Investing in real estate is generally a very good idea, since it is easy to maintain or increase its value with time, and rentals are a very steady source of income for you. However, commercial property tends to have a larger scale and a requirement set that may take up too much time. This is when you might want to consider hiring commercial property management services – a good property management company will lighten your workload and in many cases increase your revenue.
When do I really need commercial property management?
You can try to manage your own rental property, but you may find out soon that it takes a lot of time, and that tenants have emergencies at odd hours and expect an immediate solution to them. These are some factors that may mean commercial management is the way to go.
Size of the commercial property
Renting a house, a duplex, or even a few apartments is manageable for most. However, if you are talking about a bigger commercial property – with many tenants or a large campus to look after – you will be better off hiring management services.
Types of property
Residential property has a very different set of requirements from commercial real estate – the needs and expectations of people who live in the property will be very different from those of a business who produces or sells out of it. If you do not have much experience managing the type of property you invested in, it’s a good idea to bring in experts to assist you.
Condition of the property
If your property is new, or newly renovated, the property maintenance requirements will be few and manageable. But if you’re dealing with an older property that has seen much use, and it requires constant tweaks and repairs, you’re better off paying a company that has a team of experts who can fix everything quickly and efficiently. Imagine having to locate a plumber and negotiate pricing with them every time something goes wrong in a multi-home rental property!
Location of your real estate property
It’s easy to look after a property in your neighborhood or within easy reach of Oklahoma City. But if you own vacation property or commercial property somewhere in the United States far from where you live, you definitely want to think about engaging management services and making sure they have teams that are local to your property, so they can respond quickly if there are emergencies.
How hands-on you want to be
This is the big question for all property owners: how involved do you want to be in the commercial management of your property? Owners and tenants’ relationships can be complicated and time-consuming, and maybe you do not wish to be involved in rent collection, dealing with complaints and issues, and even eviction processes.
Then there’s the actual work of finding or replacing tenants. You could engage a real estate agent, but many property management teams offer this along with other jobs, and services include anything from maintenance and emergency repairs to marketing and showing your property, managing taxes, and much more.
Commercial property management can be a time-saver, but more importantly a money saver for you. From preventative maintenance to early advertising of a property that is about to become available, a good property management company can maximize your income through good proactive action and clear communication.
Get in touch with us and let us explain all the ways in which we can help you make more money from your investment property portfolio.
