Now that you have made an offer to obtain commercial property and are waiting to close escrow, you may want to start looking for a property manager to manage the property professionally.
Your real estate investment advisor must provide you with 2 or 3 local companies, each with their own proposal. Your job is to decide which company you will hire. The property manager will be the main point of contact between you, as the owner and the tenant.
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Receive and collect rent and other payments from your tenants. This is usually simple until the tenant does not send the rent check. A good property manager will make tenants pay rent while bad ones will throw monkeys behind you.
Hire, pay and supervise personnel to maintain, repair and operate the property, e.g. garbage disposal, window cleaning, and landscaping. Otherwise, the property will lose its appeal, and the customer cannot protect your tenant's business. Tenants may not renew their rent. As a result, you may not be aware of the expected cash flow.
Rent any empty space. Keep accurate records of income and expenses, and provide you with monthly reports.
A good property manager is very important in keeping your property fully occupied with the highest market rent, the tenant is happy and in turn, helps you achieve your investment goals. Before choosing a property management company, you might want to:
Interviewing companies with a focus on how companies handle and solve problems, e.g. late payment.