What to Expect from a Property Management Company?
If you own several properties (or even just one), the chances are that you don’t have much time on your hands. A property management company is the perfect solution for commercial real estate owners like you!
Owning commercial property is a considerable undertaking. As an investor, you must ensure that your real estate appreciates by making strategic improvements. The day-to-day property management can include everything from picking up the phone for a tenant complaint to contacting a local vendor for a maintenance request. The list of property management tasks can seem endless.
Hiring a property management company is the best solution for an owner of multi-family units or commercial properties to ensure the real estate is in good hands. It’s also a way to free up your time to concentrate on “big picture” issues and bridge any gaps you may experience while overseeing multiple properties.
So, what should you expect from a licensed property manager company? We’ve outlined the most pertinent tasks below, which are the focus of property management companies. Why not consider the professional services of a property management company to ease the burden?
Managing Day-to-Day Affairs
At a basic level, expect the property manager company to run your buildings’ day-to-day affairs. Of course, property management involves specialization, so perform due diligence on your licensed property manager candidate by reviewing the types of properties overseen by that person or company.
No matter the type or size of the commercial property, the following list includes general expectations for a licensed property manager’s daily activities:
- Handle tenant requests, complaints, or emergencies
- Oversee maintenance, installations, and expansions
- Ensure the fulfillment of lease agreements
- Public representative of your company and brand
- Compose budgets and recommendations
The property manager’s job is to keep you fully abreast of everything in or around your property. On the other hand, they should not come to you with every issue. That’s why you hired a property manager, right?
A professional property management company can determine when to include the owner. And, as the owner, you have the option to be involved as much as you’d prefer. A good property manager knows when to bring something to your attention and when to take care of the matter themselves.
Tenant Management
Your property management company should also be well-versed in tenant management. Tenants leasing or renting your real estate should be your highest priority, and your rental property manager should reflect your values.
First and foremost, the property management company may be charged with acquiring new tenants (and subsequently helping them settle in). As such, you may insist on a professional property management staff with licensed REALTORS®. Some property management companies will also market your property; however, that’s not necessarily an essential service. At the very least, the rental property manager should be able to talk to prospects, and show the interested parties around the property or inside vacant units; they can also handle all of the paperwork involved and address any concerns that future tenants might have.
Unfortunately, property manager companies may also be responsible for starting an eviction process. Overall, these are most commonly the tasks involved with tenant management:
- Market to prospective tenants to fill vacancies
- Show prospective tenants the vacant units and the property
- Screen and interview tenants
- Manage leases, from conception to execution
- Set rent and security deposit amount
- Collect security deposits and monthly rent/lease
- Administrate tenant requests, complaints, or emergencies
- Delicately handle evictions
Management of Property’s Interior and Exterior
A property management company is also expected to manage the property’s interior and exterior maintenance. Such tasks usually require the manager to:
- Perform frequent inspections
- Initiate preventive property maintenance
- Repair any issues or hire a professional to fix the issue
New technology platforms have increasingly assisted in maintaining (and growing) the tenant relationship. As such, user-friendly software that allows tenants access to their accounts and documentation can go a long way in satisfying your tenants. When seeking a property management company for your real estate, choose the one who can enhance the tenant experience with technology.
Management of Property Maintenance and Repairs
Maintenance and repairs are another focus of the property management company you choose. Seasonal changes can pose a unique set of challenges, and different types of properties require different types of care. Such tasks usually require the manager to:
- Display expertise in their property type
- Conduct frequent inspections of the property’s interior and exterior
- Perform seasonal maintenance
- Initiate preventive property maintenance
- Manage resources and contract negotiation
- Repair any issues or hire a professional to fix the issue
- Enforce safety training and standards
When it comes down to property maintenance, relationships could hold the key to timely repairs and renovations. That’s why you should choose a property management company with reliable contacts with local companies that can mitigate issues as they arise. Quick response time and competitive pricing from contractors will also assist in ensuring profitability.
Rent Responsibilities
Rent management is one of the primary duties expected from any property manager companies. While it may seem simple, it’s quite an arduous task that requires the property manager to:
- Collect rent on time
- Strictly enforce late fees
- Adjust the rent amount when necessary
- Maintain accurate accounting data and records
As mentioned above, one way to streamline rent collections is with the help of software. While each property management company has its specific methodology, choosing one supported by a rich tech platform will increase your bottom line.
Hire a Property Management Company You Can Trust
Overall, hiring a property management team ensures that somebody you can trust is watching over your property. It’s almost impossible for an owner to deal with all the necessities involved in owning a commercial property, especially if you have an expansive portfolio of real estate investments.
Hiring professionals with many years of experience is not just easier on you; it can also be a smart business decision. Whether commercial mixed-use properties in Columbus, Ohio, industrial properties in Bexley, Ohio, or residential, multi-family properties in Dublin, Ohio, The Robert Weiler Company is the go-to professionals for qualified property management services. The Robert Weiler Company employs licensed and certified maintenance staff and an executive team of REALTORS®, who can provide unmatched property management services in Columbus, Ohio, and throughout Central Ohio.
Our property management solutions are backed by the industry’s most advanced, user-friendly software, allowing our team to serve your tenants excellently. And, for owners and investors, we deliver custom-built statements monthly, thus keeping you continuously in the loop.
As a commercial real estate firm with over 85 years of experience and expertise, we understand what it takes to manage your property. There isn’t much we haven’t seen (or can’t anticipate). Plus, we boast a portfolio of commercial and residential units of all sizes, administrating over a million square feet.
We pride ourselves in supplying commercial real estate with a full-service property management company dedicated to your needs. Call us today at 614-221-4286 to engage with one of our advisors and discover how you can leverage our property management services to help you achieve optimal results.
