If you have previously taken care of your own commercial property and you have recently decided to outsource that job, it is important for you and each applicant to the position understand all of the details relating to the task. For instance, paperwork concerns and the expectation of travel should be discussed ahead of time. His or level of responsibility when it comes to decisions about repairs should also be negotiated prior to hiring someone. Before you sign on the dotted line with a new commercial property manager for your property, it is a good idea that both parties agree to and understand the following information.
#1-The Commercial Property Manager Will Need To Keep Accurate And Complete Records
It is important to note that by hiring a commercial property manager, you are placing an enormous amount of trust in that person. For example, you are assuming that he or she will be able to maintain adequate records of everything that goes on at your property. All incoming and outgoing money should be documented in a timely manner with specific details as to its use and placement.
You may find that providing a cap to the amount of money your manager can spend on any one issue is a good idea. That way, he or she can approve some repairs without needing to consult with you, but major expenses will still require your approval.
#2-He Or She Will Need To Facilitate Repairs
As previously mentioned, your commercial property manager will be allowed to approve some repairs. However, it is still important to agree as to the appropriate persons or companies to facilitate repairs. For instance, property managers will often have multiple properties that they supervise and could easily have access to a general repair person who could provide most repairs.
If a problem occurs that requires specific knowledge, such as a complicated electrical problem or a foundation issue with the building itself, you can save time by determining in advance which specialist you would like to perform the task in question.
#3-The Property Manager May Be Expected To Make Regular Trips To The Property
A third consideration is the travel plans of your new commercial property manager. For instance, choosing a local person is often a better idea than hiring someone farther away due to the need for occasional visits to the facility.
While there, he or she might just do a quick drive through the area to notice its overall condition. At other times, it may be necessary to speak in person with the tenants.
In conclusion, commercial property management is essential to the efficiency and productivity of the property. Therefore, before hiring someone for the job, it is crucial that you and the applicant agree to the information listed above.