Now that you have made an offer to acquire a commercial property and are waiting to close escrow, you might want to start looking for a professional property manager to manage the property.
Your real estate investment advisor should present you with two or three local companies, each with its own proposals. Your task is to decide which company you will hire. The property manager will be the primary point of contact between you, as the owner and the tenant. Its main job is to:
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Receive and collect the rents and other payments from your tenants. It is usually simple to the tenant does not send the rent check. A good property manager will somehow get the tenant to pay the rent while the poor will throw a monkey on your back!
Hire, pay and supervise personnel to maintain, repair and operate the property, such as garbage removal, cleaning windows, and landscaping.
If not, the property lost its appeal, and customers may patronize your business tenants. Then the tenant may not renew their lease. As a consequence, you may not realize the expected cash flows.
Keep accurate records of income and expenditure, and provide you with a monthly report.
A good property manager is essential in keeping you filled in the rental property market highs, the tenants happy and in turn help you achieve your investment goals.