If you own one or more commercial properties, you may have considered hiring a property manager to help you take care of the day-to-day tasks that aren't always easy to fit into your busy schedule.
However, a common problem many properties run into is they don't know how to determine whether a given manager will be a good fit, or even what constitutes great work from this type of professional. The following guide should help you get a better picture of what you're looking for:
Generally speaking, people and businesses don't want to mess with a good thing, and if a property is managed effectively, its turnover rate should be relatively low. Whether you already have a property manager and you're trying to evaluate how well they're doing, or you are looking at hiring one soon, this should be the first thing you consider.
A property manager exists to do just what the job's name implies: Manage your property. But if you feel like you're spending as much time talking to your manager about this issue as you did handling the property yourself, there may be bigger issues at play.
Good property managers are proactive and will often be in communication with both you and your tenants about what's good and bad about a property. If they regularly give you suggestions about how to make low-cost improvements or big but necessary changes, that's a sign they're on the ball.
In general, the national average for what you can expect a good property manager to charge ranges from 8-12% of your profits. The ones that are available at bargain-basement prices may cost that much because they're not very good, and more expensive ones might be great, but not that much better than the standard.
You don't want to get into a situation where you can't get your property manager on the phone or they won't return your texts. Responsiveness is key, and so is the ability to be clear about what may be needed to help the property succeed.
When you're trying to get the most out of your commercial properties and expand your portfolio, it helps to have the experts on your side. At Ray White Surfers Paradise, we can guide you through every step of the shopping and sales process so you find that just-right property to grow your commercial real estate empire. Get in touch with us today.