Most investors buy a Houston property investment with a mindset that they’re going to take care of everything themselves. From tenant screening and rent collection to maintenance and legal issues, they eventually find that there’s more work involved when owning and operating a commercial property. While many property owners think they will do fine on their own, most landlords hire a property manager and enjoy the benefits of hiring a Houston commercial Property management company.
Property management services may cost a bit of extra money. But, the fact of the matter is that many investors hire them to save time, fill up vacancies and ensure the future of the property. If you’re thinking about hiring a commercial property management company in Houston, but unsure whether it’s the right decision for you to make or not, then let’s begin with what a commercial property management company is and what it can do for your commercial property.
What is Commercial Property Management?
Commercial property management is managing or overseeing of commercial real estate. Generally, it involves tasks and responsibilities of operating an income-producing property in behalf of the owner. A typical property management team is usually composed of a property manager, an assistant, property administrator, and a property accountant and maintenance engineer. Commercial property managers handle non-residential properties like offices, retail spaces, storage facilities, shopping centers and industrial buildings to name a few. The major focus is exclusively on commercial properties and helping property owners remove the risks that come with managing properties, as well as bring their focused expertise to create optimal outcomes for your investment.
What Does a Property Management Company Do?
A good commercial property manager will add value to your properties by saving you time and money. Typically, services of a Houston commercial property management company include:
- Property marketing
- Tenant screening and Tenant Retention
- Rent Collection
- Property Maintenance and repairs
- Accounting and Financial Reporting
- Legal and regulatory Advice
- Commercial Leasing Agreements
A good commercial property manager will do more than just manage your property. Even while carrying out their daily duties, they are always looking for ways to maximize your property income. When deciding which Houston commercial property management company to hire, make sure the property manager knows and fully understands your investment goals, so they can advise the best service for your property.
Why Landlords use Commercial Property Management Services
- Real Estate Market Knowledge
The first common reason why landlords use Commercial Property Management Services is their market knowledge. As a property owner, your judgment on tenant screening or rental pricing may be influenced by emotions; but a good commercial property manager weighs any decision based on real economic data. - Marketing and Advertising Expertise
Another common reason and benefit of hiring a commercial property manager is their marketing and advertising expertise. Most investors aren’t acquainted with how marketing and advertising work so they end up with longer vacancies. A good commercial property manager has effective promotional platforms to make sure your commercial property shows up in search results. - Tenant Screening and Retention
As a commercial property owner, you may not have all the time in the world to painstakingly screen tenants by looking at their credit scores, job history and payment history to help you identify which tenant to accept. A Houston commercial property management company have systems in place to screen and place the best tenants on your property and that you get paid on time, for the long term, and cause fewer problems. - Maintenance Management
All properties require regular maintenance and so landlords hire commercial property managers to do routine fixes and inspections. With a commercial property manager, landlords no longer have to worry about tenants calling in the wee hours of the morning to fix plumbing issues or any periodic maintenance. - Accounting
There’s a lot of paperwork and documentation involved in being a commercial property owner. Broadly speaking, a property management company provides monthly financial statement and other necessary comprehensive reports to track cash flow, project income or expenses, and provide a more holistic overview of the financial performance of the commercial property. - Legal and Regulatory Know-How
There’s too much to keep track of like lease agreements, building and legal codes, governmental regulations, and evictions compliances. Trying to navigate all these state and local legal regulations can be confusing and stressful. Hiring a commercial real estate property manager is essential to keep your properties compliant with current regulations and reduce any costly mistakes that may occur in the future. - Established Resource Network
One important benefit and reason why landlords use commercial property management services is the property managers’ vast resource of industry relationships they have formed over the years, which resulted to having dependable contractors and maintenance workers to properly oversee your property.
Should you hire a Houston commercial property management company?
Managing commercial properties requires time and effort and hiring a property manager can be an additional cost for convenience. But is it worth hiring one? Do you really need a commercial management company to take care of your Houston property?
Whether you are looking to save time, find high-quality tenants, or save on maintenance costs, then yes! It is necessary and worth hiring a commercial property management company. Far more than just rent-collectors, an effective and qualified commercial property manager will be your partner and an essential asset in maximizing your investment return on the asset.
