Commercial real estate is a tricky business, and thatís why commercial property managers exist to make it easier. Investing in commercial property is often considered a means of earning passive income. However, considering all the paperwork, legalities, and general work to keep the property running smoothly, itís far from a simple investment. What does a commercial property manager do? Weíre going to tell you all about it.
What exactly is a commercial property manager? A commercial property manager can either be an individual or a firm that manages day to day operations of real estate assets. The size of the commercial property can determine if itís one or two people that are managing the property at once, or it can be a sizeable on-site team. Property managers are representations of the owner.
There are two areas to cover when considering the responsibilities of a commercial property manager. These two areas fall into operations and financials. Letís take a look at each:
The property manager's operational responsibilities mean keeping the property running smoothly, which can potentially include things like:
This is a major aspect of a commercial property manager. Overseeing the financial aspect of the property is essential to ensure youíre not losing money or making poor financial decisions. This part of the job includes things like:
The last thing you want to do is hire an incompetent commercial property manager. So you need to look for the following qualities in a property manager to ensure youíve got the best available option:
This is different depending on which company or individual you ask for assistance. There are many things that can determine the cost of a commercial property manager. Generally, property managers charge a percentage of the propertyís gross rent. This is dependent on the propertyís size, as well as the amount of work that goes into managing said property. The general range for the property manager percentage take can be between 2% up to 10% in relation to gross rent.
If youíre in West London and wondering whatís the best commercial property management near me, stop looking! City Deal Estates is here to help you manage your property, whether commercial or residential. So get in touch, and letís seal the deal!