Assess Performance Of Your Property Manager To Add Value To Your Commercial Properties

When commercial real estate market exceeds its potential of touching the high points and becomes sluggish, a proficient property management firm comes to the foreground. It has a formidable task to maintain the pace of growth with diligence and profound knowledge of its property managers. As such, commercial property management has evolved as a disciplined practice inclined to build the value of properties in the rickety times.

It is often seen that property owners entrust end-to-end management of their real estate investments to inexpert or inept companies. Such specialized property management company may not actually possess the qualification to perform as per your expectations. However, you can assess the expertise of your property manager on certain parameters to safeguard your investments. These are the 5 reality checks that you must take now:

1. Is your property management company passing on periodic and clear reports?

Reporting is the key to build trust and ensure credibility in specialized commercial property management. Hence, there should be a precise and real-time reporting system to provide you essential details as and when you need them. You can prefer a detailed excel sheet for this purpose or opt for a specialized software program designed for your specific data. Online file sharing with multiple user system can also work for you.

2. Is property manager dynamic and sharp to enhance the value of your investment?

You can judge this by ascertaining the flow of ideas coming from your specialized commercial property management company. It should not only protect your investment but also help it to improve for adding extra value. It should provide comprehensive solutions wherever required.

3. Is your property manager visiting the site of property regularly?

It is necessary to avoid future scuffles in case of renewal or sale of property. Always prefer a property management company that is well-versed with the local real estate markets and has deep penetration into it. Hire the firm that has an expert team of managers adept at working in local areas and ready to pay regular on-site visits.

4. Is your property manager the same person with whom you entered into the contract?

You signed on the dotted lines only after being impressed with attributes of the person meeting you regularly. But suddenly, the same person goes missing and is replaced by an under trainee. This is an alarm that your investment is in wrong hands now. Avoid this situation by adding a relevant clause in your agreement.

5. Is your property manager offering you real time data of current market trends?

You need to take informed choices in terms of your commercial real estate investment. To facilitate this, property managers have to walk an extra mile and fetch you important data that you require for such decisions. Latest property trends, market conditions, and competitors are the key factors to be judged upon.

Your property is a priceless investment. It must be protected and assessed periodically for enhancing its value. So, you must seek answers to these questions from your specialized commercial property management partner.

If you are looking for a company to manage your commercial real estate in NYC area, the author of this article recommends Madison Properties.

Madison’s Property Management approach is such that they help you reach your revenue goals.