Top ten tips to finding an excellent commercial property management company
Whether you manage a single unit or a whole portfolio, being a landlord can be time-consuming and stressful in a tough environment. Deciding whether to use a commercial property management company or managing part of the process yourself is a big decision.
There are a variety of property management companies to choose from, if you want a good property management company they should cover standard aspects such as rent collection and arrears chasing, arranging ongoing maintenance and repairs, completing regular property inspections, liaising with tenants queries, and an ability to deal with end of lease dilapidations.
However, an excellent property management company, should go above and beyond and provide much more.
Below are our ten top tips to finding an excellent commercial property management company.
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A local management company will have a good understanding of the local market, they also use local contractors which often reduces costs, provides a better service, and supports the local economy. The team can also be on hand quickly should an emergency occur, and regular meetings can be face-to-face, to help build relationships with tenants.
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It is important that you trust the company that will be overseeing your assets. Experience with managing the same types of property that you own is essential. They should have the correct qualifications, have several years’ property management knowledge and experience, and should abide by RICS (Royal Institution of Chartered Surveyors) code of practice.
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The company should always be transparent. This should include financial reports, maintenance issues, costs etc. One way of doing this would be to have regular communication, regular reporting etc, but an even better way would be to provide an app that landlords and tenants can access and see everything that is occurring with the property in real- time at the click of a button.
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The laws for commercial property are not only complex but do continually change. Whether this is health and safety related, building regulations, insurance, or energy efficiency standards. It is imperative that your property management company is not only up to date with current legislation and ensuring you are compliant at all times, but also aware of potential legal requirements that may be actioned in the future, so they can pre-empt any changes that may need to be implemented.
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Future-proof your investment. It should not all be about current, day to day concerns, a short-medium and long-term asset management strategy should be created, in partnership with the landlord from the outset. Strategic planning is crucial to set clear objectives and KPIs, the strategy should incorporate evolving economic and environmental trends, analysing anticipated rental growth, and looking into energy efficiency upgrades, to ensure that the property is sustainable for the future.
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Having resources in-house is useful as it allows a complete overview of the portfolio, one point of contact for all your needs, expertise in specialists areas can be used when required, and substantial costs savings can be made.
An in-house rent review and valuations surveyor ensures that the appropriate monthly rent is based on local market conditions, and regular valuations ensure that the true value of the property is known at regular intervals.
Also being able to complete dilapidation surveys, reinstatement costs assessments, schedules of condition and any other building surveys etc. with experienced, trusted building surveyors, quickly and easily.
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Having an experienced team that can provide advice on maintaining the property and offer planned maintenance programmes and recommending future enhancements, means that your property will not only be compliant now, but will maximise property value and longevity of your assets. Ensuring that your tenants are satisfied and you are profitable.
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Proving a well-lit environment for your workers, suppliers and customers, is crucial throughout the winter. Illuminating the outside of the building and car park areas is extremely important for safety. Outdoor lighting should be cleaned and in a good working condition and should be weather resistant. All lighting should be inspected, so check your interior lighting has the correct coverage and emergency lighting is working properly in case of a power outage.
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The main purpose of employing a property management company is to make your life easier, with less stress and more time to enjoy life, whether that be concentrating on other projects or a better work-life balance, knowing that your property is in safe hands.
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The property management company will be responsible for your current and future investment. They must listen to your future aspirations for the property and how involved you would like to be. They need to listen to you and treat your assets as if they were their own and do their upmost to provide the best possible service for you and your tenants.
GJS Dillon are an award winning, multi-disciplinary property consultancy, which means we can assist you with every aspect of your commercial property needs. We work with a range of property owners across Worcestershire and the wider West Midlands area, and our property management portfolio includes offices, industrial, listed buildings, retail, and leisure developments. Our company ethos is to provide expert advice to enhance commercial property within our region. We not only manage your investment, but we enhance it throughout the whole property lifecycle.