Despite the current state of the economy and the continually rising cost of living, property investment remains a lucrative step forward for many individuals from all walks of life. Whether you are a private investor looking to source property or land for development and resale or are a would-be or existing landlord looking to start or expand a portfolio of properties to let, exploring the market will certainly be on your to-do list for 2023.Â
As you’ll quickly discover however, finding the right property in the right location, and purchasing said property at the right price, is just the beginning. If you’re looking to develop and manage property for the long term, enlisting a commercial property management specialist like us to support and advise you every step of the way is highly recommended.
In this blog post, our commercial estate agents take a closer look at the use of property management within the commercial real estate market, the benefits that can be unlocked by enlisting an experienced property manager, and what the commercial property management process actually involves.
What exactly is property management?
In short, property management is a process that is undertaken to ensure the building owned by you (the property owner) is, and remains, safe and well maintained.Â
The entire process hinges on the partnership between the property owner and property occupier or tenant. The property manager responsible for delivering commercial property management services essentially acts as the ‘middle man’ and is charged with managing and supporting relations between both of these parties.Â
The commercial estate agents you enlist to deliver commercial property management to your portfolio have one mission – to ensure that the property owner and tenant are thoroughly satisfied with their property.
What does commercial property management involve?
There are many duties a commercial property management specialist has to fulfil to ensure they achieve the overall mission mentioned above. With this in mind, our commercial estate agents deliver several services that fall under the commercial property management umbrella.Â
Many commercial property management services, including the offering provided by our commercial estate agents, assist with the management of accounts and finances associated with the property. This includes rent and service charge collection, VAT reporting, monthly statements and expenditures, the collection of rent arrears, and the collection and management of tenant deposits. Our accounting support is available on a monthly, quarterly or annual basis to ensure a solution that suits you as a landlord.
Commercial property management also involves the arrangement of appropriate insurance cover (including building insurance), the organisation of reactive and planned maintenance, service charge budget forecasting, the carrying out of routine property inspections, the organisation and chair of resident or tenant meetings, and the serving of Statutory notices on your behalf.Â
Do property managers assist with landlord compliance?
With a long list of rules and regulations influencing the management of commercial and residential property, making sense of health, safety and landlord compliance is also made easy when recruiting our commercial estate agents as your commercial property management partners. Our specialists stay ahead of the latest legislation so you don’t have to, upholding every aspect of compliance (including gas safety, electrical safety and legionella risk assessment) to keep you and your tenants safe and secure.
The use of a commercial property management service doesn’t just ensure short term success and compliance. Our commercial estate agents are here for you for the long haul and can actively assist with strategic property investment advice to keep your portfolio on the right track whatever challenges the market and wider economy may bring.
Why should you use a commercial property management service?
With the diverse range of commercial property management services available from our commercial estate agents, there are many advantages that can be harnessed regardless of your management requirements. Managing commercial property, whether that’s a single unit, a large property or multiple developments, takes time and resources. It also requires professionalism to ensure success in the short and long term.Â
With support from a commercial property management service, you can tick every box to keep your occupiers satisfied, your property tenanted and your portfolio profitable. In addition to ensuring compliance with the most up-to-date legislation, your property manager will be the first point of contact for your tenant, leaving you without the stress or hassle but with plenty of rewards.
By enlisting a property management service, you can enjoy ultimate peace of mind around the clock with your property manager on hand to deal with and resolve those big and little issues.
How can you get started with professional commercial property management?
If you are looking for a commercial property management service that has the professionalism and experience to support you with your portfolio, you’re certainly in the right place. Here at Rory Mack Associates, our commercial estate agents have the expertise and bespoke management services that can satisfy your requirements.Â
Our dedicated commercial property management service is already utilised by a long list of private and corporate clients, with both commercial and residential properties, and their owners and tenants, benefitting from our service. Team this with our professional services (which include the arrangement of rent reviews, lease renewals, schedules of condition, dilapidations, and re-lets) and you’re guaranteed a complete solution to all your commercial property management needs.
For further information about our commercial property management services or to discuss your requirements, please contact our commercial estate agents today.
