Navigating the commercial real estate market by yourself can be a headache if you don’t know where to access the right resources. Commercial real estate exists almost everywhere in our daily lives as it refers to warehouses, work offices, and even large retail spaces we see often. If you are interested in getting into the market with your saved up funds, it’s absolutely critical to plan your strategy and real estate investments carefully.
Not doing so can run the risk of decreasing your income potential and maintenance problems that are often overlooked. As a result, it’s a good idea to think about hiring a property manager who can overlook all the necessary details if you’re looking to rent especially. Let’s dive into the benefits of having a second opinion and a helping hand for your real estate investments.
Using A Commercial Property Manager
Managing a real estate property can definitely be financially rewarding if done the right way. However, all the responsibilities with managing a property can take a lot of time and cause unneeded headache. Even if you consider yourself a frugal person who likes to take matters into their own hands, it’s much more practical to invest in a commercial property manager for the following reasons:
- The commercial property manager will help you set an appropriate rental rate. Instead of sifting through hundreds of rental pages and rental Facebook groups, a manager will be able to conduct a thorough and accurate market analysis to ensure your rate is competitive yet satisfactory. Work with the manager on what your fears and needs are before conducting the market study. Open communication is key to maintain an efficient relationship with them. This way you can prevent any vacancy issues while still maximizing your income potential.
- The manager will help you get your rent paid on time. Any landlord will tell you that they have had tenants who don’t pay their fair share of rent on time. Property management systems, on the other hand, have reputable and reliable systems in place so rent is collected at all times on time. If you have a limited number of real estate investments, having this benefit is crucial to maintain a healthy cash flow and gain peace of mind.
- Marketing and advertising will benefit as well. Instead of figuring out what methods or graphics will work best to make your property look as alluring as possible, hiring a commercial property manager can help since they know what to do. They can form an informative and compelling ad for your property on the right platforms so people are reached. It’s no longer the right time to use classified or Craigslist anymore and the majority of young and even old renters are active on social media or renting specific platforms.
- Once you’ve secured an interested tenant, you want to make sure that they are free of any problematic history and have the financial means to keep fees paid on time. A manager can easily do this work for you and run secure criminal background checks as well as running credit reports. In short, they can access all the important documents you need to make the right decision for the future of your real estate investment property.
- Maintaining your real estate investment property can take a lot of upkeep. Hiring work from several different construction workers, plumbers, or engineers can be costly and complicated for your accounting records. The majority of property management companies will be able to find close contacts to vendors they’ve already worked with before to get you the best price possible. Since they have a good relationship with these businesses already established, the customer service you’ll experience will likely always be urgent and pleasant to deal with.
- If you want to expand the amount of locations you have properties in, hiring a commercial property manager will also help to manage different areas. Normally, people are tied down to a single community or neighborhood since they don’t want to travel too far if a problem with the property or tenant arises. With a manager, they can provide the means to explore opportunities at other ends of town and possibly different cities. Don’t be afraid to explore places that you’ve never heard of before, you might be surprised with what hidden gems you find!
- You’ll have more money and time in the long run. While hiring a manager might seem like too much of a luxury, they will take care of the day to day responsibilities of running a property successfully. With your free time, you can explore other investment options and keep better track of your expenses for the future. Preventing any risk of vacancy or late payments is also well worth the upfront cost, so no reason to wait!
Better Safe Than Sorry
As an upcoming real estate investor, it’s wise to do everything in your power to carefully plan and manage your hard earned investments. If you work alone, you could be spending a lot of time and money to correctly screen tenants for rent, market and manage your property, collect payment on a timely manner, or exploring further opportunities at different locations. If you aren’t sure how to go about hiring a trustworthy commercial property manager, look up reviews for ones around you who have a proven track record. Make sure that their investment properties are being properly taken care of and customer testimonials are genuinely written. After doing your homework, schedule a discovery appointment with the manager that you are most interested in. You’ll gain a better perspective on what their management style is and how well you communicate with one another. Don’t be hesitant to ask all the questions you need!