Operating a successful company takes effort, due diligence, and the support of a professional team. When it comes to property management, commercial building owners can benefit greatly from the assistance of a commercial property manager. One of the easiest ways to improve your business while reducing your workload, let’s explore how commercial property management works, and the efforts and advantages that a property manager can provide.
The Role of a Commercial Property Manager
According to a study published by the National Association of Realtors (NAR), the commercial real estate industry is rebounding nicely from a slow year due to COVID-19. As normalcy continues to return to this growing industry, savvy property owners are looking to embrace the opportunity.
What Is a Commercial Property Manager?
Owning and operating your own commercial property requires not just time and effort, but all of your time and effort. From dealing with tenants to filing paperwork and processing payments, it can be hard to get even a moment of time to yourself. This is when a commercial property management team steps into the equation.
A property management company assists property owners with navigating their income streams, leveraging assets, and handling tenants. More than a simple source of assistance, the right management team can make your life significantly easier.
To best prepare you for working with a management team, let us explore the ideal services and duties that they will undertake.
Key Tasks and Duties
A property manager is someone who is solely focused on tenant relations, dealing with contracts, and enforcing lease compliance. In a growing industry, property management teams are dispatched to handle a broad range of tasks, often encompassing customer service and financial analysis.
Let’s look at a few of the key tasks expected from a commercial property management team.
Financial Services – When working with a commercial management company like Strategic Properties Group, property owners will be supported with deep financial services including accounting, rent collection, and even budgeting support.
- Variance Analysis – Compare your budget with your yearly and monthly financials to find out exactly where budgetary differences are most pronounced. By understanding the variance between budget and performance, property owners can make more accurate forecasts regarding cash flow.
- General Ledger – The general ledger is an accurate overview of the monetary transactions pertaining to your property over a set period of time. The general ledger is integral to understanding why each transaction occurs to maintain accountability.
- Balance Sheet – A property management team will keep a detailed balance sheet that underscores a company’s capital structure, including assets and liabilities as well as investments. This is a bird’s eye view of a property’s health.
Management Services – While we only touched upon a segment of the financial services a management team can provide, there is much more than property managers can offer. Aside from filing paperwork and monitoring the budget sheet, property managers help with a host of on-the-ground management services.
- Tenant Relations – As the spokesperson of your property, your commercial property management team will be tasked with maintaining tenant relations.
- Rent Collection – An integral aspect to property management prosperity is a successful and timely rental collection. A property manager undertakes this less-than-enjoyable task for your benefit.
- Property Updates – An experienced property group will understand what needs to be updated, when it needs to be updated, and what the benefit-to-cost ratio will be.
- Maintenance Representative – A vital aspect to customer and tenant relations, property managers often perform as maintenance representatives, handling and accommodating tenant issues as they manifest.
Benefits of Hiring a Commercial Property Manager
Even though we’ve only touched upon a few of the core services that a professional property management team can tackle, it is clear to see the strategic benefits available. Whether you are an experienced commercial property owner or new to the field, a property management team can lead directly to benefits including the following.
- Improve Your Cash Flow – Timely rent collection and positive tenant relations are two of the major ingredients involved in positive cash flow. A property management team stays on top of the ball so that your tenants are responsive, responsible, and on time with their payments.
- Better Time Management – Many property owners jump into renting out property without understanding the time that it requires. Maintain free time for other efforts that your business requires by handing the reigns of property management to your management team.
- Reduce Tenant Turnover – A professional management team is conducive to building and maintaining long-term tenant relationships. When tenants feel heard and attended to, they tend to stick around!
No matter where you are with your property management goals, you can find help through a professional management team. No matter where you are in Florida, you can find help in your managing efforts through the efforts of Strategic Properties Group, specialists in commercial and residential property management, development, and leasing.
About Strategic Properties
Locally owned and family operated, Strategic Properties Group LLC is dedicated to serving residents throughout Tampa with the best real estate offerings available. Staffed by a full team of real estate professionals, Strategic Properties Group prioritizes transparency and responsiveness to ensure that the needs of their clients are met at all times.
Services offered by Strategic Properties include
- Commercial Management & Leasing
- Residential Management & Leasing
- Property Maintenance
- Construction Services
- Investment Guidance
To inquire about potential commercial property management services, contact Strategic Properties Group and schedule a consultation.