Commercial property management involves the expertise to prioritize and execute a complex range of tasks. Handling non-residential properties like offices, storage facilities, retail spaces, shopping centers and industrial buildings is challenging in many ways. It’s a daily, ongoing job to supervise and maintain commercial properties.
Here are some tasks you must be willing to take on to successfully perform continual commercial property management.
- collecting rent
- negotiating leases
- supervising cleaning and maintenance activities
- process payrolls, pay insurance, mortgage and tax bills
- communicating with owners about occupancy levels and property conditions
- preparing financial statements
Operating an income-producing property is a demanding job and because commercial leases are generally longer than other properties, with built-in renewals and rent escalations, both the marketing and lease negotiation processes are longer and more involved than in other types of property management.
Commercial property managers must keep detailed administrative and financial records that include maintenance, taxes, mortgages and insurance. They are available to respond to tenant needs and issues and also provide regular reports to the property owner to evaluate how the income-producing property is faring.
For property owners who do not have the time or experience to market or manage their commercial real estate property themselves, a commercial property manager is a major asset.
Choosing the right commercial property management firm is one of the most important decisions you will ever make. Trained, experienced, and creative property managers can help you secure the maximum return on your investment by improving cash flow, retaining tenants, and increasing value. There are more than 10,000 property management firms in the United States, so knowing what to look for when you choose a commercial property management firm is the best first step you can make.
Cousin James Management has been managing commercial properties in the Dallas/Fort Worth/North Texas area for more than 25 years, so we know what it takes to get the job done right. Let us take on the burden of maintenance, rental rates, tenant vetting, and more, while you enjoy the benefits of extra income from your income-producing property.
If you’re a commercial property owner and want to alleviate the stress of property management, remember there are professionals like Cousin James Management to help you with the host of details and ongoing challenges of commercial property management. Contact us today! We’re here to help.