8 Attributes of a Quality Commercial Property Management Company
We’ve probably all had a bad coworker. These types of relationships can make your job much harder by putting extra stress on your shoulders. However, this coworker might not work with you every day.
A bad property manager affects us in similar ways, except there is no escaping their influence.
On the other hand, a good property manager will make your situation much more comfortable and stress free. These individuals play a large role in our day-to-day lives, and the quality of your property manager will become quickly apparent.
These relationships are similar to those of coworkers. There needs to be a give and take between each party as well as completion of certain responsibilities.
Here are 8 traits you will find in a quality commercial property management company:
- Good Communication
- Attention to Detail
- Upholds Standards
- Experienced With Conflict De-escalation
- Flexible When Necessary
1. Good Communication
Open lines of communication are essential between property management and tenants. This gives tenants the ability to let the manager know about any repairs that need to be done before they get out of hand.
It also provides a comfortable atmosphere for tenants to lodge complaints — either about their neighbors or the building itself.
Likewise, there is going to be information the management company will need the tenants to know. Proper communication keeps everyone in the loop.
2. Attention to Detail
Details are important. This is especially true when you are dealing with commercial properties. Leases, rent collection, repair records — all of it needs to be exact and organized. A failure to properly file considerations such as these can have very real effects on your tenants and the property itself in a negative way.
A quality property manager will pay close attention to these details and be able to back up any claims should the need to do so arise.
3. Upholds Standards
A commercial facility needs to have certain standards in place to ensure the comfort of everyone. This includes things like noise levels, cleanliness, and codes of conduct. And it’s up to the commercial property management company to make sure everyone is acting in accordance with these standards.
Your location shouldn’t suffer because of its proximity to another location. And it’s up to the property management company to hold everyone accountable.
4. Experienced With Conflict De-escalation
People take their commercial properties seriously. There’s a lot of time and money that goes into maintaining a successful business. And this level of scrutiny can occasionally lead to overflowing tempers.
The ability to calm tenants down and reach an amicable solution will benefit everyone involved. Commercial tenants will likely have to work alongside their fellow tenants for a long period of time. Positive relationships will make this experience better for everyone.
Quickly attending to any issues will save them from becoming bigger headaches. This will directly impact the commercial property management company themselves, but it will also have benefits for the tenants.
The best property managers help the tenants as much as they help the building owners. Staying on top of any and all issues — such as repairs or open units — keep the machine chugging along smoothly.
The commercial property management company acts as a stand-in for the property owners. At the same time, it acts as a representative for the tenants. This dual responsibility means they have a lot of considerations to juggle.
It also means they have an important job. It must be done with the utmost professionalism in order to properly assist everyone to get what they need from the relationship.
7. Flexible When Necessary
Unexpected things are going to happen. There’s no way to truly account for this. All you can do is be ready and open to adjusting your plans and modes of action when necessary. A good property management company will be able to roll with these punches while finding a way to work with the tenants when these hiccups come up.
There are certain responsibilities — such as collecting rent — that are an inherent aspect of running a commercial property. Creative solutions to instances such as a tenant requesting delayed payment will require flexibility.
At their very core, a commercial property management company needs to respect the job. This means they respect the property owners, the tenants, and the duties they are tasked with performing. This respect will guide all of their decisions and actions.
An experienced and professional commercial property management company like Southeast Venture will be able to balance these responsibilities.