How to Hire Commercial Property Management

Unlike residential properties, commercial property is utilized for business, such as retail clothing stores, grocery stores, salons, hardware stores, florists, restaurants, delis, and more.  Such commercial properties can vary greatly in size, and depending on the size and complexity of your commercial space, you may want to hire commercial property management. 

What Does Commercial Property Management Do?

Such managers help with various commercial property operations, including:

• Regularly communicating and dealing with tenants needs and concerns
• Collecting rent
• Maintaining the property, including making repairs and conducting routine upgrades

Tips to Hire Commercial Property Managers

To hire a commercial property management company, you will need to consider several strategies, including:

• Get word out that you looking – contact other commercial property owners to determine which property management companies they use and/or recommend.  Consider placing ads in local newspapers for property managers, and in those ads be sure to include the location of your property and your specific contact information.  Even consider posting the availability within the commercial spaces themselves.
• Consult with business professionals – check with the Better Business Bureau (BBB) and other professional organizations to determine which property managers have good reputations.  You do not want to hire a commercial property manager with a questionable history, or worse.  These organizations can save you a lot of wasted time, effort, and money with an unprofessional commercial property management company.
• Review resumes – various online career websites post resumes of those seeking property management opportunities.  Closely compare such resumes, and take notes of work history, proficiencies, and association memberships.  Knowing the “lingo” of the industry will help you as you interview potential managers.
• Visit job fairs – if you rent space at a local job fair, you can meet potential applications face to face, and interview them on site.  You will have the opportunity to facilitate the search process greatly if you meet people and interview them in the same sitting.  You will also be able to determine immediately the style of the manager as you interview them.
• Locate the previous commercial property manager – the previous manager may be able to help you locate a new manager, or may be interested in taking on the work (if they simply were no longer needed as the property changed hands).  The previous property manager can also help you create a detailed list of the specific needs/challenges presented by your particular property, so that you can utilize this list when conducting interviews of prospective management firms.

Getting Help

Before entering into a management agreement with a commercial property manager or management firm, it is important to have your attorney look over any legal documents. Your lawyer can help you to draft an agreement with the commercial property management firm to ensure that your interests are protected.