Your property is the lifeblood of your business and requires extensive attention to facilitate success. However, it’s tough managing day-to-day responsibilities while focusing on your investments. Fortunately, commercial property managers are a resource to ensure your real estate needs are met and properties are operating at their peak.
With almost 40 years of experience in property management, development, and brokerage services, Plaza Companies has worked with countless professionals in finding the right property for their business. Read our article below to learn what you should look out for when searching for a commercial property manager.
Partner With Someone With Local Expertise
When it comes to effective property management, understanding the local market is essential. A successful property manager will have proven experience in areas such as:
- Applicable laws and licensing requirements: Each jurisdiction may have specific laws that govern rental properties, including rental licensing, inspections or certification.
- Vendor relationships: Every property will need some sort of maintenance and repairs now and again. Your property manager should have experience in handling them by having strong relationships with different vendors.
- Pricing: Commercial property managers will be proficient in researching and identifying appropriate pricing to ensure your property is competitive with other commercial spaces in your area.
Efficient Commercial Property Managers Will Prioritize Organization & Technology
Property management involves a great deal of communication and record-keeping. The property manager you decide to partner with should have experience in processing documents and utilizing technology to handle vast administrative responsibilities. The best property manager will be able to handle documents with as little paper as possible. They will opt for more “paperless” solutions as they are more secure and accurate than traditional paper copies. So, partnering with a manager who is up-to-date on cloud technology and other digital systems is very important.
Ask Them Questions To Ensure They’re the Right Fit
Finding the right commercial property manager involves gathering as much information as possible. The goal is to find the best one that’ll make you feel comfortable with them handling your day-to-day operations at the property. So, when you reach out to prospective managers, ask them some of the questions below.
- How long have you been in the property management business?
- What is your expertise with key documents such as property management agreements and leases?
- What is or is not included in the monthly management fee?
- How many properties do you typically oversee at a time?
- How do you perform property inspections?
- Will I receive monthly and annual financial statements?
Only Look into Licensed Commercial Property Managers
Most states require property management companies to have a real estate broker’s license or management license. A licensed property manager has gone through an approved property management course and passed a state licensing exam. This means they have an added layer of knowledge to help owners navigate their business needs.
Ensure They Have the Right Insurance
When looking for property managers, you should confirm that they have appropriate general liability insurance, property-casualty insurance, and errors and omissions (E&O) policies. Your property management agreement may also mandate that you have sufficient insurance, which is beneficial protection for you as well. It’s perfectly okay to ask prospective managers about the insurance they hold.
Plaza Companies is Arizona’s Go-To Commercial Property Management Company
As one of the top Phoenix property management companies, Plaza Companies has partnered with a diverse range of clients. Ranging from small projects to comprehensive management services, our team of experts ensures our clients’ commercial properties exceed the highest of standards. We provide customized programs designed to target cost-efficient operations and retain tenant satisfaction. Contact us today to learn more about our property management services.