Investing in commercial property is no simple undertaking.
The world of commercial real estate is a big business and represents a massive investment for those looking to enter the market. The work doesn’t stop once you’ve jumped into the deep end, either. After you’ve secured your property, you need to find reliable tenants, ensure you’re abiding by commercial property laws, and arrange regular maintenance to secure the value of your investment.
With so much at stake, your best option is to ensure your property is being managed effectively and in accordance will all legal requirements. As a property owner, employing a professional property manager will not only remove a significant amount of stress from your shoulders, but also ensure that your investment is continuously growing in value. Here are seven ways a great property manager can get the best outcomes for your commercial investment:
First-time investors often become overwhelmed by the sheer volume of local, state and federal laws surrounding commercial real estate. Even if you are a seasoned veteran investor, there’s just no way to be completely conversant in all the multitude of legal requirements, permutations and technicalities associated with owning commercial property. Commercial property managers, however, live and breathe these matters day in and day out. If they don’t know the answer, they have ready access to expert, accurate legal advice to ensure that you’re always compliant.
Nobody enjoys chasing money. Even in today’s world of fast, convenient payment methods, it can still be a surprisingly painful chore. A property manager will take a committed, professional approach to ensure the smooth financial operation of your investment, saving you time, effort and frustration. Their aim is always to represent their clients in the most professional manner possible to foster a smooth relationship between owners and tenants in which all obligations are met by each party.
In an ideal world, managing a commercial property would involve merely collecting rent and getting on with your day. Unfortunately, this just isn’t the case. From handling maintenance requests to addressing tenant enquiries, you may find that the day-to-day running of your property is taking up more time than you anticipated. MCO has been managing commercial properties in Melbourne for decades. This depth and breadth of experience puts us in the perfect position to deal with any situation that arises so that you can focus on getting on with your business.
One of the great things about buying commercial property is the fact that tenants are responsible for the bulk of office maintenance. That’s undoubtedly one headache you’ll be happy not to have. However, this does not mean that the owner is absolved of all maintenance responsibilities. Keeping your property in prime condition is an essential part of securing its growth and long-term value, as well as keeping your tenants happy.
So, you’ve invested in commercial property – how do you find suitable tenants? As an owner, you need to be discerning to fill your investment with high-quality, reliable tenants. However, every moment that your space lies vacant can cost you dearly in foregone rental revenue. MCO has an extensive network of highly effective marketing channels ready to leverage to ensure that you find the best possible tenants, fast.
An essential element in finding tenants is making sure that they’re the right fit for a property. Property managers are experienced in conducting comprehensive applicant screenings. We thoroughly review each applicant for reliability, compatibility with neighbouring occupants and a host of other critical criteria. Our thorough screening process also assists with tenant retention, since those who are well-matched to a location are more likely to stay for more extended periods of time. In this way, we’ve managed to achieve occupancy and retention rates that are the envy of the industry.
Professional financial reporting is vital to measuring the performance of your property. We’ll help you keep track of how your investment is faring by providing comprehensive financial reports detailing your budget variance, profit and loss, GST requirements and more. This data will allow you to make informed decisions and maximise the return on your property or adjust your finances where needed.
MCO’s Property Managers are highly experienced in the day-to-day running of commercial space and bring a wealth of industry knowledge and expertise to every property that we oversee.
Employing a professional MCO property manager offers an enormous range of benefits if you’ve invested in commercial real estate. As well as taking care of time-consuming day-to-day tasks, a property manager can assist you in planning for the future and ensure your asset continues growing in value year after year – truly a worthy investment! Call us today to find out how we can make your investment work harder for you.