What Do Commercial Property Management Companies Do?
February 17th, 2022
Passive income gives you a return on your investment with little work on your behalf. That is, unless you own commercial real estate. As a landowner, you have many responsibilities, including maintenance, answering emergencies, and collecting rents. When you aren’t there, things may not get done. If you own several properties, you may find yourself pulled in many directions with little to no support or help. Commercial property management companies in Jackson, MS, ensure you have more free time, and your passive income is truly passive, i.e., you don’t have to actively work to get the earnings. A reliable and accredited company may also help with strategies to enhance the value of your assets.
Typical Responsibilities of a Commercial Property Management Company
You hire a property management company to handle the day-to-day responsibilities of running your real estate investments. Property management companies can be anywhere from one or two people or an entire team, depending on the size of the property. Here is a breakdown of what they may handle for you based on two distinct segments:
- Operations: Consider this the day-to-day business of keeping your real estate running smoothly. Each property type is different, but they may handle:
- Preventative Maintenance: They will execute routine inspections and replacement of lighting and air filters. It also involves keeping the landscape neat and removing trash.
- Handling Property Upgrades: This includes handling HVAC, plumbing, and electrical system upgrades to ensure a long and useful life.
- Landscaping: They will handle maintenance and replacement of landscaping to enhance curb appeal for current and prospective tenants.
- Handle Tenant Issues: A property manager will handle repair requests and other tenant questions and issues.
- Responding to Emergencies: They will inevitably occur, and your property manager will handle those. Emergencies include burst pipes, damage from storms, and other items.
- Keeping Up with Tenant Occupancy: They know what leases are expiring and which ones need renewing. They also have an idea of market rent rates are and help with finding new tenants.
- Staffing Property: If your location needs full-time staff, the property manager will ensure that people are onsite. They will find and train the right people for the job.
- Evictions: You hope it won’t happen, but the property manager is responsible for handling the default and potential removal when a tenant fails to pay rent.
- Finance: Another area your commercial property management company in Jackson, MS, may handle are the property’s finances, including:
- Collecting Rent: You make money when rent is paid. The property manager ensures that it is done, is credited to the tenant’s account, and then deposits it in the bank.
- Collect Late Payments or Other Fees: The property manager will issue a request and collect ancillary fees if a tenant is late.
- Reports: They will provide regular financial information, including expenses, capital expenditures, delinquencies, bank reconciliations, and cash reserve balances.
- Budgets: They are also responsible for setting the property’s operational budget.
Count on The Estes Group for Commercial Real Estate Management in Jackson, MS
Enjoy your investments without all the headaches that come with managing them. The Estes Group provides all the services you need to handle your commercial real estate property. Look to us to operate, maintain, and optimize your real estate in Mississippi, Tennessee, Alabama, and Louisiana. Contact us today!
Looking for trusted commercial property management companies in Jackson, MS? Call us at 601-362-9633 or contact us online for more information on our services.