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4 tips for choosing the right property manager

By Greg Bell

If you're a commercial real estate owner, and particularly if you own more than one property, you may want to consider the benefits of hiring someone to manage those spaces for you. The question you may then have is how to figure out which property manager to choose. This can be a vitally important partnership that helps you get the most out of your properties.

The following considerations should help you find the right manager in short order:

1) Research, research, research

Just as you would for any other business partnership, doing the due diligence to really investigate what a potential property manager brings to the table is always a good idea, Finder advised. What are their online reviews like? Is what they charge commensurate with industry standards? What can they do for you that others can't? These are all important questions to look into.

2) Don't be afraid to ask a lot of questions

Along similar lines, you should absolutely be willing to directly ask the property manager(s) you meet with about any issues you may have. If they can provide answers and evidence about what they can do for you, that can be an easy way to figure out if the fit is right.

3) Look for specialisation

Depending on the type of commercial real estate you own, a one-size-fits-all property manager might not be the right choice for you. According to Roofstock, if your property has special requirements or features you must take care of, it would be wise to find a manager who can particularly meet those needs on an ongoing basis. That way, you know that no matter what happens in the future, they have the expertise to handle the job.

4) Clearly lay out what they are responsible for

Finally, you never want any confusion between yourself, your property manager and your tenants as to who is responsible for handling certain issues that arise in the course of a lease or management agreement. Clearly spelling out what everyone has to take on for themselves will help ensure there's no ambiguity or miscommunication.

Whenever you're looking to expand your commercial real estate portfolio, Ray White Surfers Paradise is here for you. Our experienced agents can help you find the exact piece of real estate to fit your needs, then guide you through the entire buying process, from bidding to closing. Give us a call today to learn more.

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