Working with a commercial property manager is the best decision you can make as a property owner. A great manager will understand how to maximize the value of your property, keep the houses full and reduce costs without sacrificing the quality. He or she will also bring in experience and knowledge to the job that you might not have. When it comes to hiring a property manager, there are certain things you should consider.
Hiring a commercial property manager
Do not consider price alone
You might think that all commercial property managers are the same and select the cheapest one. It might be hard for you to fail to consider price when it comes to your business, but you should never consider the cost alone.
There are several other factors in addition to the cost you need to consider when you look for the best commercial property owner. In most cases, you should not even hire the ones with the lowest price because they might not offer high standard services.
Make sure you check references
It is advisable to get references from other owners of property and real estate agents. If you get a reference from another property owner, ensure that they have a property that is similar to yours.
Take your time to understand the kind of experience they have with their property managers to understand if it is worth hiring them. You can also search online to get a commercial property manager with the highest number of positive reviews from their clients.
Ask very specific questions
It is not just enough to ask very general questions on how they work. You need to ask them specific questions that will allow you to know how they will manage your property and ultimately your business.
Some of the specific questions you should ask them to include how they will deal with after hour emergencies and how they plan to advertise for vacant units. Other questions include how they plan to control overall maintenance costs and the type of liability insurance they have.
Have a commitment outline
The best commercial property manager might have a lot of other properties to manage. Therefore, you should get an outline on how your property will fit into their management structure. You need to understand how often they will visit your property in person and approach they will use to handle your property needs.