Commercial property management may seem easy and straight forward: receive a bill, forward to the tenant for payment. Sounds to good to be true… because it is. Similar to residential property, it’s well worth engaging a professional to manage the on goings between yourself and your tenant.
The benefits of using a commercial property manager include:
- Market knowledge: a manager will always aware of market rentals and rates. No pulling the wool over your eyes by a more in-the-know tenant.
- Rental collection: systems and processes are put into place to collect and manage rental payments. This can be an awkward thing to do without a third party to do it on your behalf. Do you really want to be the one having to deal with overdue payments?
- Legislation: up to date with all rules and regulations to ensure properties always remain compliant and up to code. This goes for both the tenant and the landlord. Avoid getting into hot water because you haven’t followed the correct legislation, and make sure you know your rights when it comes to tenants.
- Routine Inspections: regular inspections help identify issues, if any, before your investment turns into a money pit. These are carried out thoroughly and again, having a third party do it for you removes the awkward factor. Often a busy landlord will forget to perform inspections at all.
- Contacts: property managers have a list of tradespeople committed to the agency to rectify maintenance within a fast and efficient timeframe. They also have fantastic rates. It means you don’t have to trial different trades people and waste money on jobs that aren’t up to scratch. The work’s done for you.
- Management : put simply, a property manager means a less stressful investment property experience. You can have the peace of mind knowing it’s all being taken care for you.