Commercial properties are standard asset classes for generating profit, but managing them takes time and effort. However, many property owners embrace services from a commercial property management company to handle daily operations. In the article below, we outline some of the services and responsibilities of a property management team.
What Are Commercial Property Management Companies?
Commercial properties under management have hired professionals who handle their day-to-day operations. They may also deal with project management if a specific property is undergoing renovations or construction. A small property may have one or two people managing it, but a larger commercial property may have a firm with multiple people fulfilling various roles, such as:
- Accounting
- Property management
- Administration
- Maintenance Engineering
The professionals usually work on-site in place of the property owner. However, the commercial property management company represents the owner. It protects the owner’s interest by allowing them to grow and scale their real estate portfolio without being hands-on in daily operations.
The management team provides management and financial services that help the property maintain value. Continue reading to learn about some of those services.
1. Create and Execute the Property’s Preventive Maintenance Plan
Maintaining the property is essential, but preventive maintenance is also necessary. By creating an effective preventative maintenance plan, the property management team can reduce the risk of serious maintenance issues arising on the property. Some steps within a preventive maintenance plan include changing air filters, performing routine inspections, and ensuring the property has sufficient trash removal.
2. Practice Facilities Management
The exterior of the commercial property is also the responsibility of the property management company. An attractive, well-maintained landscape is inviting to visitors and tenants and creates an excellent first impression of the property.
As a commercial property management company, their team will take care of all landscaping needs. The company may have a groundskeeper on staff or hire an outside crew to keep the property’s exterior looking lovely.
3. Manage Tenants
Tenant problems can arise at any time, but the property management team will resolve them. They will address repairs, requests, and concerns about other tenants or on-site events. The company will also respond to emergencies like power outages and storm damage.
4. Collect Rent
Timely rent collection is another responsibility of the management company. Commercial properties accept rent from tenants to maintain the property’s facilities and generate a profit for the owner. The management team keeps meticulous records of every tenant’s rental terms and payments and will hold lease violators in default if they don’t pay their rent.
5. Provide Accounting Services for the Property
Accounting is a significant aspect of commercial property management. Common accounting services include:
- Creating balance sheets and income statements
- Managing a general ledger
- Producing financial reports
- Budgeting
Keep Your Commercial Property Running Smoothly with Professional Assistance
You don’t have to worry about taking care of your property alone if you have a reliable commercial property management company like SWFL Commercial Group. We offer comprehensive property management services and treat every property as though it were our own. Learn more about our experienced professionals online or call (239) 510-3606.
