When you’re hunting for commercial real estate, there are numerous factors to consider. Location, budget, feasibility, foot traffic – the list goes on. However, there’s one component, often overlooked, that has the power to make or break the future of your investment: commercial property management.
In the past, property managers negotiated leases, collected rent and maintained the overall property. There wasn’t a huge need to go above and beyond. As long as they met their contractual obligations, they could go about their merry way. However, times have changed and so has the standards of today’s commercial property management in Norman.
Today’s property managers must adapt to the shifting landscape all the while providing a level of customer service that increases tenant retention. It’s not enough to hire just any commercial property management in Norman. It’s important to find one that’s professional, reputable and efficient, that will manage your properties with the highest level of care.
Just like real estate, commercial property management in Norman varies. In today’s blog, we’ll share some of the common characteristics that separate superior-level property management companies from the crowd.
First and foremost, you should screen commercial property management options in Norman by industry credentials, experience and community report. Research the company through the Better Business Bureau and/or your local governing agencies to check their ratings. Then, take your search online and see what people have to say about their experiences working with that particular company.
2. Formal Tenant Screenings
Let’s be honest, one bad tenant can create a world of trouble. Ideally, property management in Norman should have solid tenant screening procedures like background, reference and credit checks to prevent issues.
3. Short Vacancy Periods
This is where experience comes into play. An inexperienced property manager could easily make a mistake that could cost you big. For example, they could call in a professional plumber when it could’ve been taken care of by an on-site maintenance tech. When interviewing potential managers, ask about their processes for various tasks such as maintenance, and how fast they’re able to get properties on the market and leased. Long vacancy times between tenants could potentially be a red flag.
4. Large Client Base
This tip may be obvious, but be wary of a property management company with little to no clients. This could signal unsatisfactory results, laziness or disorganization. When you’re interviewing companies, we recommend asking for references. Not only does a decent sized client base verify their capabilities, but also there’s a good chance they’ll be connected with reputable contractors and repairmen.
5. Strong Policies
Policies can tell you a lot about property management in Norman. The best companies will have processes in place and be open to sharing them with you. Ask about their systems and if they can provide you a contract outlining their terms, conditions, pricing and fees. This ensures both parties are on the same page and have a clear list of expectations.
The Ability to Go Above and Beyond
When searching for commercial property management in Norman, make sure the company is easily approachable. It’s one thing to be accessible, but another to be welcoming. They should make you feel comfortable reaching out about any policies, questions or concerns you may have.
In the end, finding a credible commercial property management company in Norman is the difference between a lease you can’t wait to end and one you’ll never consider leaving. It’s worth your time researching and vetting potential companies. The one you choose has the power to impact your investment in the long-term.
For more information about property management in Norman and how we can help you streamline and manage your tenants, we invite you to give us a call today at (405) 310-2796.