Partnering with the right commercial property management company can make all the difference in your peace of mind and the success of your business. You want to be sure you can find a property management company that cares as much about your business as you do.
The right commercial property management company should have a good understanding of the unique needs your property requires. They should be able to manage all the information and regulations around your business. Managing a commercial property involves a variety of tasks, from rent collection to maintenance, and finding the right fit can significantly impact your property’s performance.
Here at Citadel Realty, LLC of Colorado Springs, we want to ensure you have a good experience. We can help you determine your commercial property management needs and the services that are right for you.
Finding the Right Commercial Property Management Company
Selecting the right property manager is a significant decision for the success of your commercial property. It’s not only about finding a manager who can handle day-to-day operations but also someone who aligns with your goals and can add value to your investment.
Commercial property covers a wide array of real estate:
- Shopping centers
- Business parks
- Manufacturing plants
- Agricultural property
- Land slated for development
- Retail spaces
Therefore, it is good to find a commercial property manager that has experience with the type of commercial property you own. You should look for a company that has managed something similar in size as well. A company that has only managed small retail spaces might not be good for managing your large shopping center. Don’t be afraid to ask the management companies you are considering to provide you with a list of properties they currently manage.
Take the time to research, ask questions, and assess various factors before making a decision. Remember, the right property manager can enhance the value of your property, attract and retain quality tenants, and alleviate the stress of day-to-day management, allowing you to focus on your core business.
Commercial Property Experience
Having the right size team and good tracking technology is crucial for a successful commercial property management partnership. You likely have other parts of your business to run, so you want to be sure your real estate company has commercial property management experience and can focus on the things you don’t have the time for.
A good commercial property manager will have great communication skills and provide you with regular updates on your property’s performance. Specifically, you will want your commercial property manager to keep track of the following:
- Rental income rates
- Total monthly expenditures
- Types of renters/tenants based on location and property type
- Applicable local and federal regulations
- Renter turnover rates
- Work orders for property maintenance
- Scheduled clean-ups, appointments, or inspections
You will want to ensure that your commercial property manager can keep up with maintenance and emergency repairs. They should have a proactive approach to property upkeep that can save you time and money. Keeping track of basic maintenance can also help you retain tenants.
High tenant turnover can be costly and disruptive. Part of keeping your sanity may be in understanding how the property manager plans to keep tenants satisfied and engaged. You want to be sure the company is responsive, addressing concerns and financial matters that can help retain tenants in your commercial space.
Another important factor may be finding a local company in your area. You have many options to choose from, but larger national companies may lack the personalization and attention to detail you want and need. A local company will often be well-connected to be able to solve any issues quickly and check on your property promptly. They also know what to look out for in specific areas of town and how to manage local regulations that might be in place.
Overall, you should feel secure with whichever commercial property management company you pick. Their fee structure should be clear and the quality of service they provide should be of value. You should always meet with your potential property manager to ensure a good working relationship and a shared vision for your property.
At Citadel Realty, LLC, you can expect a high level of experience and expertise in small commercial property management within the growing economy of Colorado Springs, CO. They know that commercial real estate differs from residential and has its own unique set of challenges. Melanie Weseman and her team provide top-notch service, with deep industry knowledge of market trends and local regulations that impact commercial properties.
Ten Things to Keep In Mind for Commercial Property Management Company
For a commercial property owner seeking the right commercial property management company, understanding these essential aspects can significantly impact the success of your investment. Here are five key things that you should know about a commercial property management company:
1) Understanding Commercial Real Estate: The property management company should have a strong track record in managing commercial properties.
2) Industry Experience: Knowledge and experience in managing properties similar to yours in terms of size, type, and location means the commercial property manager will be more equipped to handle specific challenges and opportunities inherent to that type of property.
3) Comprehensive Management Services: Property owners should be clear on the range of services the management company offers. Are they capable of providing what you need?
4) Maintenance and Repairs Approach: A commercial property management company should have proactive approaches to property maintenance and repairs. You should also know how they are equipped to handle emergency situations.
5) Communication Policies: Clear and effective communication should be provided to you and your tenants. Your property management company should be accessible and responsive to managing expectations and resolving issues efficiently.
6) Financial Transparency: There should be transparency around the management company’s financial reporting processes and any associated fees.
7) Understanding of Regulations: To ensure your property remains compliant and avoids potential legal issues, a commercial property management company should be knowledgeable about local, state, and federal laws and regulatory requirements governing commercial properties.
8) Lease and contract agreements: The property management company should also have the ability to draft and negotiate lease and contract agreements that protect the owner’s interests while being fair to tenants.
9) Reputation and References: Any commercial property management company you choose should have a solid reputation that can be found through reviews, references, and referrals.
10) Cost and Value: The value the management company brings to the property is more important than focusing on the cost. You should be provided with a clear fee structure, but find a good balance between cost and quality of service.
Citadel Realty, LLC provides top-notch services for residential, land, income properties, bank owned properties, and relocation in the El Paso County area. We pride ourselves on providing the best customer service with honesty, integrity, and respect. Contact us to get the best property management services in Colorado Springs, Monument, Fountain, Falcon, Manitou Springs, and other cities in El Paso County. With decades of experience in real estate and property management, you can rest assured that your property is under professional care. Give us a call at 719-266-6003.