Australia’s commercial real estate market is skyrocketing higher than ever as it attracts investors around the globe to make their mark in electric cities like Melbourne and Sydney. Professionals see the potential in these vibrant, metropolitan destinations, so it’s no surprise to see Australia being a cradle for property investments even in today’s post-coronavirus world.
Busting Misconceptions About Commercial Property Management
Myth #1: Tenant Turnover is Always Healthier in Commercial Properties
Property managers have the responsibility of ensuring your vacancies are minimised. After all, tenants keep your cash flow running smoothly, so it’s up to the property management to encourage tenants to renew their leases.
Marketing your property and making tenants happy can be challenging in residential properties, but some of the same difficulty applies to commercial properties too. Don’t be complacent and think that a business will continue occupying your space as anything can happen!
With that in mind, commercial property managers should stay on top of their client relationship despite having long-term lease agreements. Your tenants’ satisfaction translates to better business, so tenant turnover in commercial properties still requires your property manager’s attention.
Myth #2: Commercial Property Management Focuses on Building Relationships Instead of Property Technology
As mentioned above, commercial property managers need to maintain meaningful relationships with existing tenants and interested prospects. But in addition to maintaining harmonious connections with investors and tenants, property managers also need to stay on top with technologies that can remove the inefficiencies in your system.
Employing cloud-based property management solutions not only improves your productivity but also leaves you with more time to deliver more valuable services to your tenants or investors. By leveraging property technology, you can boost your operational efficiency and build stronger relationships with your clients.
Myth #3: Commercial Property Management Only Handles Repairs, Maintenance, and Rent Collection
Property managers can indeed take a significant load off your plate as the commercial owner, and while rent collection and property maintenance are crucial to your success, their role extends beyond sending reports or scheduling repairs.
Keep in mind that commercial properties house businesses, which means property managers also contribute to sustaining companies by maximising property value, assessing market conditions, and staying on top of government regulations.
The Bottom Line: Making the Most of Your Commercial Property Management
With the spotlight on Australia’s real estate industry, the landscape has become a dog-eat-dog space where commercial landowners strive to gain an edge over their competitors. Handling commercial properties is a different ballgame since it demands more responsibilities, so the role of a property manager is more pivotal than ever.
Are You Looking for a Real Estate Asset Management Company?
Being a landlord is not easy, and commercial property has its own set of unique challenges. You need a reliable, timely, and trustworthy real estate asset management company in Sydney that can help keep you on top of your responsibilities, rent collection, and ensure your real estate properties are compliant.
Beyond commercial property management services, we also offer whole portfolio management for your residential assets as well, so you can generate the best possible returns for your portfolio. Get in touch with us today for your one-stop-shop property needs!
