Ensure The Company Fits Your Property's Needs
Every property, whether retail, industrial, or office space, has unique needs and challenges. Therefore, choosing a company with a flexible approach is key.
For instance, retail property owners might struggle with maintaining high foot traffic, ensuring adequate parking, and keeping the property attractive to potential tenants.
How and when do they handle groundskeeping?
Do they have experience negotiating leases with retail tenants?
How do they market the property to attract suitable retailers?
On the other hand, industrial property owners may require a company that prioritizes safety and security measures, manages maintenance schedules for machinery and equipment, and has expertise in dealing with hazardous materials.
How do they ensure compliance with local regulations?
Do they have experience managing large-scale industrial properties?
Do they have contacts or experience with local government to navigate noise complaints and other municipal regulations?
Factors like building security, tenant satisfaction, and facility maintenance are critical for those with office space. Look for a company with experience in managing similar properties and a solid understanding of the complexities of leasing office spaces.
How do they handle after-hours security and access for employees?
What is their process for tenant complaints or conflicts within the building?
Do they have experience managing buildings with shared spaces, such as conference rooms or break rooms?
Assess Their Technology and Reporting Capabilities
In today's digital age, choosing a property management company that embraces technology to streamline processes and improve communication is a requirement.
Ask potential companies about their software and reporting capabilities, including:
How do they handle maintenance requests and track progress?
Do they offer online portals for tenants to make payments or submit inquiries?
Can they provide you with real-time reports on financials and occupancy rates?
Consider Their Reputation
Reputation is crucial in the property management industry. Take the time to research and read reviews from current and previous clients to get a better sense of their track record.
How do they handle tenant turnover and vacancies?
Do they have a history of maintaining high occupancy rates?
Have there been any complaints or legal issues against the company?
Remember that angry tenants can post reviews, too - and many will, even when they've been evicted for breaking the law or nonpayment. Look to see if there are recurring issues mentioned in their reviews. Also, consider how the management company replies to the reviews. Are they professional or combative? Do they invite further discussion when something needs to be clarified, or do they ignore reviews and not reply at all?
Communication is Key
Effective communication is a crucial factor in the success of any business relationship. Choosing a property management company that values and prioritizes communication with tenants and property owners is essential.
What are their preferred methods of communication?
How often do they provide updates on the status of your property and financials?
Will you have a designated point of contact for all communications or multiple people?
Be sure to discuss expectations regarding communication before signing any contracts. It's important to establish clear guidelines and ensure that both parties are on the same page.
Do they offer the right services for the property?
The range and quality of services a property management company offers can significantly affect your property's profitability and value.
Services Provided By Commercial Property Management Companies
Typically, property management companies offer services such as rent collection, tenant communication, maintenance and repairs, marketing and vacancy filling, and financial reporting. However, there may be additional services that your property might need, like renovation management or legal assistance. Ensure your chosen company offers a comprehensive suite of services that align with your property's needs.
Initial Interview Questions
During your initial meeting with potential companies, ask questions to gauge their fit for your property. Here are a few suggestions:
How do you handle maintenance and emergencies?
What marketing strategies do you use to fill vacancies?
Can you provide references from other property owners?
How do you determine and adjust rent levels?
Remember, the goal is to find a company that understands your property's needs and has the expertise to manage it effectively. By doing thorough research and asking the right questions, you can find a commercial property management company that will help your investment thrive.
If you're in the research phase now or just planning for a future change, I'd love to set up a time to talk to see if we're a good fit to work together. You can contact me via our website or at the number below.
PMI Profit Realty