If you have acquired commercial investment properties recently, you are likely asking yourself right now if your property manager is doing a good job helping you to manage the impacts of COVID on your portfolio. One of the things that you probably want to know is what a property manager can do for you.
Some property owners think that property management is an unnecessary cost that one pays to achieve convenience. It is for this reason that there are still property owners who choose to self-manage their assets. While that decision is entirely up to them, you should know that there are a lot of benefits to hiring a property manager.
In this post, Own Better shares with you what a property management company can do for your business:
They Handle Business Maintenance
As a property owner, you are legally bound to keep your building safe for your tenants and the public. Property managers will help ensure that you comply with the regulations. Some of the responsibilities of property managers that are related to maintenance include:
- Doing preventative maintenance – Repairs and maintenance are performed in a timely manner to avoid damages. Property managers work with plumbers, electricians, and other professionals who can help them maintain the integrity and safety of the building.
- Performing routine inspections – Scheduled inspections are done to ensure that everything is in tip-top shape and that nothing requires repair.
- Carrying out repairs that are necessary to ensure the safety of the building – Should the inspector find anything that needs fixing, be it in plumbing, electricity, or others, the property manager will make sure that it is done as soon as possible.
- Overseeing cleaning and other maintenance tasks – From cleaning the common areas, maintaining the landscape and lawn, and others.
They Collect Rent
One of the most stressful parts of owning a commercial property is collecting rent from tenants. Ideally, you get tenants that always pay the correct amount on time. Unfortunately, that’s not always the case.
Part of the property manager’s responsibility is to set the right market rental that generates a strong return while attracting potential tenants. They consider the location, the amenities, and other factors that contribute to the rent. They also collect rent on the same date every month to maintain optimal cash flow. For late payers, property managers set interest to motivate tenants to pay their rent on time.
They also keep records, including the signed leases of the tenants, sales information, bank reconciliation reports, bank statements, insurance bills, and repair and maintenance invoices, among others. Property managers also submit monthly reports that detail the commercial property’s financial performance, any legal matters, and more.
They Establish and Manage Relationships with Vendors
Property managers have access to trusted professionals. They also have a network of contractors, suppliers, and vendors that they work with. These connections are used to give clients the most competitive pricing for all the products or services that they need.
They Supervise Building Employees
Big commercial properties may have staff like cleaning crews, a security team, and others. If you have this type of property, then having a property manager who would make sure that you have the right people and managing them, so they do their job well will surely be helpful.
Conclusion
These are just some of the many benefits that commercial property owners can enjoy when they obtain property management services in Sydney. As you can see, property management is not an added expense when all factors are considered. What professional property managers can bring to the table is more than convenience – they offer organisation and efficient management to ensure that you obtain the most from your investment.
Own Better is one of the best property management companies in Sydney that can help you with your commercial investment property. Our seasoned managers can help you get the returns that you want from your investment. Contact us to learn about our services!
