Managing commercial property does not end with getting rent regularly. As you know, managing such property is a diverse activity. It involves managing lease agreements, collecting arrears of rent, maintenance of the premises and various such other matters. With your busy schedule, you may not have enough time to look into such issues. In such cases, one of the ideal options is to avail the services of commercial property management consultants.
As the very name suggests, these consultants have specialized in various aspects of commercial property management. For example, if the matter is regarding lease administration, these management consultants will provide you the services of experienced attorney. Similarly, if some of the tenants have arrears of rent, the consultants will take appropriate action to recover the same.
Routine maintenance works:
In short, commercial property management consultants play the role of a liaison between you and the tenants. Apart from this, the consultants also undertake to manage the property. This service includes attending to day to day maintenance of the property, periodical servicing of various utilities like lifts, air conditioners and such other works.
Apart from these, the commercial property management consultants provide various other specialized services. These services are briefly explained here:
· One of the services offered by the property management consultants is assisting you in renting out the property. The consultant will make a fair assessment of the rent. Thereafter, he will prepare a plan of action to secure the highest possible rent. Once you approve the plan, the consultant will take the necessary action to secure a suitable tenant. On your behalf, the consultant will also negotiate the rent and try to fix the highest possible rent. Similarly, the consultant will also assist you in leasing or subleasing the property.
· If you want to buy a new commercial property, then again, you may seek the services of property management consultants. The consultant will scout for the property that meets with needs. Thereafter, on your behalf, the consultant will negotiate a sale price with the owner of the property. Once you approve the sale price, the consultant will take the necessary action to complete the sale transaction.
· The consultant should make a detailed statement of account regarding the property. He should submit the statement to you for verification. The consultants should follow the principle of good business ethics. He should be transparent in his work and provide you periodical reports regarding the income generated, list of tenants in the property and all such related derails.
Acts as your representative:
The consultant acts as your representative in all the matters regarding the commercial property in question; it is the consultant who manages the property for you. In spite of this, it is necessary that the consultant works under your overall guidance and control.
Consult your attorney:
Further, before entering into any agreement with the consultant, you should consult your attorney. You must have a detailed discussion regarding the proposed agreement with the consultant to manage your property. You should also carefully go through the terms and conditions regarding the service charges payable to the consultant. After satisfying yourself on all these aspects, you may enter into the agreement with the consultant.