1/6/2024 0 Comments Timenet invoice tags![]() Not everyone is passionate about dealing with commercial tenants and the responsibilities that come with being a landlord. Do you want to be a landlord?ĭoes the thought of dealing with evictions, tenant complaints and maintenance issues leave you cold? That’s okay. Property managers typically have a pool of reliable, vetted contractors that they can call on to provide various services to their clients at any given time. Even if you hire contractors rather than employees, you will need to source out reputable tradespeople and supervise them yourself. You will also need to oversee those employees, and you’ll need to cover benefits and other expenses incurred by having staff on the payroll. You can hire staff to manage your properties, but you may need several different positions to cover the same tasks a property management company can provide. Not only will you waste time driving back and forth, but you will also spend more money on gas and incur more wear and tear on your vehicle. Even living just 30 minutes away takes at least an hour out of your day, plus the time you spend on-site. A locally-based property manager can be dispatched swiftly to sort out any problems in an efficient manner.Īlso, consider the amount of time you are spending commuting from home to your units regularly. Leaks, plumbing issues, HVAC failures can all lead to a loss of revenue or even a loss of inventory. It’s one thing to make residential tenants wait for repairs or maintenance, but for commercial tenants, it’s their livelihood that’s at stake. If you are not able to get on-site quickly, your tenants may become frustrated and angry. Tenants expect a quick response in the event of an emergency or issue. A property manager is dedicated to servicing properties as a full-time job and has much more flexibility to meet with tenants and perform repair work and other essential tasks. Is your office staff working overtime to manage your properties? When was the last time you had a vacation? Hiring a property manager to take care of the day-to-day tasks can free up your time for other things. Each tenant may also have their own unique lease terms and agreements, making it critical to stay on top of various obligations. The more units you own, the more tenants you handle and the greater the responsibility. How many properties do you own? Are you able to give each one enough attention, or do you feel like you are always shortchanging at least one property? If you manage multiple properties at once, you could likely benefit from hiring a property manager. Do you have too many properties to manage on your own? You can find more details on commercial property manager fees here. Be sure to get a breakdown of costs to get a clear picture of how much you will need to budget for property manager costs. Property managers may also mark up the cost of contractors’ prices by 5% to 15%. An older building with outdated equipment may also warrant higher fees as it is more likely to need more frequent repairs. Fees may also be higher for properties that require more intense compliance and regulation, such as medical offices or food processing facilities.
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