If you own commercial real estate, you may benefit from property management services, which helps keep eyes on your property when you simply cannot. The issue comes with finding a reputable and reliable manager for your investment; it pays to use due diligence.
Looking for a property manager? Here are some tips for finding the right one:
Don’t underestimate the value of word-of-mouth referrals when it comes to finding a good manager for your commercial property. Ask fellow businesses and colleagues for their input.
Check Credentials and References
Always double-check the credentials, licensing, and references of your potential manager. After all, you will be trusting them to look after your investment. Also, check with the BBB (Better Business Burea) to ensure there are no complaints against them.
Interview and meet those that you are considering for your property manager. If you were a potential tenant, would you feel comfortable and safe renting from them? You really must meet in-person to get a true sense of who you are contemplating hiring, whenever possible.
Find out the Marketing Plan
It is important to ask potential managers about their marketing strategies for filling vacancies and occupying your space. How do they advertise? How do they screen prospective renters? Ask if they manage other sites and how many vacancies they currently have. These are legitimate questions related to their marketing plan.
Take a look online for the property manager candidates. If they have websites, review them carefully.
Don’t Be Afraid to Negotiate
The potential candidates should be able to give you a clear understanding of what they will charge- but don’t be afraid to negotiate a bit. Discuss terms and fees- but also be wary of anyone who charges too little and is too quick to agree to your terms. This could be a sign of trouble later.
Be Clear about Money
Make sure that you are very clear about how the manager plans to handle the money that they will be gathering on your behalf. Ask about security during transactions and how they will handle any delinquency among your tenants.
Protect your investment with a property management company in your area. Also, talk to the professionals at Capital Crown Investments to learn more about protecting your commercial interests.