When constructing or acquiring retail property, you must think about the property management company you are going to hire. The key to your success lies in finding a reliable property manager who will ensure full occupancy of the property and keep your expenses low. This will ensure that you get the highest possible return on your investment. There are many retail property management companies in any major town or city, but what you are looking for a reliable service provider with a proven track record. Below are some qualities you should look for in a property manager:
i) Affordability
The main goal of investing in retail property is to get regular income. The higher the income the better. Since you must pay property management fees, be sure to make a shortlist of the most affordable management firms.
ii) Reliability
You want to work with a reliable property manager. The ideal firm should be able to respond to all the concerns raised by your tenants, refund deposits on time, carry out effective repairs and ensure shared spaces are clean at all times. They must also be able to forward rent collected, minus costs, in a timely manner. In case of a defaulting tenant, you should be able to count on the manager to evict them in a legal way to ensure you are not exposed to lawsuits.
iii) Industry Experience
You want to work with a property manager who has a lot of experience managing retail space in the city. This is because the property management needs of a retail property differs greatly from those of residential property. Therefore, you should make a shortlist of management firms with a lot of experience managing retail property. Be sure to also check their portfolios to ensure they include a lot of retail properties that are similar to yours. You can even call both existing and previous clients to ask about their experience with the firm.
iv) Reputation
You want to work with an honest property manager. This will ensure you get the best returns possible from your property. You do not want to be told that the occupancy rate is 80%, when it’s actually 100%. Similarly, you do not want to be told that a few tenants have not been paying rent for the last three months, or so, when they have paid all outstanding rent. To ensure your tenants stay in your property for long, be sure to find a trusted and reliable property manager. You can read reviews and testimonials online to try and learn about the reputation of a management firm before making a decision.
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