Owning a commercial property is a sound investment. To that testament we cannot argue. The daily workload of a property manager, however, is an investment in time that is not always practical for a busy investor. Many of us seek to achieve a balance in our lives; between career, family, recreation and investments. When an investment is in the form of a commercial property, the needs and requirements of buildings and tenants is a full time job.
This in itself is good reason to outsource, but you should also consider the added value that outsourcing commercial property management realizes. This service should not simply be thought of as something that takes on a workload, but also one that is capable of increasing and strengthening the investment itself.
The Long View
With bricks and mortar one of the most enduring forms of investment available, the longevity of commercial rental income from a building should be supported by the state of repair of the building itself. The contacts with contractors and other professionals a commercial property management agent holds offers advantages in the total costs of works and tenant recovery. When you’re balancing the demands of busy family life, enabling rapid attention to your investments holds more than simply financial value.
Cashflow and Rent
Rent collection is sometimes a time consuming aspect of managing commercial tenants. By outsourcing this aspect of management, your income could actually be improved, especially if your portfolio is extensive. A management agent carries the expertise and experience to improve rent and other lease charge collection.
Contracts and Regulations
Are you certain that you have covered all regulations concerning the commercial property management?. New lease negotiations, lease renewals, lease restructuring and regulatory compliance are all different aspects of managing your properties and requires specialist knowledge to ensure that your investments are properly protected for the future.
The Bottom Line
It is true that outsourcing property management means an extra outlay of cash. However, for the time that you regain from this simple act of delegation, the balance is a valid one. A property management company may be able to reduce the length of time a property is vacant as they maintain contacts with a wide range of prospective tenants.
Frequently, outsourcing property management can help to improve your tenant service and experience. When you are combining your investments with other professional and family commitments, it is likely that you will not want to be “on-call” all of the time. When as issue arises a property manager can be present at short notice and this can help retain tenants .
As the pressure of modern living increases its demands on our time, it is important to consider which outsourcing possibilities as the best chance of both providing and adding value. When it is simply impossible to be in two places at once, the management of your commercial property by a managing agent holds so many clear advantages.
To find out how Wadham & Isherwood’s Commercial Property Management team can help your business please contact Tim Alden on 01252 710822 / firstname.lastname@example.org.