If you are new to the process of gathering proposals and selecting property managers, we have summarized the three most important things to keep in mind as you begin your search for a property management team.
Step One: Know Your Goals and Look for a Property Manager That Can Help You Achieve Them
The goal of every property owner is to create value within their asset. Whether your goal is to enhance long term cash flow or to increase the value of your asset and reposition the property for sale, you need a property manager who is committed to helping you accomplish your individual goals. When hiring a property manager, it is critical to make sure that they understand and are aligned with your goals so that they can put your property on its best path toward success. As you meet with potential property managers, you will want to ensure that they are not only on board with your vision but offer services that meet your needs and budget. Be sure that the potential property management team is able to outline how they specifically will help you achieve the goals you have outlined for your property.
Step Two: Ask About Strategies That Will Be Implemented to Increase Revenue
Once you have outlined the goals for your property, you will want to begin looking into property management companies that offer the services needed to help you achieve your goals. You want to partner with a property management company that provides a full menu of real estate services so that no matter what may arise, they will be not only equipped to handle the challenge but experienced to rise above. For starters, be sure to look into companies that have a thorough understanding of the market, are experienced in recovery, and are capable of implementing a proper leasing team. Ensuring you partner with a well-equipped and highly skilled management team is key to your success.
Step Three: Ask About Strategies That Will Be Implemented to Decrease Operating Expenses
The next step is to learn how the property management company is capable of cutting operating expenses. Is the team skilled at negotiating contracts? Will they maintain the quality of service while working towards finding an economical price? These are important questions to ask when assessing a property management team. You want to partner with a company who is capable of negotiation and skilled at benchmarking to ensure that they are truly able to help you cut operating expenses to further maximize your asset’s value.
Summary
As a commercial property owner, your goal is to create value within your assets. As we’ve discussed, a key player in creating value is the commercial property management team you choose to do business with. Finding and partnering with a company who makes your success their priority is one of the best ways to maximize your return on your investment. Look for a team who understands and is committed to your goals. Be sure the property management company provides a full menu of real estate services to ensure they are able and willing to do the work necessary to increase your topline revenue by leveraging market knowledge and putting the best property management team in place for your property. The team should have a plan in place to cut operating expenses through negotiating contracts and benchmarking to ensure you are getting the most for your budget. These key components are the best indicators as to how a property management team is able to meet your needs and maximize value. To learn how to partner with Bradley Company, get in touch with a Bradley professional today for more information and to begin creating value in your piece of commercial real estate.
