Owning a commercial rental property offers a tremendous opportunity for building wealth, but it also carries a lot of responsibility. You’ll have to ensure the property is cared for and that the tenants are meeting their obligations. While an overall property management plan can be time-consuming and complex, you can hire a third party to handle these responsibilities for you. This guide will help you choose the best company to take on that role.
How to Hire a Commercial Property Management Company
1. Ask for Referrals
Networking with other real estate investors can benefit you in a number of ways. They may have hired a property management company to handle the day to day operations of their own commercial property. Asking for their insight can point you in the right direction.
2. Search for Client Reviews
Once you’ve found a few potential rental property management companies, you can narrow your choices by reading the reviews left by previous or current clients. If the company has a website, they may post testimonials from their clients.
You should search online for unbiased reviews, as well. While a few bad reviews can be explained, a larger amount of negative comments should convince you to check the next company on your list.
3. Find Out What Services Will Be Provided
Each management company will have its own policies on what they will and won’t do for their clients. Depending on the level of personal involvement you want to maintain, you may want a company that handles everything from updating and repairing units to collecting the rent and vetting new tenants. Find out what services the company will perform in advance, so you won’t be surprised after an agreement has been signed.
When you are looking for a company to manage your property, turn to the experts at Galvin Realty Group, Inc. Since 1987, they have served the needs of business owners in Monroe County the and surrounding area. They will be happy to discuss your property management needs and provide you with the services that make owning a commercial property more convenient and profitable. Visit them online to learn more about their services and call (585) 546-1290 for a consultation.