Whether you own one property or many commercial buildings, you may consider hiring a property management company to oversee your assets. Here are four things to consider when choosing a commercial property management company:
To ensure your property is in good hands, choose a property management company with industry experience. You will want to vet the company’s overall reputation in the market by reading online reviews and asking around. You should also evaluate the individual team members to see if they are skilled in finance management, property inspections and all aspects of maintenance management.
Property management isn’t a free service, so make sure you are paying fair rates. Good property management companies will be transparent in their fees and their scope of work. Many companies take a percentage of collected rent to cover the day-to-day management and supervision of your property. They may also charge one-time fees for projects like preventative maintenance or evictions.
At Menlo Group, we utilize a flat fee instead of a percentage of gross income fee to sustain the value of your asset. This proactive approach enables us to customize the perfect plan for your and your property’s needs.
You should prioritize clear communication when choosing a commercial property management company. They should establish channels of communication and provide regular updates regarding your real estate. Property managers should also communicate well with your tenants to ensure they are taken care of in a timely manner. Good communication promotes a long-term occupancy and great customer service experience for you and your tenants.
When choosing a commercial property management company, be sure to ask them about their network. A company with a vast network can benefit your property greatly. Their network should include quality vendors to care for your property and commercial real estate brokers to bring potential tenants.
We are confident that Menlo Group checks all the boxes for what you are looking for in a commercial property management company. Please visit our Property Management page to learn more about our services to set up a free consultation.