Whether you own one or a ton of commercial investments, you may have at some point considered hiring a real estate manager. While you can do it on your own, having a professional do them instead does come with benefits and that’s what we’re about to discuss today.
Now a real estate property manager by definition can be a team or a singular person that handles the overall administration of assets especially as with regard to leases and sales. They take care of the overall aspect from the smallest to the biggest thereby relieving owners of the time, energy and stress that the job would normally entail. Of course, all this in exchange for a fee which can either be a fixed sum per period or a percentage of income depending on the agreement.
There are many reasons as to why a lot of commercial property investment owners choose to hire these professionals. For starters, it saves them time and effort which they can divert to other activities, business ventures or personal dealings. It also gives them lesser worries as to marketing and filling up vacancies. A trained professional handles disputes and issues such as that of repairs and maintenance, tenant complaints and even evictions. Owners are also relieved from rent collection, property inspections and the like.
Of course, the benefits of hiring one will still depend on one’s needs and whether or not the situation calls for it. So when does t make sense to call for their help?
A common instance is when owners live far away from their commercial property investment. Distance can make it hard and costly to administer assets even just one. Besides, one can’t practically drive by regularly to check up on the tenants and the assets if they live miles away by land and more so by sea.
Owning multiple assets is another. Trying to handle all of them at once can be difficult to impossible without adequate time, resources, energy and knowledge. It only makes sense to delegate and/or divide the tasks.
Even time constraint can be such a pain because some investors have multiple income streams, they could not delegate enough time and energy to administering their commercial property investment for lease and for sale let alone achieve that much coveted work-life balance. And of course, some investors just want to stay silent and let their assets do the work but since real estate can’t sell or take care of themselves, a professional needs to be had.