Do I need a property manager for my commercial property?
Do you really need a property manager?
If you’ve got a new commercial property, you’re probably considering whether you need a property manager. There are many pros and cons of having one. Here are a few things to consider.
How much time do you have for the property?
How much time do you personally have to devote to budgets, dealing with tenants, rent collection, and property maintenance? If you don’t have the availability, a property manager is necessary.
Do you have adequate experience?
Are you good with people? Organized? Budget-minded? Able to multitask? If you struggle with any of these skills, you need a property manager.
How much do you want to be involved?
A property manager is going to want you to allow them to work independently. If you want to be around a lot and expect constant information on what’s going on, don’t hire a property manager.
Are you ready to accept liability?
Property managers are employees, and therefore you’re responsible for their conduct and job performance. Hopefully you will get a great person, but there’s always the chance that things could go wrong. You have to accept financial and personal liability for a property manager’s actions. If you’re not ready for that, don’t hire one.
Can you afford it?
Carefully assess your finances. Familiarize yourself with the expected rates in your area and make sure it’s something your budget can shoulder.