An industrial property manager, also known as a commercial property manager, is the go-to person for the day-to-day operations of a commercial property. The goal of hiring a commercial property manager is to yield the property owner the best possible return on their investment. To do this, the property manager fulfills the following duties.
The responsibilities of a commercial property manager
- Communicate with owners, attorneys, and accountants
- Communicate with tenants and handle concerns and inquires
- Rent collection and recording
- Inspect the property regularly to ensure upkeep is to standard
- Periodically inspect tenant spaces to ensure compliance with lease contract
- Schedule and coordinate maintenance, cleaning, and repairs
- Maintain service contracts for regular seasonal duties
- Prepare lease documents and meet with prospective tenants
- Conduct tenant move-in and move-out dates
- Review vendor invoices
- Assist with billing, prepare financial documents and reports, and maintain filing and recording systems
- Work closely with building operators
- Manage and delegate staff and vendors
- Update tenant vacancies and lease expires
- Be on call 24/7 or ensure there is 24-hour emergency coverage for the property
Why hire a commercial property manager?
As you can see from the list above, a commercial property manager’s duties are quite extensive. Property owners are looking to maintain and increase the value of their properties while maximizing profit from their investments. This becomes a time-consuming feat, especially if an owner has multiple properties and a growing list of tenants.
Below are a few reasons why owners seek the help of a property manager:
- To maximize profit – Many building owners hesitate to hire a property manager because of the cost; however, owners can make more money in the long run with a property manager. Increased care of the property leads to less damage, fewer repairs, and better tenant retention.
- Saves time – Managing a commercial property is a full-time job. From handling complaints to coordinating repairs, having a property manager frees up your time and allows you to focus your time and energy on other responsibilities.
- Avoids legal hassles – One of the most significant advantages of hiring an industrial property manager is that they fully understand commercial property and tenant laws. They have the knowledge and experience to handle many types of situations legally and ensure operations are up to code.
- Screen potential tenants – For most investment properties, long-term tenants are ideal. It takes time and costs money to market a vacant spot, find tenants, and coordinate move-in/move-out dates. Commercial property managers know how to find good tenants and screen potential tenants with a bad history.
Final thoughts
Ultimately, a commercial property manager acts as a partner in maintaining an investment property. An excellent property manager possesses excellent negotiation skills, great customer service, has marketing experience, can efficiently direct projects, and is well-versed in managing and reporting the financial performance of a property.