Congratulations on your new retail space! Whether you just signed the dotted line or construction management is already underway, your ultimate goal is to hit maximum occupancy. But, you don’t want to rush the process to where any random tenant squeezes in. Your location and type of building along with a targeted demographic should determine who gets a spot.
Should You Hire A Retail Property Manager?
Let’s face it, finding quality tenants for a retail center is no easy feat. Working with a professional who specializes in shopping spaces means you don’t have to worry about scouting for major brands to fill empty lots, which saves you valuable time.
These are the 4 key reasons to hire a Retail Property Manager:
- Market Your Retail Property
- Get Quality Tenants
- Fill Your Retail Space
- Lease Services
1) Market Your Retail Property
Have you thought about how tenants will find your retail space? You can’t simply finish construction and expect offers to start pouring in. Marketing should be at the forefront of your business from the start. Working with a Shopping Center Specialist means you don’t have to do the work yourself. They should handle your advertising, attend conventions, and advocate on your behalf to potential tenants.
Pro Tip: Don’t want until construction is finished or even underway to begin marketing your retail property. Hire a professional Shopping Center Specialist as early as possible to begin advertising your space to tenants.
2) Get Quality Tenants
You want quality renters who will bring in the right type of customers, right? A Retail Property Manager is well-versed in finding and attracting the tenant demographics you want while taking location, lease terms, rental costs, and more into consideration. A professional commercial property management company will take the guesswork out of the tenant search process.
3) Fill Your Retail Space
The ultimate goal of your shopping center is to get the most return on investment as possible. But, that can only happen if your spaces go from empty to full. If you work with a Shopping Center Specialist, you can rest assured that every lot will be maxed out with quality tenants who will drive consumers to shop at your center.
Want a tip? Look for a commercial property management team who has connections to major national retailers. That way, you know the company is reputable and has strong industry relationships that will work in your favor.
4) Lease Services
The last thing you should try to do yourself is lease-related tasks. If you don’t hire an expert, it could backfire. There are legal terms you may not be familiar with, laws you have to abide by, and techniques that could make or break a deal. From negotiations and rental rates to renewals and leasehold improvements, leasing services from an elite management company can do it all.
Using a Retail Property Management Company Is a Smart Choice
If you want to make a huge profit on your investment, working with a Shopping Center Specialist is a smart decision. They can help you find a quality tenant mix that brings in the right type of customers, market your business, and negotiate on your behalf to ultimately fill every space!
Have a question or comment about commerical real estate services? We would love to hear from you! Join the converstaion here.
Student housing is a booming business, primarily for colleges all over the country. When choosing a management company for student housing, time is of the essence for residents to be moved in and settled in time for the school year or semester to begin. What should you plan for when making the important decision on a student housing property management company?
It’s imperative to have a plan in place when hiring a property management company for student housing. Take into consideration the quantity of space available for residents, building maintenance timelines, and the reliability of the management team to retain and recruit students as needed.
Expect High Demand
Student housing and educational campuses are ever-growing each year. With the high demand for quality education in a safe and comfortable environment, it’s important to understand that the demand for room and board among students is very high. You’ll need an experienced and professional property management team to help accommodate the supply of housing with the demand. Have a detailed conversation with the management team about their experience and goals when leasing residents.
There Will Be Tight Deadlines
Your property management company should understand it’s crucial to have all building regulations and accommodations ready for when resident leases begin. Set a checklist of building maintenance and daily or weekly priorities to be completed and review them with your property managers.
Quality Customer Service is a Must
Student housing builds a sense of community, and a property management company needs to understand the value of safety, reliability, and a great appreciation for their residents. You should feel confident that your management team will work hard to retain the number of residents and strive in marketing efforts to recruit new ones.
ProTip: When hiring a student housing property management company, ask them to work with you on creating a plan to attract students and keep current ones as returning residents to maintain success year-round.
Finding the Best Student Housing
With such a high volume of students registering and returning to school campuses and communities each semester, finding the right property manager that will work hard to keep your facility running smoothly will help you focus on whatever the school year brings your way!
Join the conversation and share other topics to consider when choosing a reliable property management team.
Are you in charge of selecting the best property management team for your senior living facility? You’re going to want to consider many factors before you make your final decision. Where should you begin?
Do your research. Look up past and current properties your candidates are managing, ask questions and determine if they are a reputable company before you commit to doing business with them.
Compile a List of Interview Questions
Think about what is most important to maintaining your facility and what might matter most to you if you were a resident. Ask your potential management company these questions to help you assess their quality of work. Are they experienced with senior living communities? Do they make resident comfort and staff satisfaction their priority? Take note of their responses to such questions to help evaluate whether they’re the right fit for your needs.
