If you've purchased a commercial property as an investment, the question you may well be asking yourself now is "do I need to hire a commercial property manager?". There is no straightforward answer to this question that will suit everyone – it all depends on you and how you want to approach your investment.
That said, there are many common reasons why someone would want to bring a property manager on board – here are three.
Perhaps the most common reason for hiring a commercial property manager is that you're short for time. If you have multiple investments and businesses to take care of, you might not have time to deal with maintenance concerns, paperwork and all the other administrative tasks that come with owning an investment property. Thankfully, the workload for managing a property is one of the business operations you can be confident outsourcing to a third party like the team at Ray White, because we're experts at it.
Being unfamiliar with managing commercial property is another reason you would want to hire a manager. While it can be a great financial investment, it's not one that can be easily managed on your own if you don't have any experience. While experience can't be bought, it can be hired in the form of a commercial property manager.
Unlike being a residential landlord, there are often many ancillary services provided with a commercial property – security or cleaning, for example – whose accounts need to be managed. Add on top of that the requirements of keeping up with regular maintenance as well as staying compliant with all relevant workplace health and safety laws, and you've got a lot of difficult tasks to get your head around if you're inexperienced. A property manager gives you peace of mind that it's all being done properly.
Finally, if managing the concerns of tenants isn't something you're willing to do, hiring a commercial property manager is a must. Tenants often expect to have their landlord or managers phone number so they can call whenever something goes wrong. If you're not able to field these kinds of calls as and when they come, you'll probably find the services of a property manager invaluable.
Are you the owner of commercial property on the Gold Coast and are looking for a property manager? The expert team at Ray White Surfers Paradise can help – get in touch today!