Maintaining your commercial property is necessary to keep its value intact. This makes it important to choose an efficient property management agency. The right firm is one that provides better returns on your investment, helps in retaining tenants and increases the value of your property.
As per your personal investment objectives, following points should be considered when choosing a property management company:
- Reputation: Research about the reputation, integrity and honesty of the agency you intend to hire for commercial property management. Consider how the agency manages its work and the level of commitment projected by its team of professionals.
- Services: Check whether the services provided by the agency meet your expectations and fulfill your specific needs. Common services provided by a property management agency are management planning, financial reporting, budgeting, market rent analysis, rent collection, maintenance programs, etc.
- Knowledge and Experience: Determine the number of years for which the agency has been working in the field of commercial property management. Ask for information on its background, resume, history, etc. See whether they understand your needs, tenant screening process they follow, whether they manage multiple properties, etc.
- Management Software: A good property management agency is particular about using the right software. To get an idea about this aspect, see how the company integrates tenant information, maintenance requests and accounting.
- Accessibility And Responsiveness: An ideal property management agency is one that is highly responsive and accessible when needed by a client. You can gauge this by the way you are assisted with your queries. The team should communicate in a respectful, enthusiastic and patient manner when discussing their policies and procedures.
- Tenant Retention: A tenant retention plan can be a determining factor of a commercial property’s survival. Check with the property management agency about the efforts that they make to retain tenants during lease term and after the lease expires.
John Reider Properties is a renowned commercial property management agency. The team offers a variety of management services including on-site consultation, property inspection & maintenance, etc. For more details on choosing a commercial property management agency, visit 455 E. Central Texas Expwy Suite 101, Harker Heights, TX – 76548. You can call us at: (254) 699 – 8300.
There can be numerous reasons for selling commercial property including change of location, cashing out the commercial investment, retiring from an old business and other factors. When selling a commercial property, the most important considerations are the time it takes to sell and the price one fetches.
Following are some tips for selling a commercial property efficiently and at a fair price:
- Preparation: The first step towards preparing to sell a commercial property is to gather the necessary documents required by your real estate agent or the buyer. Important documents that may be required are title deed copy, permits for alterations on the commercial site, previous lease copies, stamp duty, land tax, utility bills and more.
- Choose The Right Agent: Hire a professional to assist you with selling the property. Real estate agents have years of experience in the field and can be of immense value in managing the sales process. Look for an agent who has knowledge about the latest marketing technology, a strong presence in the community, good negotiation skills and so on.
- Boost Curb Appeal: Pay attention to how your property looks from outside to make it appealing for onlookers and potential clients. Some things you can do to improve your property’s curb appeal are landscaping, power washing, painting, fixing the parking lot, fixing broken light fixtures, windows, etc.
- Spruce Up The Interiors: Potential clients will visit your property to see its interior condition. Use this as an opportunity to impress them by keeping the interiors clean and well-maintained. Make it a point to clean the floors and carpets, ensure proper ventilation, de-clutter, etc.
- Hire A Staging Professional: Impress potential clients by making the commercial space look great. For this you may have to hire a professional real estate company to stage the property with impressive furniture, items of decor, indoor plants and so on.
- Right Pricing: Formulate a pricing strategy based on the value of comparable properties. Enquire about similar properties that were recently sold. Pay attention to the location, amenities and selling price of such properties, etc. Assistance from a professional can be invaluable for doing price research in a locality.
- Marketing: The way in which any property is marketed plays a huge role in successfully selling it. First and foremost, the property should be clearly branded as “Property For Sale”. Thereafter, it should be thoroughly advertized. You may seek assistance from a professional real estate agent for ensuring proper marketing strategy.
John Reider Properties assist clients in selling commercial properties. The agents are well-versed and carry out extensive marketing for the effective sales of commercial properties. To know more about essential tips for selling a commercial property, visit 455 E. Central Texas Expwy Suite 101, Harker Heights, TX – 76548. You can also call at: (254) 699 – 8300.
Irrespective of nature of a business, one deciding factor that remains important to the success of a business is its location. Selecting the right property for your business would depend on its intended use and customer segment that you want to target.
Below are some important questions to ask when looking for a commercial property for your business:
- Is The Title Clear?
The buyer should be provided with a full report mentioning any encumbrances against the property. It is important to have a clear title and title insurance for maximum protection.
- Is There Insurable Access To The Property?
Simply having access to the property is not enough. For future development, financing or selling the property, access to the property should be insurable.
- Are There Any Environmental Concerns That You Should Be Aware Of?
To ensure there are no environmental concerns, ask for environmental assessments to protect yourself against unexpected costs and delays.
- Does The Zoning Code Permit Your Intended Use?
Ask the seller whether the zoning code of the city or county (that you are purchasing the property in) permits to appropriately use it for your business purpose.
- Are There Any Liens Or Encumbrances Against The Property?
Inquire whether there are any code enforcement liens, easement obligations, unsatisfied development or unpaid municipal liens that can lead to legal liabilities for you as the owner.
- What Are The Municipal Design Requirements?
To create an effective financial blueprint, ask about the municipal design requirements, permits and fees in the area. These requirements will shape your project and have an effect on your budget.
- Are There Tenants?
If the property has tenants, go through the lease agreement and ask whether there is a rent roll with the log of tenants, their deposits, expenses and other operating data to determine the accuracy of accounting.
- Are There Any Issues With The Building?
Ask whether there are any issues in the building that you should be aware of such as plumbing, electrical, roof, elevator, fire sprinklers, etc. Get the property inspected to evaluate the need for repairs, if any. Request for due diligence documents pertaining to all the systems in the building.
- Are There Any Financial Records?
Ask for financial documents related to the property prior to your ownership. The documents will give you a glimpse into the operating expenses.
John Reider Properties assists its clients in finding an ideal commercial property. The agency also offers commercial property management. For more details on things to know before selecting a commercial property site, visit 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX – 76548. You can also call at: (254) 699 – 8300.