Once you’re a property owner you are going to have to determine whether you need property management for your commercial real estate property or not. Sometimes a landlord or commercial real estate buyer will manage the property on their own or with a resident manager, but sometimes that isn’t enough. Sometimes you will need property management to maintain high standards at your property.
The reasons you need property management are sometimes different depending on what kind of commercial real estate space you have. Having a property management company is not for everyone. In general, property management could be expensive, but for many property owners it can be incredibly worthwhile. Here are 5 reasons you need property management.
1) Multiple properties or rental units
The more properties you own, and the more rental spaces you acquire, increases your need for property management.
2) You don’t live near the property
This one is huge. If you don’t live near your rental property, having a property management company is invaluable. Imagine if you lived in a different state and something happened at your property that needed immediate attention. Having a property management company with 24-hour emergency service would eliminate such a scenario.
3) You have limited time
Even if you want to manage your own properties sometimes it isn’t possible. Especially if being a landlord is not your day job. If you are trying to expand your commercial real estate portfolio, arrange financing for renovations or working on other projects, you will need property management to get ahead.
4) Not interested in being a hands-on landlord
Sometimes people are passionate about finding great tenants and maintaining their own pristine and safe properties. Others, not so much. Sometimes you will appreciate the investment you made but don’t want to deal with the collecting of the rent, the complaints of tenants, etc. This could be one of the main reasons you need a property management company. The headache of doing everything yourself would no longer exsist. At Touchstone, we take pride in managing your property, so you don’t have to.
5) You don’t want to be an employer
If you go the route of having a resident manager, you are now an employer. That could turn into a way bigger headache than having someone else take care of the situation in its entirety. Now instead of cutting a check, you are doing payroll. Legal requirements and considerations can lead to a very slippery slope. A property management company is not an employee, they are an independent contractor.
With a property management company you get the peace of mind that your investment is taken care of even if you aren’t around. One of the strengths of Touchstone is our ability to evaluate potential tenants by our extensive screening. If you have any questions about property management or would like to set up a consultation to discuss your property management needs, we can help.
Don’t hesitate to give us a call at 631-448-7919, ext: 103. We look forward to hearing from you!