The average return on real estate investments is about 9.5%. That's a good return! Many people are choosing to get into the real estate game.
However, managing properties isn't easy. That's why so many landlords choose to hire commercial property managers. The small added expense is worth it.
But what do commercial property managers do? What talents and skills do they bring to the table? Read on to learn more.
Essential Responsibilities of Commercial Property Managers
The essential responsibilities of commercial management companies vary, but you can expect the same general available services across the board. In short, they should provide services that make your life as a commercial property owner easier and, ideally, more profitable.
First, they should arrange and manage commercial property maintenance. They must ensure the physical condition of the property is well-maintained. This includes regular inspections, repairs, and preventive maintenance.
They should foster positive relationships with tenants by addressing their concerns and responding to questions. They can also manage lease agreements, including rent collection, lease enforcement, and potential terminations.
When it's time to find new tenants, they'll help with tenant screening and marketing. They can also help landlords amend leases and ensure everything is legal and "by the book."
It's their job to stay informed about local, state, and federal regulations related to property management and property ownership. They can help property owners avoid legal troubles.
They can also identify and mitigate potential risks associated with the property. These are things like safety hazards or compliance issues.
At the end of the day, a good commercial property management company will take care of the "behind the scenes" work and clear up some free time for the landlord.
Essential Skills for Commercial Property Managers
So what makes a good commercial property manager? Many skills can help a commercial property manager do their job well. They're not all necessary, but when combined, they help.
They have to be good at communication and customer service. Property managers communicate with both landlords and tenants often. They need to be able to navigate disputes, find common ground, and understand different perspectives.
With that, they need negotiation skills. Often, commercial property renters need to negotiate leases. A good commercial property manager will find a solution that's fair for all parties.
They have to have solid organizational skills. Property managers rarely manage single properties. They need to keep track of all of them at once.
They should be excellent problem-solvers with a good amount of legal know-how in the realm of property law. If they don't know something, they should have the research and technology skills to learn it in a timely fashion.
Property managers should work hard to build and improve upon these skills.
Do You Need Commercial Property Managers?
Commercial property managers can do a lot for landlords! They put their skills to good use to find tenants, negotiate leases, and more. Are you in need of a commercial property manager for your property in Miami, Florida?
If so, PMI Biscayne Bay is here to help. Contact us for a free rental analysis today.
