Do you own a commercial property and are considering hiring a property management company?
You’re making a good decision if that’s the case.
Property management companies play an essential role in the real estate industry. By managing and maintaining properties, they help to ensure that your real estate remains a valuable asset.
A good commercial property management company can handle everything for you. There are several of them out there, and they all seem to promise much.
However, hiring the wrong property manager can cost you both time and money. For example, you could own the best rental property in town, complete with luxury amenities, cutting-edge features, and a community of wonderful tenants. Still, none of that matters if you have low retention rates (which means fewer renters) due to poor property management.
Because your property manager will make critical decisions on your behalf, you should carefully select your potential replacement; just like choosing between different horses in horse racing, there’s no perfect candidate because each has its own strengths & weaknesses.
So how can you choose the ideal commercial property management firm for you?
Read on to find out!
What Is Property Management?
Property management is the process of overseeing and maintaining a property, such as an apartment complex, office building, retail center, etc. Rental property management companies ensure that the property is well-maintained, safe, and attractive to tenants. They also handle rent collection, maintenance requests, and other tenant concerns.
Property management companies are responsible for the care and oversight of real estate properties. NAI Isaac, for example, currently manages over 3.4 million square feet of retail, office, and industrial space throughout the Commonwealth of Kentucky.
NAI Isaac’s property management team provides a complete range of property-level services, including operations management, full-cycle accounting, financial reporting, construction management, receivership administration, and REO disposition.
Why Hire A Property Management Company?
You might choose to hire a property management company for many reasons. If you own multiple properties, or if your properties are located in different areas, it can be challenging to manage them all yourself. A property management company can take care of all the day-to-day tasks, freeing up your time to focus on other things.
From strategy development to day-to-day operations, a great commercial property management company like NAI Isaac can handle all of the essentials for you. You don’t have to worry about your real estate wherever you are because we have unparalleled local market knowledge, proven management methodologies, a flexible reporting platform, and a deep commitment to client satisfaction and customization.
Now that we have those out of the way, here are the things to consider when hiring a property management company:
Understanding of the Local Market & Demographics
When looking for a rental property management company, finding one with local market knowledge is critical. They should know the area’s demographics, zoning regulations, and fair housing laws. This knowledge is necessary to ensure that your property is being marketed to the right people and that you comply with all applicable laws and regulations.
The NAI Isaac property management team is well-versed in the local market and has an extensive network of contacts. These, among other factors, enable us to provide comprehensive data and analysis to our clients, allowing them to make informed decisions about their real estate investments.
Knowledge of the Law, Policies, and Rental Procedures
Commercial property management companies should also be able to handle legal issues and be familiar with specific policies and procedures. Examples include evictions, security deposits, and lease agreements. A property manager who is up to date can help you avoid costly mistakes and protect your interests.
The NAI Isaac property management team stays current on all legal changes so that we can advise our clients accordingly. We also have a thorough understanding of all the various policies and procedures that apply to rental properties, allowing us to handle everything from beginning to end.
Good Reputation and a Proven Track Record
When looking for a rental property management company, finding one with a good reputation and a proven track record is crucial. Knowing that your property is in good hands will give you peace of mind. The best way to determine if a company is reputable is to ask for references from past clients.
NAI Isaac has a long history of providing excellent service to our clients. We have a proven track record of delivering results and exceeding expectations. We are delighted to share our extensive portfolio with you.
Transparency and Professionalism
Transparency and professionalism are arguably the most important qualities in a property management company. You should feel confident that your property manager is acting in your best interests and that they’re upfront and honest with you about all aspects of the management process.
At NAI Isaac, we believe that our clients should always clearly understand what we’re doing and why we’re doing it. We have an expert team of specialists who will treat you with respect while keeping you up to date on the status of your property via regular reporting.
Good Customer Relations and Low Vacancy Rates
Another vital thing to look for in a property management company is the commitment to good customer relations. This means that they should have a team of professionals who are friendly and easy to work with. They should also be responsive to questions and concerns and have a system for handling maintenance requests and other issues.
A rental property management company with low vacancy rates means that they’re doing an excellent job of marketing properties.
A company with high vacancy rates (which means fewer renters) is likely inefficient and ineffective, so you should avoid them at all costs.
The NAI Isaac commercial property management team is dedicated to providing excellent customer service. We are always attentive to our client’s needs, and we have a system in place to handle all maintenance requests and other issues. Our vacancy rates are among the lowest in the area, so you can be confident that your property is in capable hands!
We hope this information was helpful.
To learn more, contact one of our experts today and receive a free consultation!