades
• Onsite staffing
• Security and access control
• Emergency and crisis management

Full-Service Property Management in Columbus, Ohio

Simplify commercial property management with the help of a dedicated agent and team of experts. DRK and Company offers comprehensive property management services that include advertising, rent collection, tenant relationship support and much more. Contact us to learn more and schedule a consultation.

Until next time,

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