Building Management Teams With Commercial Properties
Author: David Lindahl As important as property management can be to successful ownership of commercial properties, it is also not limited to a single person or company. To what extent you view the concept of property management as a team effort can often determine your relative success as a property owner.
Let’s explore the basic components of a management team and what each component needs to be able to do for your business.
First, there is the core management unit. This person or group can and should handle the following:
- Tenant applications
- Holding security deposits in escrow
- Coordinating tenant background and credit checks
- Rent collection
- Handling of tenant questions/issues
- Posting notices for eviction (as needed)
- Coordinating repairs/maintenance
- Marketing/advertising for new tenants
None of these important issues are to be taken lightly and this is important because many landlords often look as property managers as the rent collectors and may overlook other important things the management company should be doing.
Next, there is the property maintenance team. This team may not need to be used in its entirety, but each member is important, just in case you need them. The maintenance team should include:
- A contractor/handyman
- An inspector
- An electrician
- A plumber
- Landscapers
- A painter
- A carpet or flooring specialist
I could probably list others here but these professionals can be pivotal in both fixing small problems quickly and also turning around vacant units as quickly as possible.
The last part of your management team is what I call the paper group. These team members would include people like an accountant and certainly an attorney, who would both coordinate review of all your paperwork but also assist with the legal proceedings of any eviction. These team members are often the unsung heroes in property management and can make your business life much easier when you have them on board.
The best time to assemble your team in its entirety is during the early stages of property ownership and ideally before you ever purchase the property. The worst time to assemble your team is on an as needed basis, when you really need someone, as this can lead to high team turnover and poor overall performance.
Interviewing each team member, using referrals for out of area properties, and periodic evaluations of performance are all additional aspects of working with a management team that will additionally make your property ownership experience a better one.
About the Author:David Lindahl, also known as the "Apartment King" has been successfully investing in single-family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights, please go to http://www.davesoffer.com/ezine
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