Commercial property management is the practice of assisting owners in their management of commercial properties. Property managers primarily support owners of properties by overseeing all major and minor related tasks and therefore ensuring that day to day operations run smoothly and efficiently.
Commercial property management usually involves assisting owners of properties that serve commercial purposes. This could mean retail stores and outlets, offices and other corporate buildings.
Commercial property owners often opt for the services of a property management firm as a means to delegate the responsibilities that they unable to complete, either due to an of lack expertise or time. Property managers usually assume tenant related responsibilities, like upkeep or repairs of the building and the collection of rent payments, as well as any complaints brought forward by tenants or any landscaping and janitorial services that need managing.
Commercial property managers also have the expertise to deal with any legal situations that may arise, for example, evictions. Any renters who neglect to adhere to the terms and conditions of their lease, or who fail to pay rent, can be dealt with in a timely and legal manner by property managers.
Aside from responding to problems from tenants, and managing evictions, commercial property managers also select new tenants- usually using a rigid screening process. The process involves first filtering any applications on the basis of a background check and then preparing leases for those approved.
Commercial property management is also an efficient way to handle the clerical work that can accompany commercial property ownership. Property managers see to preparing any memos, expense reports or forms that need to be completed by either tenants or owners. Managers can also update systems, file data or keep records, and coordinate any move ins or move outs by tenants.
By compiling annual reports and managing expenses, a property manager may also have the ability to evaluate properties and assist in boosting revenues for owners. They can do this by both contracting improvements and additions to buildings, as well as selecting reliable tenants.
Property management firms vary in their billings and charges, and while some expect yearly or monthly fees, others accept a percentage of the building’s rental payments.