When seeking help from a property management company in your search for a multifamily property to invest in, there will be many questions to ask. A trustworthy property management company should have the answers for you, and if not, be willing to help you find those answers.
What Does Your PMC Know About Multifamily Properties?
When a property management company is assisting you with your investment, they should offer their expertise and guidance on the future outlook of your property. Here are the questions you should be asking, and things that your PMC should know about potential multifamily properties:
- Income Potential
- Property Class
- Estimated Expenses
- Correct Property/Resale Value
1) What’s Your Income Potential?
Your property management company should be able to tell you the potential income you’ll be receiving through your property. The largest possible profit you can make is something that can be determined beforehand through your PMC.
2) Location, Location, Location
Is the multifamily property you’re looking at in a satisfactory location? There are location factors that can affect your income potential and expenses. Your PMC should know what to look for in the location of your multifamily property, and what to stray away from.
3) Property Class and its Affect
Your PMC should tell you if the multifamily property you’re looking at is a class A, B, or C property. It is important to understand that each property class represents a different level of risk and opportunity.
4) How to Estimate Expenses
Multifamily properties are going to come with a number of various outgoing expenses. While you may have a rough idea of what your expenses will be, a property management company will help you to list every possible expense you will take on from the property.
Pro Tip: Make a list of your goals and expectations for your multifamily property to bring to your PMC for review. This will help both you and your PMC keep track of what you’re looking for.
5) Correct Property and Resale Value
Your property management service should give you an accurate resale value on your property, which is important to know when investing for the future. Your multifamily property value is determined by the property class and surrounding factors which affects the potential income and expenses.
A multifamily property management company will expand the ROI of your multifamily asset by customizing a business plan for your investment. Ask your PMC any questions you may have along the way and they will be happy to answer them for you, guiding you on your journey toward your investment.
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Owning a commercial space comes with its own unique challenges, so it’s a good idea to hire a property management company to help you with the tasks you’re not experienced with. It’s important to realize why this decision is necessary.
What Should I Look for in a Property Management Company?
There are a number of things you should consider, like the quality of service and reliability. Don’t rush into your decision when choosing a property management team for your commercial space. Consider these factors.
- Quality of service
- Commercial Space Experience
1) Quality of Service
As you decide which company will be the right fit for managing your commercial space, prepare a list of situations in which you know you will need to call upon your property manager for assistance. Ask them how they will work to smooth out a negative situation with the building that you might not be able to handle on your own. Write down their responses for later review.
ProTip: When making a decision on who is best to hire as your property manager for your commercial space, weigh the pros and cons of a few candidates on a whiteboard or spreadsheet to help you make the best choice.
In the case of an emergency, it’s important to be able to have the confidence that you can rely on your property manager to be available to you. When considering which manager is best to hire, take note if they provide a 24-hour phone number or support system to their clients. If they don’t, it’s alright to ask if they can explain why. Consider also, if there is any other system they have in place that demonstrates their reliability and availability.
3) Commercial Space Experience
You or someone on your team should research your prospects to learn if they manage any other commercial spaces. You want to relax by knowing that the property manager you hire knows about commercial real estate and how to best meet the needs of their clients. Check out their website to learn about their main clientele.
Be Sure You Feel Confident in Your Choice
When you’re ready to make your decision, be sure you haven’t felt rushed or pressured because that could cause problems in the long run. Come prepared with the right research. Be ready for each interview and assessment and take your time when considering all of your options
Join the conversation to learn more about what others find important when choosing the right property management team for a commercial space.
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.
There is no denying that many Americans are getting older and now more than 46 million Americans are over the age of 65, and this number is expected to double over the next 25 years. Due to this, families, health care providers, and patients are having to adapt to managing chronic health conditions, accessibility and good quality of life and are moving into various senior care facilities.
What Types of Senior Care Facilities Can be Great Investments?
