When investing in real estate property, you may be wondering about day-to-day management. That’s where a property management company will come into play. They’ll take care of every aspect of running a property, and they do far more than collect payments for rent. Let’s look at everything a property management company can offer.
Keep reading to learn more about how property management services can help your commercial real estate portfolio.
What Does a Property Management Company Do?
Property management works to take care of every aspect of running a commercial property. Rental managers help create a passive income stream for you, so you don’t have to worry about maintenance and collection. Property management services work to stay on top of your state and city regulations. For example, the type of property you own might need repairs for your residents.
Management services will generally look after a few predefined tasks with your input. To begin with, they’ll work to set the rent prices for your property and then collect rent from your tenants. Rental managers can screen tenants for you, so you can ensure your property is in good hands in the future. Next, they’ll work to manage the budget of your property.
You can rest assured that you’ll still be profiting from your investment without any of the hard work. Finally, rental managers can take care of the day-to-day maintenance and ensure everything runs smoothly for you. They’ll act as a single point of contact without you having to visit the site regularly.
Marketing Your Property
One of the biggest advantages of using a real estate management company is that they’ll proactively fill building vacancies. For your commercial property to be profitable, you want to fill as many units as possible at all times. Each day that a unit stays empty, it is wasting money. A property management company will take it upon themselves to market your property to reduce tenant turnover.
On top of that, they’ll constantly be working to maintain the building. With this oversight, you won’t have to worry about failing inspections. They’ll know how to secure the best tenants for the site and thoroughly screen them.
Maintenance and Repairs
One of the biggest concerns for property owners today is maintaining the building in top condition. Your property management team will regularly maintain your site to avoid issues building up over time. In addition, they will inspect your property regularly. The goal is to look out for any potential areas of concern and ensure your tenants follow building regulations.
When working with rental managers, you’ll often find they have maintenance teams on-call. These teams will offer you preferred treatment and discounts on their services. You shouldn’t have to spend hours on the phone finding a suitable person to carry out your repairs. Your property management company should cover that instead.
You’ll then see images of the issue and repair costs before receiving a statement. In addition, many property owners set limits for work to be complete without authorization. This step can minimize unnecessary contact over smaller issues.
Offer Your Tenants Immediate Assistance
When leasing your commercial property, you want to offer your tenants the best experience possible. If you’re looking to create passive income, the last thing you want is to be dealing with middle-of-the-night phone calls. Real estate management teams can have someone on-call to deal with issues throughout the night.
In addition, you want your tenants to feel valued at all times so that they renew their lease. By having someone on hand 24/7, you’ll ensure everyone is happy without you having to be on call constantly.
A property management company can work with you to look after the maintenance and other aspects of running a property. In addition, it offers individuals the opportunity to invest in areas outside of where they are currently based. This benefit lets you expand your portfolio without having to work extra hours to resolve issues with your properties.
About NAI Glickman Kovago & Jacobs
As the leading commercial realtors in Worcester, MA, NAI Glickman Kovago & Jacobs focuses on commercial property listings. We have an award-winning record in restaurant, retail, office, industrial, multifamily, and medical real estate management. We can also assist with land acquisition and development as commercial brokerage. Our deep local knowledge comes from decades of business partnerships with key community vendors. Whether you’re buying, selling, or leasing, we can find the right property to fit your needs.
Contact us today if you need help finding commercial property for sale, brokerage, commercial construction, or property management services in Worcester, MA. You can also follow us on Facebook, Instagram, and LinkedIn for more updates about our rental manager services in Worcester, MA.