Have you ever thought of hiring a property manager for your office/commercial space? There are several ways they can help you manage your property more effectively. However, to ensure you get the most out of their services, it is imperative that you know what you can hold them accountable for. The responsibilities of a commercial property manager differ than those of a residential property manager.
In this article, we’re taking you through the responsibilities of a commercial property manager.
Finding New Tenants for Your Commercial Property
One of the most prominent reasons people hire a commercial property manager is because of their ability to find the right tenants for office and commercial properties. This is essentially one of the most tedious tasks a landlord is responsible for, and most are happily willing to outsource the job to property managers. When a property manager is finding you tenants, they’re attracting them through different ways and means of advertising.
Every commercial property manager is expected to fill a vacancy that happens at their property. That is also why marketing a property is a vital part of the job, too. A property manager must post compelling ads on relevant websites and places that the right audience will see.
A property manager’s responsibilities also include ensuring that all new tenants can be trusted. To go through this process, property managers usually have a robust screening process through which they study the tenant’s background and history. The positive thing about this is that when a property manager continuously screens tenants, their ability to do so improves.
Their screening process gets faster, which lets you avoid high tenant turnover rates. That’s one of the reasons you want to work with an experienced commercial manager.
Coordinating through Tenant Turnover
Another responsibility of a property manager is coordinating the turnover of a tenant. The property manager is responsible for moving people in and out of properties. To do so, a property manager will inspect the rental space for damages, address the cleanliness, and fix any damage before the new tenants move in.
In cases where a tenant can cause a problem, the commercial property manager also has to take care of the tough eviction. This also means that the property manager must be aware of all landlord and tenant laws. They must also have the courage to deal with their situation confidently.
Adjusting, Collecting, and Setting Rents
Collecting the rent is one of the most prominent responsibilities of any landlord. A property manager’s responsibilities can also include lease management since all landlords are easily willing to outsource this task to property managers. The property manager you hire will also set up a defined system to collect rent from the tenants in your property.
They’re often going to have a strict deadline for the rent, and there are also going to be penalties if a tenant misses a payment date. Moreover, the payment method for the rent is agreed upon initially, so there is no confusion.
That said, not only is the property manager responsible for collecting the rent but they’re also supposed to set a rate for the office or space. To do this the right way, it’s imperative that the property manager understands the market they’re operating in. This also helps them understand the optimal way to attract new tenants and set an appropriate price.
Why is this important?
If you set a price too high, you’re not going to attract any tenants; if you set a price too low, you won’t be able to generate a healthy ROI from your commercial property. Likewise, a property manager can also adjust the rent of your property in a way that attracts a high number of tenants but can also generate a rental income for you. The rent can often fluctuate depending on the factors of the real estate industry.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.