If you own commercial real estate in Kelowna, you know managing a property requires a substantial commitment of time and resources. There’s a lot involved in managing a property properly. However, many investors consider managing their own properties. Some consider the savings benefits if they live close by, are reasonably handy and have extra time each month. They feel that they may be able to manage their property on their own. However, for commercial investors who hold more than a few properties and are looking to grow their portfolio, managing properties on their own isn’t practical. Hiring a professional property management company in Kelowna can help you get the most value out of your investments while saving you time to work on growing your business. Keep reading to find out why it may be time to hire a professional property management company.
Regulate the Right Rent Rate
When it comes time to rent out a commercial space, how do you determine a rental price? Are you scanning classified ads to ballpark your rent price? While that’s a fine way to estimate a monthly rate, a professional property management company can conduct an in-depth market study to give you a much more accurate price for your specific space. They can help you choose a rate that will balance maximizing the space’s potential monthly income and keeping your vacancy rate low.
Finding and Managing Tenants
Finding proper tenants for a space is essential to the success of your investments. Ask almost any commercial real estate investor who’s managed their own property, and they’ll have a story or two about a tenant they wish they hadn’t rented to. As a professional property management company, we want to make sure our clients never have a bad tenant story. We take a thorough look at potential tenants. We do more than just checking references. We run criminal background checks, credit reports, employment verifications, and a multitude of other precautionary measures to make sure your spaces are filled with quality tenants.
In addition to making sure your spaces are filled with reliable tenants, commercial real estate property management companies take care of collecting and depositing monthly rent payments. Professional property management companies have efficient, reliable systems in place to make sure your rents are effectively collected on time, every time. Maintaining your cash flow is imperative to the success of your real estate portfolio – especially if you’re managing few, or smaller properties.
Wondering how to choose a great professional property management company? See our previous blog: What to Look for in a Commercial Property Management Company in Kelowna.
Save Time & Grow Your Real Estate Portfolio
Real estate property management can take a lot of time and effort. Hiring a professional means you can delegate the day-to-day responsibilities that take up a lot of your time so you can focus on what matters to you. Grow your real estate portfolio. Advance your career. Go on a stress-free vacation. You’ll have extra time and the choice is yours. For investors who want to expand their business, professional property management is the only way to advance.
Ensuring Compliance with Local Laws and Regulations
When leasing out and maintaining commercial real estate in Kelowna, there is a multitude of local, provincial and federal laws and regulations to abide by. A professional property management company can help you keep your properties in accordance with these laws and regulations as they change, avoiding any potential law-suits.
Marketing and Advertising Your Property
With over 30 years of experience in the commercial real estate industry in Kelowna, a professional property management company like TAFCO will know how to market your property. Placing your commercial space in front of the right audience and crafting compelling marketing and advertising materials will give your property an advantage over your competitors, It will also assist in filling your properties quickly, avoiding long vacancies to keep your property cash flowing,
Professional Property Management in Kelowna: TAFCO Realty
TAFCO Realty Corp has been proudly serving local businesses for over 30 years. We understand the unique needs of commercial properties in the Okanagan and would be happy to put our decades of experience to work to help you maximize the value of your properties. We’re committed to exceeding your expectations and would love to chat about our professional property management services with you. We offer commercial property management, commercial leasing, and commercial sales services. If you have further questions, don’t hesitate to reach out!