5 Things to Look for in a Commercial Property Manager

Did you know that commercial property sales added up to a whopping $809 billion last year? 

Whether you’re one of the real estate investors who picked up commercial property in 2021 or you’ve done so in previous years, one thing to consider is hiring a commercial property manager. Of course, no two service providers are the same. You’ll therefore need to do your homework before choosing so that you can avoid a dreaded case of buyer’s remorse.

Consider these five things to look for in a reputable commercial property management company. It’ll be worth your while to look for a service provider that checks the following boxes.

1. Find a Service Provider That Meets Your Needs

While finding a commercial property manager that meets your needs might sound obvious, you might be surprised by how many people err on this point. Ask yourself these questions:

• Do the service providers on my shortlist have the capacity to provide what I need adequately? 
• Do they employ enough staff members to serve my commercial property? 
• What specific service options are offered? 
• Will service providers I’m considering still be able to help as my needs evolve?
• Do I want a service provider to handle all the day-to-day duties or just some of them?

You need to be able to answer these questions before selecting a service provider. In addition to combing over commercial property manager websites to see what they offer, pick up the phone and call some of them to ask questions and learn about their value propositions. 

Also, don’t underestimate the importance of finding out if they have hands-on experience managing commercial properties in the same space or niche as yours.

2. Find a Service Provider With Good Reputation

You’ll also want to find a commercial property management agency with a good reputation. Start by asking commercial property owners you know about the service providers they have used or are working with. Use the feedback you get to make an informed decision.

Another way to research the reputation of service providers is by checking out online reviews. Find third-party websites where property owners comment on service providers around and about town. One of the best ways to find out how service providers will treat you is to see how they have treated previous clients. So, make a point of reading as many reviews as you can. Don’t make decisions solely based on reviews. But use reviews to inform your selection.

Finding a reputable commercial property management firm like CrownCommercialPropertyManagement.com will take time, but the effort will be worthwhile. The right service provider will offer the options you’ll want as a property owner who recognizes the importance of adequately overseeing commercial real estate. 

3. Find a Service Provider That is Local

It’s also essential to find a service provider with a local presence. This is important for many reasons. Some things can easily be done remotely. But there are times when a company needs to have a physical presence in the area. Whether for property maintenance and repairs or rent collection and tenant vetting, you’ll want to find a local service provider. A local company will also have contacts in the region–such as vendors and suppliers. Find a local commercial property manager if you want work done efficiently and access to materials at reasonable rates.

4. Find a Service Provider That’s Big on Preventive Maintenance

You’ve undoubtedly heard the adage that an ounce of prevention is better than a pound of cure. This saying has stood the test of time because it’s true. Looking at it from the perspective of a commercial property manager, you’ll want to find a service provider that believes in preventive maintenance. Conducting maintenance on a routine schedule will be cheaper in the long run.

When searching for a service provider, ask candidates how they handle preventive maintenance on HVAC systems, lighting, roofing, and more. Investing in maintenance will ultimately cut down on the need for and cost of repairs down the road. Finding the right commercial property manager will make maintenance and repairs more manageable and less stressful.

Of course, you’ll want to get everything in writing before signing a contract. You’ll know what to expect from the service provider you hire to oversee your property.

5. Find Service Provider With Proper Credentials

You’ll also want to hire a commercial property management firm with the proper credentials. Years of experience, a stellar reputation, and glowing references are excellent. But it’s also critical that you retain the services of a company with industry-recognized credentials. Here are some of them: Certified Property Manager, Service Organization Control, Real Property Administrator, Service Organization Control, and Service Organization Control. 

You’re unlikely to find a service provider that has earned every credential and certification. That would be a tall order. But the service provider you choose should have at least some recognized credentials to be worthy of your shortlist of candidates. Don’t be shy when speaking to service providers on the phone. Ask them about their training, credentials, certifications, membership in industry associations, and things along these lines. You need to get as much information as you can to make an informed decision.

The Right Commercial Property Manager Will Make All the Difference

If you own commercial property, a property manager can certainly help. Consider all of the responsibilities that’ll be on your plate, and then determine whether or not it makes sense for you to retain the services of a company that can manage your commercial property, make your life a lot easier, and reduce your stress level. 

Of course, one service provider isn’t necessarily as good as another. So, you can’t merely choose the first company that turns up in a search engine query. The 5 considerations will help you find the right option for you.

When you do eventually hire a commercial property manager, chances are that you’ll wonder how you ever functioned well without one. Just ensure you take your time and find the right fit to get the benefits you want from a service provider in the space.