Managing a commercial property can be challenging for the new business owner. For new landlords, it is easy to get caught up in the day-to-day responsibilities and lose focus on your long-term profitability goals. For more experienced investors, managing multiple properties can get overwhelming and cost you more in the long run. Hiring a commercial property manager is a solution to help you meet your business objectives. Before interviewing management firms, take some time to understand how a well-qualified firm can help you.

Market the Building

Profitable apartment buildings have an occupancy rate of almost 90%. That means over 10% of your commercial real estate units are unoccupied. Vacant units are potential lost revenue. Ask your property management firm how they plan to market your building to attract and retain new tenants. They should show you how they improved the occupancy rate of comparable buildings. Don’t hesitate to ask for a sample of their proposed marketing plan.

Interview Tenants

Next, your property manager must select the best candidates for available units. They should examine the credit and work history of the applicant. They will also consider if the tenant is a good fit for the building. For example, if you own a strip mall, you may not want to place a small engine repair shop next to a chiropractor’s office.

Prepare Contracts

Property managers are experts at developing commercial real estate lease agreements. They will make sure that your contracts protect your building and your company. They understand the legal requirements of the state in which your facility is located. They also approach legacy tenants with renewed lease agreements near the end of their term.

Collect Rent

Rent will be collected and deposited to your bank account promptly. Most property management companies take a percentage of the rental payments to offset their fees. In addition to rent, property managers manage eviction procedures when needed.

Recruit Staff

Some facilities may require on-site staff. Commercial real estate properties may require parking attendants, security personnel, or maintenance professionals. Effective property managers will help you hire the best service providers for your property. Many have established relationships with contractors, landscapers, or paving professionals to help you maintain your facility.

Resolve Emergencies

Emergencies will arise with any building – plumbing issues, electrical outages, or roof damage. No matter the situation, a professional property management company should have a team of professionals on call to help mitigate the damage. Units should be back in operable condition as soon as possible.

Commercial property managers are a valuable resource for every savvy business owner. They can provide fast service that meets your needs and help you develop a more profitable venture.