What is a Commercial Property Management Company?
Commercial real estate property management companies can represent valuable business partners for your investment portfolio. These professionals handle the operations of income-generating nonresidential properties, such as retail storefronts, warehouses, and office buildings.
Partnering with a commercial property management company delivers many benefits. Yet, managing the property yourself also has advantages. Explore the differences to make the best decision, and reach out today for legal assistance.
What Does a Commercial Property Management Company Do?
Commercial property management companies handle numerous responsibilities for their clients, including:
- Tenant screening: The company vets possible tenants to help reduce disputes and assess financial health to guard against potential default.
- Rent collection: A property management company handles rent collection on your behalf to ensure it’s paid in full and on time.
- Lease negotiations: Your commercial management company undertakes all tenant negotiation details for new and renewing leases, saving you time.
- Property maintenance: When tenants have maintenance issues, the property management company coordinates and fulfills the requests.
Is It Worth It to Hire a Commercial Property Management Company?
Partnering with a commercial property management company may be the ideal choice if:
- You want to save time: Delegating day-to-day administrative duties to a third party allows you to concentrate on other tasks.
- You have multiple properties: A property management partner can coordinate operations across your portfolio and has access to additional staff.
- You live a fair distance away: Having a nearby business take over everyday responsibilities makes it simpler for you and your tenants.
- You have the budget: The time savings you gain can allow you to find new investment opportunities, helping offset the costs.
Advantages of Managing Your Own Property
There are also benefits to managing your properties on your own:
- You retain total control over the property: A third party isn’t involved in the decision-making or finances.
- You have lower costs: There’s no extra operational expense for management when you handle it personally.
- You build the management team: You hire and manage the staff, from maintenance workers to administrative help.
Hire a Commercial Real Estate Attorney to Help Manage Your Property
Working with a Greater Boston Area real estate attorney for property management gives you access to their expertise. They can help you negotiate effectively, solve disputes with tenants, and find the right management company for your portfolio. At Calabrese Law Associates, our team provides comprehensive legal advice whether you’re hiring a company or handling operations on your own.
Contact us for more information or to schedule a consultation.
Attorney Advertising. Prior results do not guarantee a similar outcome. This publication and its contents are not to be construed as legal advice nor a recommendation to you as to how to proceed. Please consult with a local licensed attorney directly before taking any action that could have legal consequences. This publication and its content do not create an attorney-client relationship and are being provided for general informational purposes only.