Owning commercial property should be a walk in the park, but as is the case when making any investment, look after things the wrong way and you could find yourself having long-standing issues with how your property gets managed. That’s why I believe it is important that anyone who wants to own commercial property should have adequate property management in place.
Thanks to some tips from the commercial property management team at Ross & Liddell, let’s look at why having adequate services in place isn’t just good for peace of mind, but also better for things to run smoothly.
Respected managers have relevant experience
Many people will underestimate the role a property manager plays, or even misunderstand what it is they do. Some equate to a role that exists somewhere between a caretaker and estate agent checking on rent, but it is much more diverse than that.
A quick checklist can help identify if indeed you need dedicated management, so ask yourself:
- Do I want to have to ask tenants for rent when it is overdue?
- Do I want to have to make certain service charges are all in place?
- Do I want to be the one in charge of recovering against insurance problems?
You get the gist of where I’m going, but if you said no to any of these questions, you should get a professional to step in. One of the benefits of having a dedicated manager is that their experience is second to none. If there’s a problem a tenant has, they’ll undoubtedly have been in those shoes and will be able to find an adequate solution.
You get all the right information
Crossing the t’s, dotting the I’s, and ensuring all tenant information is correct is undoubtedly important, but so is knowing when leases are about to expire or rent reviews are about to come up.
If looking after information for key dates is something you’d rather not forget, especially if it comes to tenants trying to push their luck with contracts, you want someone there working on it for you.
You gain time back
Most commercial property owners have a lot on their plate at any one time, and what starts out as a request from a tenant can quickly evolve into what you interpret as nagging and a waste of time on your end. So don’t let it be that way. A commercial property manager will essentially lift everything off your plate and let you get on with things as you wish.
A good rule of thumb is that if your property manager hardly ever gets in touch with you, they’re too busy working for you and know you don’t want to be interrupted.
You don’t get caught out
It’s important to remember that the tenant relationship is a two-way street, and when it comes to commercial property, there will be specific regulation in place which you are accountable for. That means frequent inspection and checks will need carrying out (fire alarms and sprinkler systems being one such example).
Leaving responsibilities like this with your property manager helps ensure everything is in line, and you don’t fall foul of any fines or fees. And because it is a two-way street, a manager can also check on the property to ensure the tenant is acting within the contract and not making any radical changes that would otherwise be a nasty surprise for you.
You always get paid
This last point is for me the most important part of having dedicated management look after things. Most companies will take their fees from your tenant’s rent. This put the onus on them to ensure rent is paid on time, and the tenant never falls behind.
Are you looking to keep expenses in check?
Thanks for reading. Hopefully, you now have a good idea of why a dedicated commercial property manager is essential.
Speaking of costs; never miss out on the chance to claim for expenses by reading this guide which covers all the expenses of a business owner, including some of the lesser-known ones you may not know about.
And don’t forget that the site also has a comprehensive list of business guides you can find here, to help with everything from funding a business to getting the right insurance.