If you are looking to move into commercial real estate investing, senior care facilities can be a good fit. Here are a few popular types of senior living properties worth considering:
- Assisted Living Homes
- Independent Living Communities
- Memory Care Centers
- Senior Apartments
- Nursing Homes
1) Assisted Living Homes
Assisted Living is a senior living option which offers apartment-style housing, and is designed for individuals who require assistance with everyday activities such as meals, medication management, bathing, dressing, and transportation.
2) Independent Living Communities
Independent living is designed to enable independent seniors to enjoy an active lifestyle in a community of their peers. They are usually set up in freestanding homes or condominium style housing. In many instances, independent living facilities provide optional private duty services for care.
3) Memory Care Centers
Memory care reaches beyond the realm of traditional assisted living care. While many of the services are the same, memory care offers additional assistance with daily living in a secure environment that is specifically designed for those who have dementia or Alzheimer’s.
ProTip: When investing in senior care facilities, memory care is an emerging sector in which residents are able to enjoy life in a calm, peaceful setting where both the physical environment and all activities are geared towards individuals with Alzheimer’s or dementia.
4) Seniors Apartments
Senior apartments are geared toward active seniors over the age of 55 who are looking for a low-maintenance lifestyle. They typically feature amenities like golf courses, swimming pools, and fitness centers. They do not include personal care services and usually charge fees to cover landscaping services, utilities, home maintenance, and security.
5) Nursing Homes
Nursing homes are an option for seniors who need around-the-clock skilled nursing care. They usually have shared bedrooms with other residents, and may include short term rehabilitative care. Many times Medicare and Medicaid help pay for services.
Senior Living Property Management Services
One of the best ways to help keep your senior living facility thriving and vibrant is to enlist the assistance of a senior living management service. They can help streamline operations, reinvigorate marketing strategies, increase occupancy rates, and improve quality of life for residents.
Looking to invest in a senior care facility? Join the conversation to learn more about the differences between various senior housing options.
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Whether you own a shopping center, apartment building, or any other commercial property, your investment can benefit from working with a property management team. A professional property management service s equipped to facilitate all aspects of your commercial property from accounting services to construction management and daily building maintenance. They are there to help streamline your operation and maximize profit.
How Can Your Company Benefit From Property Management Services?
From accounting services to construction management and daily building maintenance, utilizing a commercial property management team can help you streamline your operation to maximize profit. Here are five ways your commercial property can thrive by using a property management service.
- Leasing Services
- Facility Management
- Accounting Services
- Shopping Center Specialist
- Construction Management
1) Leasing Services
One of the top reasons to utilize a commercial property management service is so you can attract and keep more tenants in your property. With a knowledgable team on your side, they can help you target qualified prospects and also assist in advertising, lease negotiations and document preparation, as well as overseeing leasehold improvements.
2) Facility Management
A professional facility management team can help you develop strategic management plans that will assist you in maximizing profit, improving the overall aesthetic appeal of the property, control operating costs, oversee daily operations, and increasing productivity.
ProTip: By leveraging specialized facility management techniques, you can advance the effectiveness, profitability, and success of your business.
3) Accounting Services
There are so many aspects of running and maintaining a commercial property and accounting plays a large role. Don’t let this tedious tasks take you away from other important roles and let accounting experts take care of all financial transactions related to your multifamily or commercial property. Receive timely and accurate financial reports with clear descriptions and detailed spreadsheets each month to provide you with the status of your investment performance.
4) Shopping Center Specialist
If owning a shopping center is part of your commercial investment portfolio, hiring a successful retail management team supports you with detailed market analysis, area demographics, lease economic analysis, advertising, marketing programs, and hands-on lease negotiations.
5) Construction Management
When it comes to updating or making improvements to your commercial investment, superior construction management is critical to the success of commercial and multifamily projects. Let a professional group supervise and support you in every step of the design and construction process to ensure that it meets your specifications, budget and scheduling expectations.
Commercial Property Management: The Key to Continued Success
No two property owners or commercial properties are identical, that’s why using a knowledgable property manager is imperative to help you succeed. With the right group, you can custom tailor property management solutions to suit your unique needs.
Join the conversation to speak with our team about our commercial property management solutions.