Sunday, June 28, 2009

Property Management: What Services to Expect

A property management company will offer services that can vary depending on the company, the type of property and your specific needs. When deciding which company with which to work, ask the property management company what services it will provide you. Once you make your decision, you should confirm that you have the an agreement on the terms in the lease. The lease agreement should be comprehensive and outline the services and what the services will cost.

Here are some of the services commercial property management firms will typically provide:

Finances & Bookkeeping. Financial record keeping and reporting are integral services provided by your property management firm.

Strategy. A commercial management company can develop a marketing strategy and analyze the current business conditions in your area, and for your property.

Budgeting & Forecasting. The property management firm develops and monitors the property's budget, including the maintenance, marketing, personnel to operations.

Maintenance. Commercial property management companies provide monthly maintenance, and preventative maintenance programs.

Marketing Programs. Firms can develop and implement marketing programs including such marketing materials as brochures, advertisements, events, property newsletters, and signs.

Market Rent Analysis. Management firms will provide an analysis of market rents and those of the competition, changes in area demographics, and anticipated absorption levels.

Rent Collection. The property management company will handle the collection of rent.

Lease Negotiation. The commercial property management company will negotiate tenant leases and renewals.

Tenant Liaison. The professional property management firm acts as a liaison to the tenants, responding to tenants' needs and addressing concerns immediately.

Upgrade and Build-Outs. Commercial property managers handle and supervise all contracted work (such as tenant build-outs).

Compliance. Commercial management companies maintain documented procedures to ensure compliance with all federal, state, county, and local governmental regulations, ordinances, and fire, health, and safety codes.

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