While commercial and residential property management certainly share some similarities, the truth is they are very different. So it’s important that the property management company you decide on has experience dealing with commercial properties.
When searching for a management team, you really need to spend some time researching different companies. The dangers of simply selecting the first one you fall across are many. Here are a few to consider:
- The wrong company can keep your commercial property from being full leased. Obviously you don’t want vacancies in your building.
A good management team will keep it occupied by offering businesses great customer service, keeping the property clean and repaired, and advertising well to draw attention. However, hire the wrong team and you will find tenants fleeing and vacancies lasting longer than you’d otherwise expect. - You could be in danger of not meeting federal regulations. Every commercial building must meet certain environmental and tax regulations. As you might expect, ignorance is no excuse for being in breach of such regulations, so you have a lot to lose. It’s the role of your management company to make sure you are in compliance. That said, you want to make sure you have an experienced management team that can keep on top of regulations.
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