Commercial properties tend to be more complicated to run, compared to residential properties. That’s why many commercial property owners will, at a certain point, find themselves Googling for “property management companies near me”. They choose to outsource their day-to-day duties to a professional firm to improve their property’s value, preserve its condition, and more, all without having to lift a finger. They understand that proper property management is what separates successful properties from unsuccessful ones.
The challenging part is finding a commercial property management company that can do the job correctly. You need to do your due diligence to find a company that can actually run your commercial property, whether a shopping center, office, etc., the way you want it run, and that can help you consistently make money. Unfortunately, with so many firms out there, you are at risk of working with one that isn’t familiar with your market, or worse, is untrustworthy.
In this post, you’ll find a couple of telltale signs that indicate your commercial property management company isn’t doing any good for your property. Run these “tests” to find out if you should switch to an expert firm today such as Luxury Property Care.
#1 Do they provide ideas to improve the property or maintain it?
Commercial property management agents are supposed to help you improve your property over time. If they believe that your property’s structure could be improved in order to boost its value, they should be able to tell you this. For instance, if your office isn’t eco-friendly, they could suggest eco-friendly upgrades such as smart lighting systems. When you hire a South Florida property management company, your commercial space is bound to undergo many changes. If it stays exactly the same, you should re-examine your property management company’s practices.
In addition, they aren’t simply there to react to issues, but instead, be proactive when it comes to commercial property maintenance. They should also be on the lookout for potential problems and make sure to attend to them immediately. If your property management company waits for problems to pile up, you should replace them immediately, otherwise, you will lose money.
#2 Do they communicate with you regularly?
A professional property management company should be able to provide you with regular updates on your property’s performance. You shouldn’t have to be the one to call them to ask for updates, but instead, they should call, email, etc. daily to make sure you’re up to speed. They should understand that in commercial property management, particularly long-distance, there’s no such thing as over-communication.
If you often find yourself with no response from your commercial property management firm, consider replacing them with a more professional one. Find one that provides clear and consistent communication, and that doesn’t leave you in the dark. Remember, even if you’ve entrusted your duties to your firm, that doesn’t mean you shouldn’t be updated about vacancy rates, income, and more.
#3 Have they filled all of your vacancies?
Having a low vacancy is a good sign. When your vacancy rates are low, that means your property management agent has done a good job at advertising your property to tenants. It also means that they’ve provided your current tenants with excellent customer service, and in turn, have convinced them to renew their rental contracts. Plus, it tells you that your property managers have improved the property to make it more attractive to your market.
If you’ve had vacant units for months, it may be a good idea to get rid of your property management firm. Remember, your income is dependent on your tenants, so you better find a reliable firm that can help you fill your units fast.
#4 Do you have good tenants?
One of your commercial property manager’s responsibilities is to get your property rented to good tenants. You’ll know if your property manager is good at their job if they can consistently fill your units with tenants who’ll pay their rent on time and abide by the terms of their rental contract. Your property manager should be able to find the best tenants possible – ones that won’t be the cause of stress.
#5 Do you understand their reports?
Property management companies don’t expect you to understand real estate terms, financial reports, and more. They understand that to the untrained eye, the figures in income statements, balance sheets, etc. may be too intimidating. Because of this, they should be able to walk you through your reports, and allow you to see for yourself if your property is performing well. In other words, how well (or how poorly) your property is doing shouldn’t be left to guesswork. Furthermore, they should be able to prepare any additional property management reports that you may need.
#6 Do they use property management software?
Property management companies need to leverage property management tools such as tenant portals, real-time file sharing, and more. These tools will allow you to see in real-time how your property is doing, as well as what your property managers are doing. For instance, if you need information on who has paid their rent, you shouldn’t have to wait a day. Instead, you should be able to open the property owner’s portal and download the information from anywhere and anytime. Not only is this more convenient, but it also assures you that your property management company is being transparent with its operations.
Commercial Property Management You Can Trust
If you’ve gotten tired of Googling for “property management companies near me”, we’ve got you covered. For red flag-free property management services, partner with the experts at Luxury Property Care. We have years worth of experience in managing South Florida commercial real estate, ranging from shopping malls to multi-unit properties. We’ve also served an impressive clientele – a true testament to our team’s expertise. With us by your side, you can rest assured that you’ve chosen the most reliable and reputable commercial property management company in the state.