Commercial real estate portfolios require effective property management. Managing property is exciting, but putting one foot wrong can hurt your business as a property owner/manager. In addition, managing properties effectively and efficiently becomes increasingly time-consuming and complex as your portfolio grows.
An expert property management company can help you streamline the process and get access to professional help, allowing you to focus on more business-critical tasks. As a real estate owner, manager, developer, lender, and investor, Seth Miller, the President at Aegis Realty, fully understands that hiring a property management company is a big decision. That is why he has outlined four key advantages of choosing a company with experience, professionalism, and knowledge – to help you decide.
Effectively manage legalities
Managing the legal aspects of renting and maintaining properties is a responsibility of a property owner. Though the basic laws governing property management are similar, they vary a little from state to state. When you fail to comply with any of the regulations and safety laws governing these activities, such as lease negotiations, property inspections, terminations, and even timely maintenance, you can become the victim of costly lawsuits. On the other hand, a property management company can help mitigate the risk of non-compliance, while ensuring all property management laws are followed.
Prioritize key business objectives
On a daily basis, property management involves multiple tasks that require attention, time, and effort. Furthermore, as a property manager, you are also responsible for handling tenant requests and issues promptly and efficiently. Commercial real estate portfolio management also involves administrative tasks such as billing, rent collection, maintenance, etc. The time you save by hiring a property management company can be spent on more business-critical initiatives and strategies, thus improving work-life balance and allowing you to focus on more strategic initiatives.
Maintain effective tenant management
Managing a large portfolio of owned properties more effectively is another major benefit of working with a management team. Tracking and managing a group of commercial properties can be quite daunting and challenging. Property management companies can effortlessly manage large portfolios of commercial property, ensuring timely and efficient maintenance. As a result, tenants are happier and more satisfied, explains Seth Miller Aegis Realty.
Make your assets as valuable as possible
Working with an experienced property management company such as Aegis Realty will result in a portfolio that is professionally managed and maintained. It is well known that professionally managed properties are more valuable as investments and resale properties. In addition, timely repairs and maintenance result in satisfied tenants and reduced costs.
Most importantly, you can avoid the hassles of sourcing, recruiting, training, and managing employees in-house, which is far more expensive than hiring a management company.