Maryland is home to nearly 600,000 small businesses.
If you're renting a property in Columbia, you know how important it is to find good tenants and keep them in your units. Running a commercial property investment is constant work and if you drop the ball, things can go downhill quickly.
When you're feeling overwhelmed by your landlord duties, it's important to know you have options. Hiring commercial property management allows you to enjoy the benefits of owning property without any of the hassles.
In today's post, we'll explain the roles and responsibilities of commercial property management. Keep reading and you'll see what you need to do to make life as a property owner easier.
Marketing Vacancies
A big responsibility of rental management is filling rental vacancies. Whether you own a multi-unit commercial building or a smaller property for a single business, vacancies are your worst nightmare. Without tenants in the property, you're eating the cost of commercial property ownership.
You need to make sure you're filling those vacancies with the right tenants. Good tenants care for the property and stick around for a long time. this allows you to lower your vacancy rate.
A property manager will take on property marketing duties. This involves posting listings and using digital marketing practices to put them in front of good commercial candidates.
Once you've got applicants, they'll screen them to ensure you get the right tenants. Commercial tenant screening involves looking at business plans, checking company finances, and credit checks.
Tenant Management
Your property manager will also look after your tenants. They'll collect rent payments each month, respond to maintenance requests, and deal with tenant issues as they arise.
Having someone handling your tenants' needs is hugely beneficial to commercial landlords. Commercial tenants require more of their landlord. If you're going to keep them happy, you need to be present.
Property Maintenance
Commercial properties tend to go through more wear and tear than residential ones. When you have different kinds of businesses spending time in your rentals, they each make an impact on the space. For that reason, property maintenance is integral to the ongoing success of your rental.
Property managers can handle a lot of regular maintenance themselves. Whatever they can't do, they'll have a long list of local vendors they can contact. If anything goes wrong with your property, repairs will be a call away for your property manager.
Accounting and Reporting
Your property manager will also handle all accounting duties. They'll maintain financial records to help you track income and expenses.
They can write financial reports that include balance sheets, income statements, and cash flow statements. They'll even deal with taxes for your commercial property.
Hire Commercial Property Management in Columbia
Now that you know what commercial property management does, it's time to tell you how to find the best Columbia, Maryland property management. PMI Mason Dixon is Columbia's top commercial property manager, offering everything discussed here and more.
To learn how we can help you maximize your commercial property investment, contact us today.
