A good commercial property manager takes charge of a client’s investment property – saving you time and money.
Property managers exist to make your life easier. If you’re a property owner looking for a helping hand in the day-to-day management of your investment, it can be tricky navigating all the different companies who seem to offer the same services.
A neglectful property manager could cost you an awful lot of money, so it is always best to do your research before signing on the dotted line. Choosing the right commercial property management firm can save you time, money and a lot of stress. A good property manager will look after your property, resulting in satisfied tenants and a seamless renting process.
How do you choose who to work with when there are so many companies offering the same services? Keep reading for tips on how to make the most of your commercial property manager search.
Why the selection process is the most important decision for investors.
Your chosen commercial property manager is a reflection of yourself.
Whoever you choose to manage your investment is the organisation that your tenants will be interacting with on a regular basis. This is why the selection process is so important at the outset – you are choosing someone to represent you, and your values, to future tenants.
Will they handle your affairs in a manner that you are comfortable with? Would you like them to be professional and corporate? Or would you prefer them to present as more laid-back and approachable?
You’ve spent a lot of money buying a property, you want it to appreciate with time. An experienced commercial property manager will work with you to obtain the maximum return on your investment, and ultimately help you increase the value of the property.
What services do a commercial property management company offer?
Know what the job entails so you can track whether they are doing it properly!
Here are some of the standard services offered by reputable property management companies. It is not an exhaustive list.
- Marketing your property – ensuring that it is never left vacant
- Rent and service charge collection – invaluable when you have more than one investment property
- Tenant liaison – so you can be as ‘hands off’ as you like
- Legal work – including contracting, licences, consent, terms of occupation and other important documentation
- Maintenance – employing contractors to complete work to standards that you set
- Reporting on your finances
- Understand the market and how you stand against any competitors
Some companies may even offer asset management to help you grow your property portfolio by working with you to target your future investment. o not assume anything is offered as standard. You should discuss your needs with potential property managers and have the terms and conditions of how you will be working together written out in the form of a legal contract. This document will outline what you can expect from the property manager, and what is expected of you as the property owner.
A neglectful property manager can result in a damaged property and escalating costs
Here are some questions to ask when browsing for a commercial property manager
- Does the management company expertise match your needs?
- If you have a specific problem with your property, can they help you solve it?
- If your building requires extra care, such as a period property, will they maintain it to a high standard? Letting a building sit empty because the property manager doesn’t understand the market, or how to maintain it can ruin your investment
- If you are struggling with vacancy, will they help you find the right tenants?
- Are their other properties like mine managed by the company? Read the reviews, talk to other clients and make sure your needs can be met?
- Do they have the right insurance?
- Are they accredited?
These last two questions are essential. Insurance coverage should include loss prevention and risk management. Are they protected against any fraudulent activity carried out by a rogue employee?
Accreditation in the UK for commercial property management can come from:
- IRPM Institute of Residential Property Management
- RICS Royal Institute of Chartered Surveyors
Accreditation is quality assurance. It means that the company has to uphold certain standards and codes of practice. By choosing an accredited company as your property manager you know that you will receive a high level of service. If you choose your commercial property management company wisely you can sit back and relax, as your investment is well taken care of.
Fresson and Tee manage approximately £500 million worth of properties across London and the South East. They are a practice of chartered surveyors, architectural designers and property consultants based in Central London. With over 90 years experience they make managing, and growing your investment portfolio simple.