Commercial property managers play a major role in taking care of every detail necessary to run a building used for commercial purposes. Unlike managers who run residential proprieties and mostly live in houses they manage, commercial property managers may oversee buildings belonging to a big property management company. Also, commercial property managers may work for the building owners independently. Below are services that commercial property management companies offer.
Property managers are professionals who meet with the prospective client to show them the available office space. Some managers are in charge of marketing the available spaces, to ensure you do not lose your income due to many vacancies. On finding the right client, the managers issue the lease contract, provide credit and background checks on the potential client, and record and file the contract. In addition, the commercial property management providers will collect rent and follow up tenants who delay paying their rent.
Offer Maintenance Services
It is the duty of property managers to oversee maintenance required in the building. The managers will also listen and respond to any complaints, proposals or requests from tenants. Property managers will also ensure that the building is clean. They hire and supervise full-time maintenance and cleaning crew. Apart from overseeing the interior of the building, the managers will oversee the exterior as well. They will oversee elevators and floors, doors, windows, plumbing and electrical systems, painting, and landscaping. They will inspect the building regularly and make a helpful recommendation to you for upgrades and repairs.
Other than collecting rent, the managers maintain up to date financial records. They also prepare budgets that you will have to meet. Some of the budgets may include salaries for the crews who maintain the building and for the outside contractors. In addition, the managers will monitor accounts which concern proper running of the building. They will also collect bids from different contractors and negotiate contracts on your behalf.
Apart from maintaining a good financial record, the property managers are responsible for presenting the right reports to you, and to the necessary authorities. Some of the reports they present include income and expense statement, balance sheet, copies of bank statements, expense ledgers, rent ledger, rent roll and general ledger. They will also present a narrative report monthly. A narrative report explains any exceptions in the income and expense, budget or any other uncommon activity on your assets
Support Your Goal
Property managers make your goal their own. They go beyond managing your assets. They develop a good understanding of your goals for every asset and come up with strategies to assist you to achieve the goal. They also liaise with other professionals who can help you achieve your goals with ease.
Based on the abovementioned services, you can attest that commercial property management services play a major role in making your real estate easy to manage. Since property managers are professionals with many years of experience in their job, trusting them with your real estate business can assure you of great benefits. You will also enjoy peace of mind, knowing that your properties are under the management of professional managers.