Commercial Property Manager

If you are looking to get into the game of commercial real estate, hiring the right people and making sold connection are essential for long term success. Too often investors who are new to property development buy into terrible decisions, get maxed out on hidden fees, or realize that they can’t resell their real estate for what they expected. Hiring a commercial property manager is a great way to ensure that those mistakes aren’t made by well.

While it may make sense to take care of the whole process by yourself to save time or money, the truth is that you don’t know everything and might not know the right people to save on hefty maintenance costs.

A manager can handle a wide variety of things like closing your property, finding a great tenant, marketing your property well to the community, pricing competitively, and connecting you to reliable construction workers. You also will have the ability to learn about new commercial real estate opportunities outside your local area, which in many cases is difficult to do when you have a full time job or family to take care of.

Let’s walk through some of the most critical tasks hiring a property manager can help you with!

Commercial real estate can be great if you play your cards right.

Max Out Your Income Potential

If you want to increase your future income potential as much as possible, hiring a commercial real estate property manager can be the move for you. They can take a lot of work off of your plate so you have more time to tend to your current responsibilities. Think of them as almost your sidekick as you navigate the field of new opportunities in the area.

Some of the best reasons to hire a property manager include the following:

  • They can help you set the right rental rate with tenants. When you are looking Craigslist, Facebook Market, Zillow, or any other type of real estate property portal it’s essential to do some market research about what prices are doing well in your area. Pay very close attention to what prices other landlords are charging for similar properties so you can find a ballpark for your own renting price. A good property manager will do a thorough market study to help you come to the number so you are set in the best position possible to find a reliable tenant. Without their help, you might overvalue your property and miss out on tenants who rather go for a more affordable option. On the other end is missing out on tenants who think you are overly confident on what your commercial real estate property provide them overall. Make sure to set this carefully in the beginning!
  • A property manager properly markets your building. Through their years of management experience, a property manager will know exactly where to push out your information and what people to communicate to. They can also put together attention grabbing advertising that will set your brand apart from whoever else is already on the market. Working together with them will help you have peace of mind of less vacancies and more closings.
  • They can manage your tenants so they behave. A property manager won’t be a stickler that makes your tenants resentful, but they will definitely help enforce when your payments are due every month. A proper property management company will manage all aspects of the tenant-landlord relationship by handling maintenance, payment, and inspections. Usually they will provide an online platform where payments can be made instead of traditionally collecting checks in the mail. This way your money won’t face the risk of getting lost, stolen, or paid later than the due date.
  • A property manager helps you seek new opportunities and better manage your precious time. With his or her help you caninvest in geographically distant properties that would not otherwise be able to visit. They can look into potential deals in any location you can think of once you give them the green light. Since they’re taking care of that investigative work for you, the income potential of your time is maximized and allows you to focus on more time sensitive issues.If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
  • Great property managers will actually help you save money. Between the missed investments, possible months of vacancy, and late payments that you could face without their help most property managers will charge less than the money you’d save otherwise. Typically they will charge a rate of 6-10% of the total profits you make from their help, but do your homework. Not every manager is the same and some may charge wy over or under the average market rate in your community.

Commercial Real Estate Done Right 

We all want to be successful in life, so why not ask for help where we can use it? Hiring a property manager is a great way to leverage your financial resources so other important assets like time and opportunities are used to the best of their ability.  Make a few appointments with a property manager in your area so you can get a feel for what their personality and management style is. Working with someone who gets along well with you makes the real estate buying and selling process far easier. If they can make you laugh, get interested in their business, and motivated to buy into more opportunities they are doing their job right.  If you don’t like them, you could run into several frustrations and miscommunication in the long run. Check the facts and see for yourself!

Commercial property managers are the way to gain financial income.

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