A Proficient Commercial Property Management Company Affords Many Advantages

January 17, 2012

Contrary to being a loathsome business for heartless money grubbers, land lording is actually a very noble, worthwhile commercial pursuit.  

The commercial real estate industry advances many vital public interests in addition to private profit motives. Adequate supplies of decent, affordable housing fills a fundamental human need. Other societal benefits are lower crime rates, higher tax bases, and general improvement of local communities. Increased employment of commercial property management services, maintenance contractors, and commercial real estate sales professions are significant economic benefits that healthy housing markets bring to local areas. 

Multiple advantages mandate major protection

Rental property owners quite obviously occupy the proverbial “cat bird’s” seat. Maintaining such lofty positioning requires consistent application of specialized skills, however. This is precisely why most prudent owners of rental realty engage the services of an expert commercial property management company. 

Typical tasks performed by commercial property management company include: 

- Rent collection
– Financial accounting
– Fielding and facilitating routine and emergency maintenance requests
– Handling property-related emergencies
– Marketing subject property to prospective tenants
– Facilitating the sale of subject property 

Professional commercial property management companies exist as dedicated stand-alone businesses, sideline operations of full-service realty brokerages, or full-time resident employees. The most appropriate service structure varies widely and is primarily based upon property size and landlord/client needs.

How expert commercial property management companies benefit landlords

Smaller landlords with few properties are often tempted to try self-management. Cost is the most common cause of widespread hesitation to hire professional managerial assistance in such circumstances. This course can be very unwise and lead to disastrous results, however…

Pros of a paying a commercial property management company

Inherent conflicts of interest invariably arise whenever the same property serves as one man’s home and another one’s business. The same rule applies to commercial properties which house business offices or storefronts. 

Having a professional commercial property management company acting as a neutral “buffer” between you and your tenants is extremely valuable.  An unbiased mediator helps nip burgeoning disagreements in the bud before they get out of hand. A seasoned commercial property management company can even avert costly litigation and needless rental revenue loss with prompt conflict resolutions. 

Novice landlords and long-distance owners living far from their property derive especial benefits from engaging a competent commercial property management company. Like other business endeavors, land lording success depends largely upon adequate organizational, analytical, accounting, and social skills. 

Commercial property management companies as espionage agent

A certain amount of spying ability is a required attribute of any good commercial property management company. Rental agents constantly navigate and survey the treacherous terrain of today’s fiercely competitive leasing markets to locate desirable tenants on behalf of their clients. 

Vigilant surveillance is mandatory after the successful capture of conquest(s). Various conditions must be constantly monitored to identify vulnerabilities before they develop into full-blown threats to a landlord’s general welfare. 

Tools and tricks of the commercial property management trade

Such hazardous environmental conditions call for possession of and ready access to the latest specialized software, extensive professional networks, and an intimate familiarity with the immediate market by any competent commercial property management company. 

When an irate tenant calls at 2:00 am because their water heater just burst, one call from the commercial property management company to a commercial plumbing partner brings everything under control – within minutes. Are you a busy attorney who just bought a six-plex as a tax shelter? With a trusty commercial property management company working diligently on your behalf, those five empty units are filled in no time flat. A few calls by your commercial property management company to likely prospects in their database of anxious new arrivals to the local area who desperately seek decent housing does the trick.

Nor do you ever need to worry about spending precious $250/hour billable time compiling pertinent documents for Uncle Sam during the next tax season. A manilla envelope and comprehensive e-mail transmission containing all relevant receipts and invoices arranged in perfect order makes a timely arrival. With a single mouse click, everything is downloaded to your computer and forwarded to your accountant without a hitch. 

A commercial property management company as keeper of secrets

Some landlords do not want to let the whole world in on their affairs. As the landlord’s legal agent, an ethical commercial property management company is bound to act solely in the property owner’s best interests. This incumbent fiduciary duty safeguards against compromise of the employer/landlord’s pecuniary or personal interests. 

The best of all worlds

If you have been hesitating or procrastinating over the decision to hire a commercial property management company, delay no longer. Access to vast professional alliances available to exceptional commercial property management companies offers substantial savings on costs to repair, maintain, or dispose of rented premises. When time savings and emotional stress avoidance are factored into the equation, the solution becomes quite clear: High-quality commercial property management pays for itself in multiples. 

Source: Property Management Direct

 

DISCLAIMER: This blog has been curated from an alternate source and is designed for informational purposes to highlight the commercial real estate market. It solely represents the opinion of the specific blogger and does not necessarily represent the opinion of Pacific Coast Commercial.