Running a commercial property isn't easy. That's even more true today, where many commercial properties are struggling. You'll make things even harder if you don't have a commercial property management solution that attracts the tenants you want.
So, what exactly does a property manager do for commercial real estate? Here is what to expect from yours.
Tenant Management
One of the primary roles of property managers is to manage the building tenants. This process starts with tenant selection. Experienced managers have systems to vet tenants and ensure they bring in the most reliable ones.
After that, it's a matter of managing tenant expectations. They will regularly work with tenants to address issues and ensure the property stays in great shape while they are there. Doing this reduces tenant churn and attracts long-term tenants who pay on time.
Managing Problems
A lot can go wrong with commercial properties. It relies on many systems, from electrical to HVAC, to keep the property running and suitable for tenants. Those things occasionally fail and require support.
Great property managers will stay on top of things by handling regular maintenance on those systems. They will also be on call for tenants when something goes wrong and be quick to dispatch someone to fix problems.
Finance Management
Another role of property managers is finances. There needs to be enough money in the bank to handle issues and systems to collect rent from tenants.
Reliable managers will handle this for property owners. They use technology to make it easy for tenants to pay rent and have great recordkeeping to ensure property owners stay updated about their commercial property's financial health.
Legal Help
Tenants have many protections under the law. The government doesn't want landlords to take advantage of people and businesses, so they create rules to protect tenants.
Unfortunately, some of those rules may be complex. Experienced property managers understand what landlords can and can't do when managing properties. Your manager will understand these things and create fair and legal leases.
Property Marketing
An overlooked aspect of commercial property management is marketing. Some owners expect a flood of potential tenants when they put their property on the market for rent. Unfortunately, that doesn't always happen.
You need great marketing to attract the right tenants. Property management companies understand how to position commercial properties. They will take great photos, write accurate descriptions, and push your property on the right platforms to find the next tenant.
Invest in Great Commercial Property Management
Maintaining commercial real estate takes a lot of work. More complex systems are at play that need to run optimally to keep the building operational and in great shape for the tenants. Work with reliable commercial property management to ensure your buildings stay in great shape, your tenants are happy, and you continue collecting rental income.
Are you looking for property managers to help you maintain your commercial rental property? At PMI Property Service, we offer reliable New Jersey commercial property management services for your financial, maintenance, and tenant needs. Talk to our team to learn more about what we offer.
