Now that your commercial building is ready for occupancy time has come for you to hire a commercial property manager and you are wondering who you should go with. These professionals take over the running of your property, and you will only get involved when it is absolutely necessary. As you look around you will see that there are commercial property managers everywhere, and you may be wondering how to choose the best one. Before you sign any contracts ask the following questions:
What can I expect from you?
Commercial property managers have many responsibilities and they may vary depending on where your property is located. However, there are some tasks that they are all expected to accomplish. They must screen all tenants before they sign lease agreements, they must collect all rents and submit them to you, they must ensure that the building is in good condition and they must take care of everyday tenant problems. These are just the basic tasks that a commercial property manager is expected to undertake – a good one will have a long list of additional jobs that they will do for you.
Will I ever come in contact with my tenants?
It is never a good idea to know your tenants personally. Every time they have a problem, however minor, they will come to you and it can become quite a nuisance if you have to deal with tenant issues often. A good commercial property manager will make sure to create a good distance between you and your tenants.
What vacancy rates can you promise?
It is unrealistic to expect that you will have 100% occupancy at all times. There will be times when some units in your property will not be occupied. A good property manager works very hard to make sure that vacancies are kept to a minimum – as soon as they learn that a tenant is leaving they start looking for a replacement.
Will you protect me from scams?
One of the benefits of hiring a commercial property manager is that they are aware of common real estate scams and so they can protect you from them. One common one is applicants who then turn around to sue for discrimination. A good property manager can spot such individuals from a mile away and keep them away from your building.
Do I ever have to evict tenants?
Evictions can be very hard – you are throwing people out who may be desperate and have no other place to go. As a property manager you want to avoid dealing with evictions as much as possible – that should be the job of the property manager.
Will you deal with all tax matters?
Since you are not an expert on commercial properties you may not know much about the taxes that are involved, and come declaration time you may have a hard time knowing what you owe the government. Your commercial property manager knows all about commercial property taxes and it is their job to make sure that all tax accounts are done properly and on time.