If you own one of the 3 million commercial properties in California, you may be wondering how you can maximize your investment.
Being a commercial landlord is time-consuming and difficult work. Commercial tenants are highly demanding, so if your investment is going to work, you have to be available to deal with them at all times.
Those new to property management or who own multiple commercial properties will find this work overwhelming, which is why so many investors hire commercial property managers. In today's post, we'll explain what commercial property management entails. Keep reading and find out how a property manager can make commercial investing easier.
Find Commercial Property Tenants
As with residential rentals, you need quality tenants in your commercial units. If you don't take the time to screen applicants, you could end up with a failing business in one of your rentals. A failing business will struggle to pay rent and you'll be left with a vacancy.
Property managers take on tenant screening duties. They'll start by marketing your property in a way that appeals to your ideal tenants. This involves writing a detailed description of the property, taking professional photos, and using SEO to get it in front of the right people.
Once you have applicants, they'll perform credit checks and financial reviews to gauge the stability of the company. They'll also look at business plans and verify legal compliance to ensure they're the sort of business you want to welcome into your space.
Take on Rent Collection
With a good tenant occupying your rental, rent collection should be easy. The property manager will establish a rent collection plan with the tenant that works for all parties. Usually, this involves a tenant portal that makes it simple for the tenant to pay rent and raise issues with the landlord.
Create a Maintenance Plan
Commercial properties go through a lot of wear and tear. To mitigate this, your property manager will handle building operations and maintenance.
They'll develop working relationships with local vendors to handle things like landscaping, building maintenance, and cleaning. If there are any emergencies with plumbing or electrical, they'll deal with them to ensure the property is safe for everyone.
Commercial property managers also handle the financial side of things. In addition to rent collection, they'll handle bookkeeping and make bank deposits. All that's left for you to do is sit back and collect your money at the start of each month.
Should there be any legal disputes with tenants, your property manager will take care of those as well. Eviction protection is an important part of a property manager's services.
Get the Best Commercial Property Managers in Covina
These services only scratch the surface of what commercial property managers do. To get the best one in Covina, look no further than PMI San Bernadino.
We're part of a top property management company in the country, offering comprehensive commercial property management services. To learn how we can maximize your Covina property investment, contact us today.