Owning a commercial property can be quite a profitable business. However, unless you are a hands-on landlord who is always in contact with your tenants, it can be quite cumbersome having to run it on your own and pursue other business interests. You would be better off hiring a competent individual who will be able to oversee the operations on your property to ensure that it is as illustrious as it should be. Some landlords have the false assumption that investing in these services would not be economical for them. The following are some of the reasons why landlords ought to hire a property manager.
A property manager will weed out potentially problematic tenants
When you hire a property manager, one of their tasks would be screening potential tenants. Popular commercial properties tend to receive numerous applications at any given time. If you are busy with other responsibilities, you may not have the time to carefully go through every single application. As such, you are likely to miss red flags that would indicate a potential tenant could become problematic down the road.
Hiring a property manager ensures you have someone you trust that will be able to review these applications and make the necessary phone calls for background information, for instance by contacting prior landlords. This reduces the chances of leasing your property out to individuals who will be an inconvenience to you and your business.
A property manager will be your point of contact
If you have a large commercial property, you will be renting out the different sections to a significant number of tenants simultaneously. Each of these individual tenants will have their own set of concerns and queries at one time or another. Having to field phone calls from each and every one of them can become quite tricky if you are managing the property on your own. By having a property manager, you effectively have a point of contact between the tenants and yourself.
Your property manager can handle problems and questions that do not require your individual attention. In the event that something arises that requires you to address the issue on your own, they will reach you in a timely manner and arrange for you to sort it out at a convenient time. This not only saves you from having to handle a barrage of phone calls, but it also puts your tenants at ease knowing there is someone they can reach when you are unavailable.