Not finding a professional, qualified and experienced commercial property manager, can prevent even the most promising commercial property investments from becoming truly successful. Let’s look at the benefits that a good commercial property manager can bring to your property investment strategy and the key questions you need to ask in order to choose the best commercial property management company for your needs.
Why you need to choose the right commercial property manager
All too often, landlords don’t think they need a property manager at all. And with a wealth of resources at their fingertips, landlords might just be forgiven for thinking they don’t need professional commercial property management services.
However, a commercial property manager doesn’t just collect rent. Commercial property managers are highly skilled experts, and their knowledge could mean the difference between maximising your profits or selling your property at a loss.
Commercial property management services include:
- Ensuring that all maintenance and repairs are performed as required and in a timely fashion.
- Acting as a mediator between yourself and your tenants. If your tenants have any concerns, your commercial property manager will take care of it for you, leaving you to get on with more pressing matters.
- Knowing all the ins and outs of council laws and regulations. Unless you have the time read up on these, knowing what you can and can’t do can become a dangerous guessing game.
- Carrying out and negotiating market rent reviews and lease renewals. Negotiating market reviews can be difficult and time consuming but your commercial property manager will be able to obtain comparable evidence and negotiate on your behalf to obtain you the best rental return.
- Managing the growth of your assets so that your property avoids depreciation in value over time.
How to choose the best commercial property management company
Too many landlords choose their commercial property manager solely based on the fee they charge. While comparing prices and value is important, it’s far better to evaluate the quality of service over dollars and cents.
When looking for a commercial property management company, ask yourself:
- Does the company have a dedicated Commercial Property Management department?
- Who will be looking after my property?
- Is a director or owner of the agency involved in the property management?
- How experienced is my commercial property manager?
- How many years has the property manager been with the agency? Because property manager turnover is high between companies, it’s important to find a property manager that has remained with an agency. This is a good signal about the company’s morale and viability.
- What area of Melbourne do they service for commercial property management?
- Does the agency provide you with a written proposal? A written proposal is best, because you’ll be able to clearly define all the commercial property management services that the agency will provide.
- How many properties does the manager look after? Many property managers have too many tenancies to manage, pushing your property to the bottom the pile. A specialised and carefully selective boutique agency can give your property the attention you need.
- Does the agency take care of leasing when the property becomes vacant?
It’s critical to make sure that you do your research first and choose a commercial property manager wisely. Do this, and you can be assured that a professional and experienced commercial property manager will be working hard to maximise your return on investment.
At HKC Commercial Property Consultants, we’re confident that you’ll find our 30 years of combined commercial property management experience and knowledge of the Melbourne property market surpasses your expectations. With a range of commercial property management services, we’re dedicated to helping our investors create more wealth. Get in touch today for a complimentary consultation with one of our energetic and passionate consultants.