Whether your business is growing and you no longer have the time to manage your commercial real estate properties internally; you’re thinking about investing in commercial real estate; or you’re dissatisfied with your current property management company and looking to make a change, deciding on a partner is an important decision. After all, your real estate management company will take care of everything related to your property—from site selection and acquisition, to filling it with tenants, and managing the property’s revenue finances. And if repairs or construction upgrades are needed, your real estate property manager can take care of it on your behalf. Choosing the best commercial property management company can have a significant impact on your portfolio and your peace of mind. These tips provide a start to helping you make the right choice.
Location, Location, Location
The first way to narrow your search for a commercial real estate property management company is to ensure they have a team right there in your market. This is important because varying cities, towns, precincts, counties and states have unique laws, zoning requirements and standards that must be followed. The City of Jacksonville, for example, has building and zoning standards that differ from those which are distinct to Clay and St. Johns counties. Your property management company should know the standards inside out and stay up-to-speed on any zoning changes.
Depending on your needs, you may want to discuss the commercial property management company’s ability to staff a dedicated manager or team physically, on-site, part time or full time. There is nothing like boots on the ground to identify and address issues in real-time and build positive relationships with tenants.
Experience and Expertise
A commercial property management company should have team members that have a wide array of expertise. Combined, they should know or have access to experts in every unique nuance of the market; they’ll have legal expertise, stay up-to-speed on industry trends, maintenance, customer experience and have strong connections that positively support their clients’ real estate transactions. Developing that type of skill set doesn’t happen overnight, so, be sure to ascertain how long your potential real estate management company has been in business. It’s also beneficial to check with references. There’s no better insight into a company’s performance than hearing feedback directly from existing clients.
Services from A-Z
A full-service commercial property management firm serves as your business partner. Your commercial real estate management company should take the time to understand your business’s, growth plans and needs, so the team can help support you through site selection, acquisition, entitlement, development, construction, investment analysis, and ultimately the ongoing commercial property management. Throughout every phase, flexibility is something to look for. Whether it’s negotiating a real estate transaction or addressing a water leak, commercial property management is not just a nine to five job. Before signing a contract, make sure the project management company is willing and has the resources in place to be there when you need them.
Every business decision has its own complexities and choosing the best property manager for your company is an important one. Hopefully, these tips have given you some selection criteria to consider. Before you take the next step, check out our full Guide to Finding the Best Property Manager in Jacksonville put together by the experts at Spectrum Realty Services, LLC. Contact us at 904.389.7311 to discuss your commercial real estate portfolio.