Owning and leasing out one to several assets is already a lot of work which isn’t a surprise that more and more investors are seeking the services of a commercial property management company. But even that is work in itself because finding the right people is far easier said than done. Still, it’s a path taken by the majority because the perks are worth it after all.
Now employing the right commercial property management company is just like looking for the right person to fill a position. We need to perform a meticulous screening and research process to eliminate the lackluster and have the best emerge. But what exactly are we looking for in the first place?
• Market Knowledge – It’s safe to say that real estate is affected by several factors, supply and demand, condition, location, safety and security, foot traffic and useful life being some of them. The property management team must therefore have more than adequate knowledge about these to be effective at the task.
• Professionalism – This word is packed with a slew of other adjectives. It’s an encompassing trait made up of a broad set of skills and traits, both of each individual member’s and the team as a whole, that foster a great working relationship and upholds strength and value for the parties involved.
• Experience – A lot of expertise and skill is learned out of the classroom and in the field. This applies to commercial property management companies as well. The more seasoned they are, the higher the quality we can expect from them. Additionally, the job involves a lot of dealing with people especially when it comes to interacting with current and prospect tenants. Apart from real estate skill and experience, the same is to be sought in the area of social skill and communication.
• Timeliness – We want results and we need them on time otherwise they’re not good news to begin with as the delay negates the benefits. They only hamper your operations and deter decision making which can incur losses so we need a team that knows their time and can work even with the strictest of deadlines. After all, real estate is known to be highly volatile and complex when the factor of time is added so our chosen commercial property management company must be able to deliver timely results and do scheduled tasks as planned.