Managing a commercial property requires a lot of work. Although, doing it yourself may seem like the cheapest option, you could be limiting your savings, profit and investment opportunities. A Commercial Property Management Company is an investment that will pay off by saving you time, money and stress in the long run. Your cost to hire a professional manager may also be expensed out to the tenants depending on the lease types.
One of the biggest benefits of hiring a professional property management company is their marketing expertise. An experienced property manager will have a marketing infrastructure in place to promote your property to targets who have already expressed interest in leasing in the area. Smart advertising leads to shorter vacancy periods and more high-quality tenant prospects.
Hand-in-hand with their marketing expertise is their familiarity with the market. Your property management company should be familiar with comparable spaces in your area and relevant economic data. A quality property manager will have the skills to assess the market and its implications for your situation. They can provide an honest, unbiased external assessment of your property, so you have realistic expectations. An expert in your market will get you the highest market rate possible while minimizing vacancies.
Property Management Companies are deeply involved with all things related to the industry. This comes with a lot of valuable connections. An established property management company will have a vast network of industry relationships they have formed over the years. For you, this means immediate access to vetted, trusted and dependable contractors, tradesmen, suppliers and maintenance workers as well as savings in both time and money every time you need to make repairs or perform maintenance on your investments. Sometimes, property management companies even have in-house maintenance technicians which further amplifies your savings and quality of service.
Property Management Companies can also manage your maintenance for you. Routine inspections are key to maintaining tenant relationships and preventing bigger, more costly issues later down the road. For routine maintenance or if any issues arise, your property manager will send a maintenance technician to take care of it.
Tenant Relationship Skills
Forming and maintaining positive tenant relationships is one of the most important things you can do for your property. Not only will your commercial property manager help you find high-quality tenants, they will help you keep them. From making sure that maintenance is taken care of in a timely, professional manner to keeping lines of communication open with tenants, your property manager will ensure that tenant relationships are positive ones. And happy tenants are likely to stay.
Want to learn more about what an experienced, professional commercial property management company can do for you? Reach out to Kunkel Wittenauer Group at (618) 632-8200 to learn more about how we can help you and your property.