Partnering with a commercial property management company is a huge decision. They will be handling significant operational aspects, and the success of your property comes down to how well they do their job. The responsibilities of a property manager can cover everything from marketing the space and screening potential tenants to collecting rent, fulfilling repair requests, and general property maintenance. With so much on the line, you must be prepared to make the right decision. Below, we examine some of the most important questions to ask a property manager before entrusting them with your commercial property.
1)Â Â Have You Managed Properties Similar to Mine?
While there are some universal aspects to property management, the manager you choose must have experience and familiarity with properties similar to yours. For example, if your commercial property includes a mix of retail and office spaces, look for a manager with experience in both spaces. Ideally, you will be able to speak with the tenant to learn more about the property management company’s style from a first-hand source.
2)Â Â Are There Any Property Management Services That You Don’t Handle?
It’s important to clearly understand the services offered by the property management company. Some companies may only handle certain aspects, such as tenant screening and rent collection. Others may provide more comprehensive services, including maintenance and repairs. Make sure you know exactly what is included in their services so there are no surprises down the line.
3)Â Â What is Your Lease Renewal Rate?
If the property management company only has one or two, or even worse, no, long-term tenants, it reflects poorly on the quality of their work. A good property manager should be able to secure long-term tenants and maintain a stable occupancy rate. Ask for their average lease renewal rate to make sure that tenant turnover and cyclical vacancies won’t be an issue.
4)Â Â Can You Walk Me Through Your Tenant Screening Process?
One of the most critical tasks of a property manager is finding and screening potential tenants. An effective screening process helps ensure you get reliable, responsible tenants who will care for your property. Ask the property management company about their process for screening tenants, including credit checks, income verification, and background checks. A thorough screening process can save you time and money by avoiding problematic
5)Â Â Are There Any Fees that I Need to Worry About?
In addition to the management fee, it’s important to ask about any additional fees that may be charged. These could include advertising or marketing fees, maintenance and repair fees, legal fees, vacancy fees, and more. Make sure you have a clear understanding of all potential costs so you can factor them into your budget for property management expenses.
Finding The Right Company to Manage your Commercial Property
Asking these crucial questions can help you make a well-informed decision in choosing a commercial property management company. While you are interviewing companies, be sure to keep the following points in mind:
- Experience in managing properties similar to yours
- Clear communication about services and fees
- A track record of securing long-term tenants
- An effective tenant screening process
Hiring a local property management company with experience managing commercial properties in Atlanta can make all the difference in the success of your investment. At EpiCity, our roots run deep. We have been involved in Atlanta real estate for nearly 90 years. Our connection to the city makes us who we are. Our vendor relations and local knowledge have helped many commercial properties succeed, and we would love to lend our expertise.