If you own one or more commercial properties, managing them on your own can be tempting. After all, by taking care of management, you can keep 100% of the profits. However, many commercial property owners see the value in commercial property management companies for a number of reasons. You might, too, after taking note of the following advantages:
Finding Suitable Tenants
When you utilize the services of a commercial property management company like Investa, you can take advantage of their screening processes. While you might have many possible tenants fighting over your commercial space, your chosen company will do its due diligence to pick the most fitting tenants. By utilizing their services to screen prospective tenants, you might reduce the risk of future property damage and costly legal battles.
Freeing Up Your Time
Property ownership is sometimes viewed as a form of passive income, but managing commercial properties can be a time-intensive exercise. When you aren’t busy fielding calls from your tenants, you can be tending to their maintenance requirements and solving their problems. If you outsource this task to a company, you can leave your time free for other activities like looking for new properties to buy, flipping, or general hobbies.
Increasing Your Commercial Property Value
It’s hard to imagine that simply hiring a commercial property manager can affect your property value, but it just might. The right property manager on your side will be dedicated to finding tenants of a high caliber and keeping them happy. Happier tenants might look after your property better, stay on for longer, and keep management costs low. This has the potential to benefit you, your property manager, and your tenants.
Seamless Rent Collection
Tenants avoiding or delaying rent payments can be an ongoing problem for property owners and a particularly frustrating one if they are actively trying to seek payments from the tenants themselves. By outsourcing this task to property management companies, you can take a hands-off approach while knowing that your chosen manager has all bases covered for receiving the money you’re owed.
Most management companies offer multiple payment options for tenants, giving them the freedom and flexibility to pay in a way that suits their unique situation the best, such as automatic debits. If they don’t receive payments in a timely manner, they also have processes for swiftly starting the eviction process.
Reduced Stress Levels
Property owners without management companies are the go-to contact for their tenants. This typically means that if they have a problem day or night, the owner is the person they call to take care of it.
While you might not mind your tenants quickly alerting you to possible problems, being on call 24/7 can take its toll. However, these issues won’t be your concern if you enlist the services of a commercial property management company. Their company is the primary contact for tenants, and they typically have maintenance and repair specialists on-call to assist.
There’s more to being a commercial property owner than simply owning a property and receiving an income from it. You must also be on-call for your tenants, take care of their needs, and ensure they make timely payments. You might be able to avoid much of the stress associated with property ownership by outsourcing these tasks and others to a commercial property management company.