Although it’s obvious that managing commercial real estate is much more than finding tenants and doing administrative work, some owners still decide to manage their facilities on their own. Others, more experienced, leave such services to professionals and hire a property management company. Why is this a better choice in the long run? Because it leads to a safe return on investment and a sustainable profit for the investor, while experts guarantee results and take care of almost every aspect of real estate management.
Property management is a multidisciplinary activity that includes a wide range of services throughout the entire life cycle of the facility – phases from planning and construction, through its maintenance and day-to-day operation, to periodic adaptations and reconstructions that help it maintain high market value. Regardless of the square footage, each facility is very complex to manage in each of these phases.
How property management came into being
In the first half of the 20th century, during the economic crisis in the United States, known as the “Great Depression”, investment funds, financial institutions and banks unexpectedly owned a large number of residential and commercial real estate, had the unenviable task to take care of high-value real estate. It soon became apparent that their maintenance, renting, and settlement of regular expenses required a professional approach to increase economic viability.
The engagement of company’s property management and integrated approach to managing commercial facilities brings instant results and numerous benefits. Here are some of them:
– increasing the value of real estate
– optimization of space in order to increase revenue
– saving valuable investor time
– taking over complete management, thus complete care and responsibility for quality and results
– management of financial and administrative affairs
– positioning and promotion of real estate
– defining the optimal pricing policy
– finding quality tenants, higher occupancy, less fluctuation of tenants
– billing care
– ensuring compliance with legal regulations, preventing real problems and resolving possible disputes
– savings through cost management and optimization
– the highest standard of facility maintenance, including cleaning services, technical maintenance, reception, security, landscaping
In short, a property management company not only increases the value of your investment in the long run, but also saves your time, allowing you to focus on further investments knowing that experts take care of your portfolio.
