You’ve noticed something unsettling. The number of vacancies in your property investment is growing, and it’s becoming a challenge to bring quality tenants to occupy your space.
Over the years, you’ve watched thriving tenants retire or outgrow their accommodations. But something has changed. Tenants are flocking to other properties and leaving your investment behind. What’s happening? And what can you do to attract new tenants, keep the ones you have, and market your property effectively?
It might be time to hire a property manager.
What can a property manager do for you?
Simply put, a property manager will do everything they can to help you fully maximize your investment. Your property should be making you money—that’s the bottom line. And having an advocate take care of the day-to-day management of your property could be the difference in reaching your full income potential, or having opportunities fall through the cracks.
So, what can property managers do to help you achieve your ideal investment outcome? Here are just a few of the many ways you can benefit:
- Stabilizing and reducing operating expenses
- Implementing tenant retention programs
- Proactively applying Risk Management programs to protect assets
- Serving as your support when negotiating service rates
- Regular inspections of the property
- Ensuring quality lease terms and conditions
- Monitoring construction supervision
- And much more
What are the signs you could benefit from property management?
Many property owners effectively manage their own properties. But when is it time to look into hiring a commercial property management team? Do a quick assessment.
Lack of time – It’s a simple question. Do you have time to execute all of the necessary property management duties without sacrificing quality service or your personal life? If you are managing several properties at once, a property manager can help you by taking care of the daily tasks that can consume your time.
A property manager can handle screening tenants, listening to tenant complaints, ensure tenant safety, and deal with any after-hours emergencies that need immediate attention. This frees up your time to focus on the things that matter to you.
Outdated understanding of the industry – Staying current with industry trends is a must. There is a constant need to be updated on the latest changes that occur in the insurance industry and legal system to safeguard your investment.
Property management teams can make sure that Risk Management programs remain current and effective. They can also enforce tenant obligations, collect delinquent rent and be there for you during difficult legal processes. It’s a welcomed weight off your shoulders.
Several vacancies within properties – Property management teams can help fill troublesome vacancies by utilizing their network of agents and marketing professionals to increase occupancy and improve tenant retention.
Furthermore, they can complete regular site visits, property assessments, and help negotiate the best terms and conditions for all of your leases. This builds a solid foundation of communication and trust with each tenant you manage.
You want more insight throughout the construction process – Supervising the flow of an entire construction process takes knowledge, dedication, and attention to detail. These are all things a property manager can offer. Handing over the reins to a skilled team can free up your time and minimize your stress because they can handle any challenges that arise and monitor from the pre-design stage all the way through construction.
You need assistance when handling income/operating expenses – It’s about more than managing a property, it’s about managing your assets. Part of the property management service is keeping a detailed record for the operation of the property.
Managers can help with your annual operating budget and stabilize operating costs, financial reporting, and account management. They can make sure that you aren’t paying more than you need to be, and help you navigate through the complex and confusing red tape.
The decision to hire a property manager is a personal one, but one worth looking into. When it comes to property management, what matters most to you? Let us know in the comments.
Interested in learning more about how Crunkleton can help manage your property? Click here to download the guide.
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CRUNKLETON COMMERCIAL REAL ESTATE GROUP