PROPERTY MANAGEMENT
Regardless of your reason, if you choose to be a landlord, there are resources available to you, including those provided by local real estate boards, real estate networking groups, and property management software. If you are purchasing commercial property – especially of a type with which you are either somewhat or completely unfamiliar, and/or if you are looking to manage a large portfolio of properties, you are likely better off employing the services of a property manager or property management firm.
Being a landlord of a commercial property
Commercial real estate tenants, while holding their tenants to the lease terms, should try to do what they can to facilitate the tenant’s success. That may include speeding up a planned renovation, or co-marketing their business. After all, a successful commercial tenant is one who can pay the rent, and may well renew the lease.
Being a landlord of a residential property
In general, landlords should make sure they strictly hold tenants accountable for following the terms of the lease, as well as follow the expectations for themselves defined therein. These include ensuring a safe, secure and sanitary premise, communicating any changes to the property or proposed changes to the lease terms in a clear and timely manner, and providing proper maintenance.
Employing a property manager/management firm for a commercial property
The screening of a commercial property manager/firm can be as important as screening your tenants. They will be the first point of contact with your tenants and therefore be key to your ensuring tenant satisfaction. You should ask a prospective property manager/firm how they can help you keep costs down and rent competitive; whether they are licensed; what their experience is with the market in which your property is located is; what their legal experience/capacity is; what their fees are; and what the contact information of their references is. Once selected, work out a plan jointly with the manager/firm, complete with benchmarks for assessing their success, and regularly oversee their progress towards your goals.
Employing a property manager/management firm for a residential property
A residential property manager/firm should be selected with many of the same criteria as a commercial property manager/firm. Look for local, licensed managers/firms with experience in planning, dealing with legal matters and problem tenants, and with good references. Once again, oversight is essential, as is a plan for ensuring tenant satisfaction and profitability.
Commercial tenant management software
The number of elements needed to manage a single real estate property successfully multiplied by your properties and the number of your tenants in those properties, can yield a large number of variables. To manage all of these moving parts, you should consider using commercially available real estate management software. A recent review gave LandlordMAX top honors for professional property management, citing a robust suite of accounting and document management features.
Residential tenant management software
Business News Daily gave Quicken Rental Property Manager kudos for those smaller property owners/managers who may not be incorporated. LandLordMAX also provides robust residential property management solutions.
