Owning a number of small office buildings can be a challenge, particularly if you have another job or business that demands your time. A commercial property manager can help you manage your buildings, but you have to ensure that you find a manager who is a good fit. Use the information below to determine whether you're recruiting the best manager to help you.
Ask About Other Properties Managed
When interviewing a particular commercial property manager at a management company, you'll want to know a little about their work history. Ideally, you'll want someone with some experience working with the types of buildings you own, but it's especially important to ask what properties the manager is currently handling.
One reason to ask this is that you want to be sure that the property manager will be able to give your buildings adequate care and attention, which can be difficult if they are overseeing dozens of properties. You also need to know whether the manager is managing properties that might be direct competitors of the tenants in your buildings.
Find Out Who Your Tenants Will Talk To Most
Some property management companies have teams of managers working on each property. If that is the case for the company you choose, it is vital that you meet and chat with the person your tenants will be interacting with most, as they will be your representative. To keep your tenants happy, you need to feel sure that the property manager they see will be friendly and eager to help. If not, you may need to request another property manager.
Understand How Repairs Will Work
Repairs are something you will have to deal with eventually. Repairs can be very expensive, and it is up to you to figure out how you want to handle those repairs with your property manager. A commercial property manager may require that you deposit a certain amount of money into an account that is solely used for repairs as needed; in that case, you would get a statement and report each month instead of a phone call every time something is broken. However, you might prefer to be kept in the loop, requiring that you are contacted before anything is spent. Talking with a property manager about how to proceed can enable you to more accurately plan financially.
Having a good property manager will enable you to work on other projects while being confident that your properties are in qualified hands. Talk with managers at a few different commercial property management companies to find the most suitable partner for you and your buildings. Contact a company like Bradley Scott, Inc. to get started.
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