Property investors rely on the expertise of proven management companies in Texas which set the benchmark in the commercial real estate market.
Because the Dallas real estate market has ranked among the top 10 markets in the U.S. to invest in for over the last decade, it has boosted the demand for commercial property management in Dallas and other major cities throughout the state.
Dallas rose to the #1 spot in the market to watch at the start of 2019, beating top markets like Seattle, Austin, and Boston. As a result, property investors, both commercial and residential, continue to look to the Texas market, searching for smart investment properties.
Owning a rental property in the Dallas real estate market promises generous returns in both the medium and long-term. Some of the key reasons that contribute to making the Dallas real estate market viable include:
- Population growth
- Low cost of doing business
- Low taxes
- Growth in labor force
- New construction
It’s understandable why commercial property management in Texas succeeds. With a growth market like Texas enjoys, more property investors are relying on reputable commercial property management companies to handle the intricate details of efficiently managing their investment properties.
What is it that investors look for in a reliable commercial property management company?
First of all, a management company’s expertise should match your needs. And, yes, reputation counts for sure. A good commercial management company will have a positive standing in the community and the industry. A professional commercial property management company should be able to provide the following:
Management Planning. A commercial management company knows the business environment and can recommend how you can reach your objectives.
Financial Reporting. Record keeping and financial reporting are key services provided by management firms.
Budgeting. The management firm develops and monitors the property’s budget, which covers everything from maintenance to marketing, personnel to operations. At the end of year, you should discuss any necessary budgetary adjustments.
Maintenance. Commercial property management firms provide monthly maintenance cost monitoring and the development and implementation of preventative maintenance programs.
Market Rent Analysis. Your commercial property manager should provide an analysis of market rents and those of the competition, changes in area demographics, and anticipated absorption levels.
Rent Collection. The collection of rent, including a daily record of deposits, is a basic service provided by good management firms. A cash management system, which includes investment returns on rental dollars collected is also helpful.
Lease Negotiation. Your management company will negotiate all tenant leases and renewals.
Tenant Relations. The professional property management firm is attentive to tenants’ needs and responds to their concerns immediately. It should have a written policy for receiving and resolving tenant concerns.
Purchasing Procedures. Firms establish procedures for the purchase of all equipment, supplies, contracted building services, and insurance coverage.
Contract Specifications. Commercial property managers prepare specifications for all contracted work and get competitive bids, as well as supervise the projects.
Documented Procedures. Commercial management companies establish documented procedures to ensure compliance with all federal, state, county, and local governmental statutes as well as administrative regulations, ordinances, and fire, health, and safety codes.
Overall, a commercial property management company should be able to do it all. As investing in the Dallas and other Texas real estate markets continue to rise, be sure to contact your best bet for reliable property manag`ement: Cousin James Management. We’ve been in the business more than 20 years and know the ins and outs of the Texas markets. Contact us first and you’ll be glad you did.