The commercial leasing market has grown by 1% each year for the last 5 years. It's the perfect time to become a commercial property owner.
Have you recently purchased a commercial property in Albany? You may be overwhelmed by the responsibilities involved in being a landlord. Commercial property management is a way to ease the burden of owning property, but what exactly does it entail?
Today, we're going to discuss the role of commercial property managers. To do this, we'll focus on the essential responsibilities and skills involved with this work.
You don't have to deal with your commercial property alone. Keep reading and understand more about commercial management companies.
Marketing Open Units
When you have open rental units, your commercial property manager will help you market them. They've got a deep knowledge of the local commercial rental market. This helps them appropriately price your units and put them in front of the right people.
The goal is to get ideal applicants. Without the right marketing approach, you won't get good applicants. Poor applicants will keep your open units vacant for longer.
Commercial tenant screening is similar but more thorough than residential screening. You need to look at the candidate's income and liabilities to determine whether or not they can afford their rent.
You'll also have to verify the existence of the business with the state, and then perform credit checks on the business and its owner. You may choose to perform background checks on the business owner and contact references as well.
Lease Negotiation and Rent Collection
Negotiating the terms of the lease is an important aspect of commercial property management services. You'll work with your property manager to determine what policies you want to put in place. They'll help you determine the right rent price and lease terms.
New tenants may want to negotiate some of the terms. Your property manager will deal with this and all tenant relations throughout the tenancy. This includes rent collection, responding to maintenance requests, and handling any other issues.
Regular building maintenance is essential for your commercial property investments. Your property manager will coordinate regular maintenance with local vendors. They'll also respond to maintenance requests and hire third parties according to your tenants' needs.
Accounting and Reporting
Lastly, commercial management companies handle all accounting and reporting duties. Commercial building accounting can be complex, especially when tax season rolls around.
As the owner, you want to know about your finances. A property manager can track all expenses. These might include operating costs, repairs, marketing costs, and maintenance. They'll also help you set a budget and stay within it so that you hit your financial goals.
Get the Best Commercial Property Managers in Albany
Don't try to manage your commercial property alone. Great commercial property managers can deal with everything we've discussed and more. Finding the right commercial property managers doesn't have to be difficult.
At PMI Capital District, we know what it takes to manage commercial properties in Albany. PMI is one of the nation's largest and most reputable property management companies, offering commercial and residential services to thousands of property owners.
To learn more about our services, contact us today.