As a commercial landlord, your property is likely the most valuable asset you own, so it needs a good layer of protection around it to ensure you’re getting the most out of it. That layer should be your property manager.
However, sifting through the pool of options can be daunting, and it can be difficult to separate the good from the bad.
To help, we’ve compiled a short list of what we think you should be looking for in a good commercial property manager.
They’re proactive
Being in charge of a commercial property is not a set it and forget it task. It takes a high level of proactivity to properly maintain it.
This includes staying on top of repairs and maintenance, chasing rent payments and keeping up to date with legislation.
Since COVID, legislation around commercial property leases has changed. Any commercial property manager would know this. However, a good commercial property manager should take proactive steps towards preparing for it and communicating these or any other upcoming changes with landlords and tenants.
Their size
Leaving your most valuable asset in the hands of someone means there should be a high level of trust. As a landlord, your property manager should establish a transparent and solid relationship with you.
However, this often proves to be a difficult task to achieve within larger commercial property management organisations. These organisations often have high staff turnovers that leave landlords bouncing from one property manager to the next. As these large commercial property management organisations are also undertaking a significant amount of properties, there’s a chance your property will only receive surface-level management.
Smaller, more boutique managers have the capacity to get to know you and your property on a much deeper level, helping you get the most out of your investment.
Their communication
It might sound like a tired saying, but communication is very much key, especially when it comes to your tenants.
The longevity of your tenants directly impacts what you get out of your investment. That also requires maintaining that relationship, something a good property manager should be prioritising.
As important as it is for a commercial property manager to be transparent to landlords, it’s equally important for them to do the same for tenants.
A good property manager will offer tenants clear communication, respond quickly to repairs, and be easily accessible.
They follow the three principles
At Azure Property, we believe property managers should adhere to 3 principles: people, property, and passion.
Property is about people, which is why we’ve set people first on that list. This means property managers should care for tenants and landlords equally, ensuring they maintain clear communication and trust within those relationships.
They also should be prioritising property. This one might sound obvious, but it’s still important for property managers to remember why they’re doing this – to support landlords in getting the most out of their investment.
Lastly is passion. Passion for people, passion for property, and an overall passion for doing what they do truly separates the good from the bad. A good commercial property manager will be noticeably energised and enthusiastic in their delivery of service.
The dedicated property managers at Azure are not only proactive and communicative, but they also strongly value these three principles. As a boutique property management company, we can understand our client’s individual needs and even be able to help identify future investment opportunities.
Get in touch with our team to see how we can help you get the most out of your commercial property.