Partnering with a professional property manager will make a big difference in the experience you have with your Southern California commercial investment property. The expertise, systems, and resources that a Southern California commercial property management company provides will result in higher earnings, lower vacancy times, better commercial tenants, and a more profitable experience altogether.
When should you hire a property manager for your investment?
Sooner rather than later.
Here’s why it’s important that you team up with an experienced, knowledgeable Southern California commercial property management partner even before you invest in commercial property.
Why Southern California Commercial Property Management is Important in Commercial Real Estate
Hiring a property manager leads to a better experience for you, your property, and your commercial tenants.
You can expect better tenant screening when a management company is locating and placing your tenants. You can rely on those tenants for on-time rental payments and help taking care of and maintaining your property. As property managers, Bell Properties Commercial Real Estate has more access to screening tools and technology that helps us identify the best qualified renters.
You also need a property manager to help you collect rent seamlessly and on-time. Our rent collection process is efficient and largely online. You shouldn’t be wasting your time following up with tenants who are late paying or who refuse to pay at all. Property managers are prepared to handle tenant disputes and to track payments and issue reminders. If necessary, penalties and late fees will be collected as well.
Every commercial lease is structured differently, but there will likely be some maintenance that you need to take care of as the commercial property owner. When you delegate this to a Southern California commercial property management company, you’re not worried about deferred maintenance or overly expensive repairs. We’ll outsource the maintenance to reliable and insured vendors who can handle everything from cleaning to landscaping to repairs and even upgrades. We’ll take care of inspections and save you both time and money on maintenance.
Legal and regulatory compliance is another great reason to partner with a professional property manager. Owning a commercial property comes with a lot of legal requirements. You need to make sure you’re compliant with federal and state laws. There are building codes you need to be aware of, safety standards, zoning laws, and environmental regulations. If you don’t comply, you’ll face heavy fines, legal disputes, and potentially the seizure of your property. Property managers can help you navigate these legal complexities and keep you in compliance.
Ultimately, you want to hire a property manager for peace of mind. With this type of relationship in place, you don’t have to worry about managing the space yourself or dealing with emergencies that may occur. You can focus on other priorities and enjoy the income that you receive in the short term and the long term.
You know property management is important. So, when should you make the call for help?
Reasons You Might be Ready for Professional Southern California commercial property management
Before we tell you about the value and the benefits of hiring a management professional before you even acquire a commercial property, let’s think about some situations in which you might feel like you need some professional help, even if you’ve been managing your asset on your own.
Sometimes, it seems like commercial properties are basically running themselves. If you have a great space that tenants are easy to rent, you don’t have to worry about vacancy. If your tenants are more or less self-sufficient and handling their own business, you don’t need to worry about them too much. Maybe you never have to worry about chasing after late rent or enforcing the lease agreement.
That’s ideal.
However, even after a period of seamless self-management, you might benefit from having a property management partner. Here are some basic situations that are likely to influence your timing when it comes to work with a professional manager.
You Want Your Time Back
As a real estate investor, you need to be productive with your time. Many commercial property owners have careers to manage, families to take care of, and passions to pursue. Managing your property taxes a significant amount of time. If you find yourself constantly rushing to address tenant complaints, respond to maintenance issues at your building, or show vacant units, you might feel like you have an extra job rather than a vehicle for passive income.
Hire a property manager who can take care of all the operations and logistics, leaving you with more free time. Bell Properties Commercial Real Estate takes care of tenant screening, rent collection, building maintenance and vendor services, and any legal issues that may pop up. This frees up your time to focus on other essential matters or your own life and work. You can relax, knowing that your property manager will protect the value and condition of your property and keep it profitable.
Finding Tenants is Challenging
To remain profitable, you need to keep your commercial property occupied with steady, reliable tenants. To retain those tenants, you want to keep them happy. If you’re struggling to identify and attract great tenants or the people who come to see your property decide against it, a property manager can probably help you make some adjustments. If tenant turnover is a major concern, you might also need professional help. Property managers understand the real estate market and utilize marketing resources and technology to attract high-quality tenants to your commercial space. Bell Properties Commercial Real Estate will help you stand out among your competition.
Property Managers can Maximize Profitability
If you’re hoping to earn more on your commercial rental property, property management can help. We can use our technology, systems, and processes to keep your rental income as high as possible while keeping your expenses low. Without professional management, it becomes increasingly challenging to maintain profitability. Hiring a property manager can help you keep tabs on expenses and implement ways to increase revenue.
You’re Outside of the Area
It’s easier than ever to own and even manage a commercial rental property that’s not close to you geographically. However, if you live outside of the area or even outside of the state, it’s a good idea to hire a local property management company to lease, manage, and maintain your space. When your property manager is just minutes away, you’ll know that your space remains well-maintained, and your tenants are happy. Any issues will be addressed promptly.
If you’ve never managed commercial properties before and you’re not sure where to begin, hiring a property manager is a good idea. It’s a complex business, managing a commercial space, and your property manager will understand the legal complications that come with renting out property and protecting your interests.
Why You Should Partner with a Property Manager Before You Invest
Most people think that Southern California commercial property management becomes necessary once you own a property and you’re ready to rent it out. However, it’s better to develop that relationship before you even close on the property you’re buying. Here’s why it matters.
Property managers understand the market
While you’ll likely work with a real estate agent to identify potential properties and tour those spaces, your agent won’t have the same experience in the commercial rental market that a property manager will. When you work with a management company, you’ll get an idea of what the market is like for commercial properties Iike the one you’re considering.
Rental values
Your property manager can also give you some idea about what your commercial space will rent for. This can be helpful when you’re budgeting and measuring your potential income against your potential expenses. Before you invest in a commercial property, you need to know what you’re likely to earn from it.
Understanding tenants
Another great point of reference is the type of tenants who would be interested in your commercial space. A property manager will prepare you for the demand for spaces like yours and give you some idea of how long it will take to get the property ready for the market and how quickly tenants are likely to lease your commercial space. Your property manager will have a good understanding of what types of tenants are likely to be interested in your space and how you can best attract them. This is good information to have when you’re choosing a commercial property.
Timing your property management relationship is essential. When you hire a management company before you buy, you’re able to make a more informed decision that will lead to better profits and fewer headaches.
Wherever you happen to be as a commercial rental property owner, don’t wait until you’re experiencing a crisis to reach out to a property manager. If you’re at the point that you need to evict a tenant or respond to property damage, you’ll want help immediately. Having a relationship in place already will be a great way to avoid any extra stress or expense.
Let us help you navigate the investment process. Contact our team at Bell Properties Commercial Real Estate, and we’ll position you to have a successful and profitable experience with your commercial space.
