Finding a reliable commercial property management company for your commercial property is one of the most important decisions you can make. A quality property manager will give you more peace of mind and freedom as an investor, and he or she can help you obtain the maximum return on your property investment. Putting your property in the hands of a qualified professional gives you the opportunity to increase your property value and cash flow, all while giving you more time to focus on fostering strong relationships with your renters. The following are several things to look for on your search. These guidelines will help you find the right property management service for your needs.
Prior to interviewing management companies, write down a list of questions that you may have as well as what your goals are for the property. A management company’s expertise should match your needs. Is the property an office, a strip mall, or a business center? Are you looking to fill more units, reduce repair costs, or overhaul your business plan?
Beginning Your Search
Investigate a firm’s experience and ask what properties it manages, how long it has been managing them, and what their results have been. Ask around and determine the firm’s reputation and standing in the community; a company should have positive word of mouth and a reputation for professionalism, honesty, and integrity. It’s also important to consider a firm’s overall stability. You want consistent service and familiar faces for your tenants, so check for red flags like frequent staff turnover and financial instability.
Look for a property management staff with proper experience and leadership. For example, Cecil Management Group, Inc’s senior property manager has over 31 years in commercial property management! Hiring a manager that is attempting to learn on the job isn’t something you want to risk or pay for.
It’s important to make sure the firm you work with has adequate insurance coverage. Make sure the CPM company staff adheres to professional liability insurance requirements. A firm’s management staff should also be familiar with loss prevention and risk management programs.
Commercial Property Management Services
Property management firms provide a variety of services depending on your needs. Ask what services a firm specifically provides and see how it matches your needs. A commercial property management company should provide the following services:
- Financial Reporting
- Rent Analysis
- Marketing Options
- Collection of Rent
- Negotiating Leases
- Contract Terms
- Policies and Procedures
- Tenant Relations
Finalizing Your Selection
Today’s competitive real estate market requires investors to choose a high-quality management company who will match their management service needs. A great firm will provide the management expertise, professional services, and reliability you need to build your relationships and profits.
As you close in on making your final decision, meet with the management firm to review its proposal and specifications. It’s important to consider conflicts of interest and ask the firm to disclose any companies it may own or use exclusively. Clear up uncertainties and confirm that the firm provides the exact type of services your company needs. This is the best time to negotiate the management agreements and fees.
Kunkel Wittenauer Group is a professional commercial property management company out of O’Fallon, Illinois. We service rental property in the Metro East, including the following cities: Belleville, Shiloh, Edwardsville, Highland, Collinsville, Alton, Godfrey, Glen Carbon, and many more! We’re happy to provide additional information if you are still on your search or thinking of switching property management companies.