As experienced landlords and developers ourselves, we’ve learned first hand that the best way to get the most out of a real estate asset is through an integrated approach to leasing and property management.
Often, when the leasing arm and the property management arm of an investment property are provided by two separate entities, the lines of communication between the two can become strained and break down, causing disruptions to the synergy of the asset itself and a loss in profits for the ownership.
Here are three benefits to think about when looking at your next leasing representative and property management firm, and why you might consider choosing a company that can provide all your needs under one roof:
Management and Leasing in Partnership
When located in the same office, the property manager and the leasing broker can communicate quickly and efficiently about which deals are in the process of being worked for the center, who the potential tenants they’re pursuing are and what each of them is actively doing to promote the investment property. All while making sure that the owner’s goals and expectations for the property are staying first and foremost in every decision that is made.
This stream of constant communication provides the property manager with current, up to the moment details on the status of the asset, which they can utilize when evaluating the best possible course of action for managing the property and discussing options with the ownership.
Leasing With Insight
When property management and leasing are combined, it also allows brokers to have a more holistic understanding of that individual property’s needs.
With this more complete understanding, brokers can more accurately structure deals to calculate for TI, commissions, rent levels, and concessions that will ensure that the landlord’s financial expectations for the asset are being met.
Leasing With Accountability
When the leasing duties for a property are handled by an outside firm, separate from the property management company, that agency is often out of the picture once the lease has been signed.
However, when the two services of leasing and property management are combined, the property management team now has to manage whatever deal was completed by the leasing team.
This means that not only is the leasing team even more motivated to fight for quality leases on your behalf, but that they will be held accountable to then show that the right deals were made because now the management team has to manage that deal.
This also eliminates any possible finger pointing by the leasing team or property management team for who may be at fault when potential problems arise at the property.
What This Means For You
The bottom line for you as an investment property owner is the knowledge that your asset will be taken care of through its full life cycle, leased and managed cohesively together to ensure the integrity and value of the property from both a property management standpoint and from a leasing standpoint all under one roof.
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CRUNKLETON: COMMERCIAL REAL ESTATE GROUP