Your commercial property is one of the most expensive assets you own and with that ownership comes with a number of responsibilities.
A great way to maximise the investment in your commercial property and not have to worry about looking after its every aspect is to engage the services of an experienced commercial property manager.
Just like your accountant and lawyer are experts in their areas and critical to successfully running your business, a commercial property manager is an expert in everything to do with commercial property.
What are the benefits of having a commercial property manager?
There are many benefits to having a property manager oversee your property.
Time
Your commercial property manager acts on your behalf and deals with everything that relates to looking after and maintaining your commercial property, so you don’t need to. This is particularly useful for investors who like to travel or live overseas.
They are available 24/7 and are the main point of contact with your tenants. All communication regarding the property goes through them, freeing up your time to focus on other priorities.
In addition, they provide a buffer between you and your tenants, so they can be impartial and, if needed, be the ‘bad guy’!
Expertise
Commercial property managers keep themselves informed of important legislative changes that may affect your property (the recent Health & Safety changes is a good example) and make sure your building complies with any new requirements.
They also have a good handle on current market conditions and can help you plan and strategise accordingly.
Often your property manager can also project manage any refurbishments, capital expenditure or other work to be done on your property. They can also use their relationships with contractors to gain the best prices and have access to contractors nationwide.
Their networks extend throughout the property industry and you can utilise your property manager’s experience and connections in the property industry to ensure your investment is well looked after.
ROI
At the end of the day, your commercial property is an investment and, in order to grow, both your tenants and the property itself need to be looked after.
Your commercial property manager takes care of all repairs and maintenance to the building, this includes putting plans in place to keep the building in a good condition over time and dealing with any unexpected issues.
They also make sure your tenants are happy, are looking after your property, and paying their rent and operating expenses on time.
It can be costly to find new tenants, particularly if your property is vacant for a period of time. If your tenants are well looked after by your property manager, they are less likely to leave.
If your tenants do decide to leave, your property manager can work with your leasing agent to assist in finding and vetting new tenants.
What services does a commercial property manager provide?
Your commercial property manager can provide a wide range of services to look after your commercial property. This includes:
– Lease administration – including lease renewals, rent reviews, lease expiries and arranging the appropriate legal documentation
– Track rental payments and undertake debt recovery and lease cancellation
– Create and manage operating expense budgets
– Arrange repairs and maintenance and capital expenditure plans
– Ensure statutory compliance including Health & Safety, Asbestos Management plans, and building WOFs
– Attend body corporate meetings and ensure the body corporate doesn’t negatively affect the property through onerous motions or rules
– Deal with emergencies 24/7
– Property inspections
– Tenant retention and maintaining positive relationships with tenants
– Minimise vacancies through relationships with tenants and agents
– Provide you with relevant information on your property whenever it is required
Overall, having your commercial property looked after by an experienced commercial property manager, is an ideal way to free up your time, reduce your risk, and grow your investment.
