Not all property management is the same. The fact commercial property management exists is a testament to that. Calgary is full of property management companies aware of how there are distinct ways of running everyday operations. What’s involved with residential property management will be comparatively different than commercial property management. Read on to see what’s expected out of commercial property management down below!
What is Commercial Property Management?
Property management can be involved in many different real estate properties – and commercial property management is one of them. Commercial property management caters specifically to overseeing and maintaining the day-to-day operations of non-resident properties. Not sure what non-resident properties entail? Think of office buildings, retail spaces, hotels, malls, restaurants, industrial and healthcare facilities, just to name a few. In essence, commercial property management entails handling daily responsibilities associated with properties that generate revenue.
How is Commercial Property Managed?
There is no real universal way to manage various real estate properties. Every property will have unique needs and demands based on the size of the property, location, and how the tenant plans to utilize it. That’s why commercial real estate entails specific duties that need to be performed, differentiating it from other forms of property management.
These are a few key responsibilities of commercial property management are:
- Collecting rent
- Preparing and negotiating lease documents
- Working closely with building operators
- Work alongside prospect tenants and brokers to lease vacant properties
- Conduct move-in and move-outs of the property
- Inspect property and tenant spaces periodically to ensure compliance with leases and upkeep of the property
- Handle tenant inquiries and concerns
- Schedule and coordinate all vendors for work or maintenance being done on the properties
- Obtain service contracts for regular seasonal duties such as snow removal and lawn maintenance
- Supervise cleaning and maintenance activities
- May also process payrolls or pay insurance, mortgage and tax bills
- Ensuring 24-hour emergency coverage for buildings at all times
- Additional duties can include communicating with owners about occupancy levels and property conditions or preparing financial statements.
Essentially, commercial property management generally has more tools and resources to help mitigate the many demands involved with a commercial property. Commercial properties are typically businesses expecting to make profits, so it’s imperative in commercial property management to maintain consistent upkeep and oversight to keep operations running smoothly overall.
Navigating the sphere of residential property management can be confusing and overwhelming. It’s why we like to provide handy insight like this to help others have more informed decisions when it comes to property management. If you would like further consultation about property management, you can email us at Team@platinumpmgroup.com or call us at (403) 775-0059. Leave all the details of property management on us – we got you!