A Few Reasons To Hire A Commercial Property Manager
If you are considering buying a large, multi-unit, commercial building to lease out, you should consider hiring a commercial property manager too. Unless you plan on making the running of it your new career, you are going to need help. Here are just a few of the things a professional will take care of for you.
Being available at all times of the day to show the place to prospective tenants can cause you to miss work. A property manager will advertise the available spaces, and then vet the applications for tenancy. He or she knows how to do all the background and financial checks needed to ensure you have tenants that will pay on time and remain in the unit long-term. The manager knows how to negotiate leases that will provide you with enough money to pay the mortgage and all the bills associated with the property. In addition, if there is ever a problem with a tenant paying the rent a professional will know the laws on how to proceed. While you may be willing to give the tenant some extra time to pay, it is a good idea to start with all the legal documentation for an eviction. You need to know all the forms and when to use each one.
When a tenant calls in with a problem that needs fixed, the manager will have someone available to go out and check out the situation. This person will then let you know if it is something that you are responsible for fixing, or if it is the tenant's responsibility. Professionals have experience with all kinds of contractors and repair technicians. They usually have a regular team they go to that they know does the job quick, efficiently, and at the best cost for the job. These technicians can even be used by the tenants, saving them time and money. This will keep the tenants happy and more likely to renew their leases when the time comes.
While a commercial property manager will cost you money, the benefits he or she provides will more than make up for this cost. Without one, you will probably still show a financial profit if you keep the units full and have the rents set at the right prices. However, if you would be making more money working at your normal job, a property manager, like one from Bradley Scott, Inc., will definitely be worth the expense.