A gifted property manager can make a significant impact on how your commercial properties are maintained. Unfortunately, the same can be said about a property manager or property management company that doesn’t understand your industry and lacks relevant experience.
As a commercial property management company, we have seen firsthand the effects of poor prior management. We have also shown how quickly a property can rebound with the right services and strategies in place.
From asset management and property maintenance to financial reporting and rent collection, the ideal property manager will positively impact operations and the long-term value of the property. But what is an ideal property manager? And can a property management company make that significant of a difference?
Let’s take a look at these and other questions regarding commercial property management.
A property manager’s number one job is to keep tenants happy. If your tenants are happy, they will renew their leases and possibly recommend your property to other businesses in need of space. A property manager can accomplish this by making upgrades, completing repairs on time, and maintaining the property so everything runs smoothly. If a property manager is doing their job, you will make more money and likely see your property’s value grow.
In this current pandemic environment where commercial space may not be as much a commodity as it once was, it is essential to meet your tenants’ needs more now than ever before. A property manager with the following characteristics can help you achieve this goal:
Stays Proactive
What is standard right now may be irrelevant in the future. Two years ago, did you think a global pandemic would have changed how we worked and interacted with each other? A good property manager will always assess and be able to make adjustments when conditions change. A term you will hear often is asset management. A property manager needs to plan to achieve long-term goals that increase the property’s value and impress tenants. The property management company you want is the one that will always be a step ahead of your competitors.
Is Organized and Data-Driven
There’s something to be said for trusting your gut when it comes to decision-making. It’s best left for decisions, however, where the stakes are low. Property upgrades, performance assessments, staffing, and asset management should be based on robust and accurate reporting and analysis. Your property manager should have the numbers to back up their recommendations.
Understands Your Industry
Are you focused on a specific type of property investment, such as retail, office space, or industrial? Each industry has its own property maintenance checklist, expected services, lease terms, equipment needs, and regulatory requirements specific to them. You could be working with one or several of these industries in the same property, which is why you will need to hire a property manager with experience and expertise in those industries.
Acts as a Partner
You want a property manager or management company that takes ownership and is as invested in your success as you are. They understand your tenants, know your industry, and make decisions with the best data available for the present and the future. But they are also a company that you work well with, and they have some of the same values and principles. Finding the right partner can take time and effort, but the benefits are well worth it.
Every relationship between a developer and property manager is different. Some developers or investors are very hands-on and want to be involved in the day-to-day operations. They are looking for a property management company that can act more in a consulting capacity.
Others may rely on a property manager to control most aspects of the property as they don’t have the time or expertise to do it independently. The beauty is that you can have as much or as little control as you like.
With Berman, this is the case as we empower our clients to manage their properties as they wish. We can certainly run the day-to-day operations, but we can also take a step back and show you where you can make improvements and best allocate your resources.
Our team can work with you to develop a custom property management solution that meets your needs and budget. You can always start small and allow us to show you what it’s like to partner with Berman, or you can take advantage of all our property management services at once. Our property management services include the following:
If you have any questions about property management and our services or approach, our dedicated team is here to answer any questions you might have. Contact us today to learn more!