The commercial real estate market is diverse and extensive, potentially giving significant investment returns. But it can be overwhelming to do everything on your own, and one wrong decision can set you back with hefty financial loss.
A commercial property manager can do all the heavy lifting and streamline all the processes related to your commercial property. There are hundreds of property managers and firms in America, and it’s often confusing to find the right firm that will meet your goals and objectives.
Image Source – (DeLullo 2022)
Oliver Commercial Real Estate is here to help. We have put together some key points to consider while hiring a property manager.
What is a Commercial Real Estate Property Manager?
A commercial real estate property manager is a licensed property broker, or a firm hired to manage your daily or specific tasks related to your commercial real estate property. A property management firm can comprise one person or a team depending on the company’s size. (FNRP 2022)
A reputable property management professional or company can provide you with management expertise, improve profitability, save on costs, and be committed to the property owner in today’s competitive real estate market.
Here are 5 tips for finding a suitable Commercial Real Estate Property Manager for your business:
1. Make a List of Things You Are Looking For
Commercial real estate had a wide range of property offerings – from office space, industrial buildings, and medical centers to retail stores, warehouses, and office condos.
It’s best to document your wants and needs to consider whether it is an investment option that you are exploring, asset management, property maintenance, rent collection, or optimized lease renewal. Your property manager works best when you have outlined your property needs and the scope of services.
An established property management firm can deal with multiple tasks like finding tenants, contract execution, collecting rent, executing maintenance requests, making detailed reports on tenant profiles, property ledgers, sales, leasing stats, and more.
Before you start looking for an ideal property manager, you need to know the different services you want to avail yourself of.
2. Sound Knowledge of Local Market
In the last couple of years, Texas’ commercial real estate has been hot. Houston, Greater Houston, and Austin have witnessed significant growth, and it’s practically impossible for landlords and investors to keep themselves abreast of every development in the commercial real estate space. Your property managers can be your go-to team. They’ll be dialed into what’s available and what amenities will attract and retain tenants.
A property manager with a deep understanding of the local market and its changing dynamics offers a unique advantage. It’s a bonus if your manager provides services or has connections with the area’s trusted maintenance and repair businesses. Oliver Commercial Real Estate is just such a firm.
3. Online Presence in the Digital Age – Reputation Matters
Everyone is online, and with easy access to the internet and user-friendly technologies, buyers and tenants have started doing their homework about property managers before signing them on board. The industry is even more competitive, and digital marketing has become an indispensable tool in commercial real estate.
You can gather a lot about the property manager or the company based on their web presence, social media channels, and clients’ reviews. These are good indicators of how reliable they can be and their success rate. It can also help you understand the pros and cons of different property managers you have shortlisted to hire.
4. Services Offered by the Property Manager
There is nothing better than dealing with one professional or company to manage all your operations related to property management. From collecting and recording rents, to processing accounts receivable and accounts payable, including billing for common area charges, taxes, legal documentation, and reporting and insurance – the back-office piece of property management can be your most valuable asset.
A full-service property management company has the expertise to get business done based on each client’s specific needs.
5. A Licensed Commercial Real Estate Property Manager is a Must
Credentials are a must. The key areas of property management, such as leasing and renting, are considered real estate activities under existing Texas real estate licensing laws.
It’s crucial that before you hire a property manager to manage your commercial property, check that they are licensed in the state appropriately. Alternatively, you can check the license status of Texas property managers using the Licensee Info Search tool. (All Property Management 2022)
Conclusion
Choosing a full-service property management firm is a critical decision. It can make your experience seamless and give you maximum benefits or, it can leave you with complete disappointment.
Make an informed decision by putting in the effort to find a firm that best represents your interests and also safeguards your commercial property.
Oliver Commercial Real Estate creates opportunities with an intelligent, resourceful property management team, that gets your specific property-related needs. Some of our key features of asset management include:
· Prepare 1099s for year-end accounting
· File all personal property reports
· Prepare common area expense reports and property tax proration charges, if needed
· Review and invoice tenants, as applicable, for the cost-of-living increases, Consumer Price Index (CPI) increases, common area maintenance charges, property taxes, insurance, and fixed incremental rent increases
Leasing:
· Position properties for success in the marketplace
· Market property management to secure quality tenants
· Negotiate the best lease terms and rates
· Generate maximum investment returns
For more information, contact us at 281-558-1111 or Karl.Oliver@Oliver-CRE.com.
Works Cited
DeLullo, Savannah. “Estimating the Size of the Commercial Real Estate Market.” Nareit, 15 Feb. 2022, www.reit.com/news/blog/market-commentary/estimating-size-commercial-real-estate-market.
FNRP, Editor. “What Does a Property Manager Do in Commercial Real Estate?” First National Realty Partners, 24 Mar. 2022, fnrpusa.com/blog/what-does-a-commercial-property-manager-do/.
All Property Management, Staff. “Property Management Laws in Texas.” Texas Property Management Laws | All Property Management, 2022, www.allpropertymanagement.com/resources/property-management-laws/texas/
