If you’re considering investing in commercial real estate, partnering with a property management firm is one of the wisest decisions you can make. They provide investors with the peace of mind of knowing their property is being looked after and their investment is increasing in value. For that reason, it’s important to understand how property managers add value to one’s investment and why they’re vital to an investment’s success. As one of the top property management companies in Phoenix, we have a few things for you to consider. Read further to learn how we can assist with your commercial real estate needs.
Lower Repair and Maintenance Costs
Property managers oversee operational duties to ensure tasks are completed around the property. It doesn’t matter who your tenants are — good maintenance is an excellent way to attract and retain tenants. It’s also an important element in preserving the value of one’s property. Furthermore, property managers are able to provide access to a large network of licensed and insured contractors to assist in property maintenance. Additionally, property managers will vet each contractor to ensure they are trustworthy and provide fair pricing. This will save property owners from hiring contractors with less-than-stellar services at high-end costs.
Maintain a Healthy Relationship Between The Property and Its Tenants
The ability to establish and maintain strong relationships is essential in property management. Property managers are able to form and secure relationships between tenants and property owners through strong communication and courteous services. As a result, tenants are likely to share their experiences and recommend other people to lease within the property.
Property Management Firms Lessen Potential Liability
As a commercial real estate investor, it’s important to put measures into place to protect from liability. One of the best actions an investor can make is hiring a skilled property manager who has the knowledge and expertise to identify vulnerabilities and ways to avoid potential issues. Additionally, they will be able to provide advice on coverage for things such as:
- Tenant screenings
- Property safety
- Unit inspections
- Lease signings
- Rent collection and handling
Property Managers Can Vet For High-Quality Tenants
Tenant screening can be a tedious process that involves close attention to detail. It’s especially difficult if you don’t have experience in the commercial real estate industry. But by partnering with a property management company, investors can benefit from their reliable and verified screening process. This will help attract tenants who will:
- Rent long-term
- Pay rent on time
- Minimize the wear and tear of the property
- Cause fewer problems
Additionally, property managers who have been in the business for a long time will be able to identify any red flags quickly. Furthermore, property owners will also avoid potential scams that could affect current tenants and the owner.
Plaza Companies’ Full-Service Property Management
For almost 40 years, Plaza Companies has provided first-class property management services for thousands of clients. We specialize in developing meaningful relationships with tenants that positively impact the property owner’s bottom line. Do your tenants and yourself a favor by enlisting our expertise. Contact us today to learn how we can help your property.