ProTip: Interview a few different property management companies when looking for the right team to manage your senior living community. Compare and contrast their answers based on what values you and your staff hold in common with your candidates.
Assess Quality of Customer Service
A professional senior property management company should understand that senior residents require care and compassion. Their comfort level should be the most important goal, so when choosing an assisted living property manager, ask your candidate how they will go above and beyond to ensure its residents and staff will feel taken care of and thrive in their environment.
Determine Their Reliability
A reliable property management team is one of the most important things to consider, especially for managing a senior living facility. If there is an emergency at any time that requires the manager to deal with the issue right away, you need to feel confident that they will be easy to get on the phone, arrive quickly and produce a solution in a timely manner.
Put the Needs of Your Residents First
Once you feel confident in your decision on a property management company, continue to communicate with them about day to day maintenance and upkeep to ensure your staff and residents are happy and healthy in their community. Maintain a close working relationship with the team to keep your facility running smoothly and efficiently for everyone.
Join the discussion to discover other important qualities an assisted living property management team should have.
When you own a commercial real estate investment, it is inevitable that there will be renovations and upgrades at times. This brings up the question of whether it is best to hire an outside construction management team or handle it yourself.
There are certain times and projects where it is just smarter to hire a third party construction management firm. When the project is remote, you are experiencing scheduling issues, or you just need some added expertise are all perfect ways to save money and time by utilizing construction management services.
One of the best times to outsource your construction project to a management service is when the project is remotely located. Excessive driving to and from the project site not only consumes valuable time but is also a safety risk. Hiring a consultant puts the stress of dealing with safety and time concerns on their shoulders rather than yours.
Scheduling and Regulatory Issues
Regulatory work windows, weather constraints, and other scheduling issues can complicate your ability to complete a project on time and on budget. Likewise, some projects may need specialized construction techniques or heightened regulatory compliance that go beyond your in-house expertise. In these cases, hiring a construction management service team is the logical choice and allow someone with the necessary experience to handle the project.
When you hire a professional construction project manager, you are bringing someone in who has experience with the exact type of job that you need to be completed. They are bringing their wealth of knowledge with them from other job sites and companies to provide you with the best work possible.
ProTip: When you hire construction management consultants, you are bringing in a team of full-time professionals that are dedicated to overseeing your project and making sure the work is done on time and done right the first time.
Saving Time and Money With Construction Management Services
A professional construction management service is committed to protecting your interests at all cost. You can expect the best architecture and engineering firms to handle all permitting, zoning and community issues. The supervision and support throughout every step of the design and construction process ensure it will meet your needed specifications, budget and scheduling expectations.
Join the conversation to learn more about how you can save time and money and get your project done right when you outsource your construction management services.
College is an exciting transition in a young professional’s life. You go from living at home with rules and curfew to living on your own with no one to make sure you get to bed or eat your breakfast. While moving out of your parents’ house is a new adventure, you want to make sure you choose the best residence for your individual needs.
You most likely won’t find your college home quickly. It’s a process that takes a lot of research and commitment. You browse the market and browse some more.
Start the Search in Advance
To choose student housing, you want to start searching as far as six months in advance. There are a lot of options, but in big college cities, these options can quickly become full. While many universities require freshmen year students to live on campus for the first year, you may want to consider other living options after your freshman year.
On or Off Campus?
You have to make the choice between on or off campus. If you’re attending a four-year university, you probably have a good idea if you want to continue living in a residence hall or consider other living spaces. On campus, living provides many opportunities to be social and make college friends. However, it’s typically more expensive than off-campus housing and has more distractions. An off-campus housing option is great for students that are easily distracted, and have no problems with being independent.
Roommates or Alone?
Next, you’ll want to decide if you want to save money by having a few roommates or live alone. Many universities have online roommate finders to help you easily find a compatible roommate. Furthermore, many on and off campus housing options have the option to rent an apartment by a room and they’ll pair you up with other students.
Pro Tip: New college students, If you feel like you’re easily distracted and need the alone time for studies, then you may want to consider a studio or 1 bedroom student apartment.
Sadly, there are a ton of real estate scams out there, and they will take advantage of young students. A good rule is that if an apartment or house seems too good to be true online, then it probably is. Before paying a deposit, make sure you visit the property in person, meet the landlord and sign a lease. It’s better to go through an agency or management team than an individual. This way you know the lease is legal and secure.
Finding the Best Residence
Your college experience is where you’ll make some unforgettable memories. You’ll want a residence that is comfortable and perfect for you.
We understand the struggles that college students have when making student housing feel like home. Join us on Facebook to learn how we encourage our on-site team to create a sense of community students seek.