While similar to residential property management, in that certain duties are shared in both jobs, commercial property management differs in a number of respects. Commercial property management companies manage a wide array of commercial businesses to name one key difference.
Offices, retail spaces, storage facilities, shopping centers, and industrial buildings across a number of fields and industries are all managed and leased through commercial property management.
Duties of a Commercial Property Management Company
A lot of what commercial property is about is managing a wide variety of tasks and being able to prioritize what needs to get done first. Commercial property managers are expected to advertise, lease out, as well as market properties under a commercial property management company.
However, unlike residential management that involves more day-to-day maintenance and upkeep, commercial property management is more hands-off since the commercial business renting the space usually takes care of keeping it clean and general maintenance.
The administrative and financial side of property management are especially important since the records are referred to often. Commercial property managers are also expected to ensure rent is collected from businesses on time, tenants needs and requests are addressed, and that reports are sent to the property owner with respect to the performance of the property investment.
Why Property Management Is Important
Commercial property management is of huge benefit to a property owner. Property owners are able to save time and get to enjoy services such as marketing the property in addition to not having to worry about directly dealing with the management side of it.
Commercial property management, like residential property management, is valuable to the real estate industry. It helps save time, and provides a professional solution to property owners so they can just focus on monitoring their investment.