The backbone of any commercial property is strong property management. If you have recently purchased a commercial building or have a client that owns a building, there comes a time that you must truly consider hiring professional property management. What many owners don’t realize is that the right management company will, in many cases, save the property more money than the management fees being paid. There are key factors to look for when considering hiring a property management company. Many important factors to consider are:
Experience of the Firms’ Owner(s). Make sure you know the background and history of any firm you are considering.
Experience of the Property Managers. Make sure the property managers have the proper education, training and background and ask to meet the individual managers.
Maintenance. Major service calls need to be addressed immediately for the integrity of the building. Minor items should be handled as quickly as possible since these sometimes “annoying” items will slowly build animosity from the tenant toward management and ownership.
Tenant Relations Procedures. Experienced firms have tenant relations procedures in place, such as after- hours contact systems and emergency procedures.
Tenant Retention. The management firm should have an established plan to maintain relations and efforts made to retain tenants now and upon their lease expiration.
Financial Reporting. The management firm should provide monthly financial reports and a budget for the building.
Management Software. There are a few very strong property management software programs. These are the leading programs for a reason. The right software will integrate everything from accounting to tenant information and maintenance request tracking.
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