How to Hire the Right Property Manager for Your Business
Why Do I Need a Property Manager?
Running and maintaining a building in addition to running a company is a difficult prospect. Most people are not equipped to handle both at the same time. The best solution to this problem is to hire a property manager to oversee your building. By learning how to hire the right property manager for your business, you will save yourself time, money, and energy. Property managers perform some of the crucial tasks that you can’t handle by yourself. Most property managers are well equipped to perform the following tasks:
- Manage leases and legal documentation
- Perform inspections
- Maintain property and grounds
- Improve and streamline cash flow
- Handle internal communications
What Does a Property Manager Do?
At first glance, it might seem like property managers are only in charge of daily upkeep of your business. Property managers are in charge of making sure that your property is well maintained and thoroughly inspected. They also perform specialized tasks such as lease management and internal communications. Your property manager is your go-to person on the ground. They are the eyes and ears of your property, so it is incredibly important to choose the right person. We cannot emphasize this point enough: choosing the right property manager saves you money in the long run. So, if you are looking to learn more about how to find a property manager for your business, think about the following concepts in the section below.
Find a Property Manager Who Has Experience in Your Field
First, it is important to look for property managers or management companies that have experience handling properties like yours. Industries all come with their own set of standards, and there are considerations you have to make based on your field. A manager may be well equipped to handle residential tenants, but that skill set does not guarantee that the manager will be well suited for maintaining an industrial property. Making sure that a property manager is knowledgeable about your field’s best practices will decrease up-front costs. Additionally, the right property manager should possess knowledge of the potential liability issues associated with your field. By choosing a well-suited property manager for your needs, you will increase the likelihood that you can actually step back from administrative tasks and focus more on addressing your business’ more critical concerns.
Make Sure Your Property Manager is Credentialed
Next, it is important to consider the credentials of your candidate. Your property is the backbone of your business. Staying on top of licensing issues and ensuring your building is up to code is crucial for your business to stay afloat. Certified property managers have to be up-to-date with lease management best practices in accordance with state and federal regulations. By choosing a certified property manager, you will always have someone dedicated to mitigating liability and compliance issues. Some of the certifications include, but are not limited to, the following:
- Certified Property Manager (CPM)
- Certified Manager of Commercial Properties (CMCP)
- Master Property Manager (MPM)
- Accredited Commercial Manager (ACoM)
- Credential for Green Property Management (CGPM)
Check Your Candidate’s Portfolio of Reviews & Referrals
Finally, it is of paramount importance to consider your candidate’s past dealings with large clients. Much like a manager of your business’ operations, an ideal candidate for property management must prove their capacity to perform daily functions. Skill alone, however, cannot and does not tell you everything you need to know about a potential property manager. A candidate’s past relationships with former business owners are incredibly important. They shed light on how your candidate conducts themselves in a business setting. In addition to performing key legal and bookkeeping functions, your property manager will have to rely on their interpersonal skills. A manager who does not deal well with people can hurt your business and decrease productivity. It may seem obvious, but choosing a person who is comfortable speaking and writing to people inside and outside of your business will ensure that your company is being well-represented, especially regarding legal matters.
What If I Still Need Help Choosing a Property Manager?
If you are looking to expand your business or lease a new industrial property, Dickman Real Estate can provide you with representation services and industry-leading guidance. We’ve helped numerous businesses across many industries craft development plans, and we’re confident we can help your business, too. Since 1992, we have leased nearly 14 million square feet of property and have left our customers happy. Contact Dickman Real Estate today to speak with a professional broker to learn more about our services. Your ideal industrial property is waiting for you!