The right commercial property manager can be an absolute lifesaver but with so many different property management companies around, just how do you know who to choose? Great property managers have a few characteristics in common and if you know what to look for it can help you narrow down your search.
Here are a few of the main things you should look for in a commercial property manager:
- Market knowledge: Knowing and understanding the commercial property market is essential to being effective as a commercial property manager. Industry knowledge will help your property manager source great tenants, position your commercial property and avoid common issues that might trip up a less knowledgeable person.
- Great reputation: Great property managers will have a good reputation and plenty of testimonials and references to back up their knowledge and experience. It’s a good idea to check their references and if possible speak to a client who has similar property management needs to yours.
- Professional liability insurance: A good property manager will have professional liability insurance to protect themselves and their clients. If your property manager makes a mistake that costs you money, professional liability insurance gives you a potential source of compensation.
- Specialisation in commercial property management: Residential property management is very different from commercial property management so it’s important that you get an agent who specialises in the type of property you own.
Finding a great property manager is an important step to a profitable commercial property ownership. Hopefully these tips can help you narrow down a property manager that’s right for you.