If you have any type of commercial property such as storage units, offices, businesses, or mall spaces, then you most likely need a commercial property manager. While there are plenty of residential property managers to choose from, it is more important to ensure that you are getting a good deal when choosing a commercial one. Commercial property managers need a better understanding of real estate law, paperwork, dealing and handling tenants, and contracts. The following include tips for finding the best Kirkland property management company for your needs.
Property Management Fees
The first thing that most people consider is the property management fees. How much will it cost to have someone take care of your property for you? Good Kirkland property managers usually take a percentage of the rent, and then charge no other fees not related to improving, repairing, or maintaining the property.
It is very important to ensure that your commercial property management company has extensive legal knowledge. Hiring someone who wants to make extra cash by managing property is not the way to go for commercial property because they might not be able to best handle your property. For example, a professional will know which types of leases to go for, whether to try for a 2 or 5 year lease, and whether or not to try for a triple net lease. Because legal knowledge also comes into play for creating leases, ensuring that tenants uphold their side of the bargain, and complying with Kirkland commercial property law, it is in your best interest to hire a company with a real estate lawyer, or who is a real estate lawyer.
Commercial property requires more paperwork, longer leases, and more inspections. A good management service covers the drafting, writing, and sending of all paperwork and legal documents.
Knowledge of local trends, local rates, and amenities can all help you to get the best rate for your property. It will also help with reducing maintenance costs, finding tenants more quickly, and improving responsiveness. You can usually find out how much the property manager knows about the area in an interview, a consultation, or based on their location.
One of the most important things for your commercial property manager to offer is responsiveness, and not just to you. Tenants like to be replied to quickly, have emergencies and maintenance taken care of as quickly as possible, and taken care of. If your property management company is not responsive, they won’t be able to handle this, and your tenants will be unhappy.
Finding a good commercial property management company is important because there are usually extra legal considerations, more paperwork, and additional fees to keep in mind when renting commercial property out. A good Kirkland property management company can help you steer clear of making mistakes, help you get the best rates, and ensure that all of your contracts are in order, so that you can start making money off of your leases.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.