For commercial property management services in Los Angeles, you’ll want to find some different qualities in your commercial property manager as compared to what are commonly found in residential managers. Commercial property requires a different skill set in order to maximize your commercial investment.
BUILDING AND MAINTENANCE EXPERIENCE
With commercial spaces, there are fewer kitchen and bathrooms than residential rentals. Therefore, routine maintenance issues are less frequent. You’ll spend less time and money responding to overflowing toilets, kitchen sink leaks, and appliance malfunctions. You also won’t need to have an on-site manager, unless you have a large complex that requires day-to-day oversight. But you do want to find a property manager who understands matters that are unique to commercial management. For example, making certain your tenants comply with hazardous materials storage is important with commercial property management, but nearly a non-issue with residential tenants.
The tenant screening process for commercial management is similar to that of residential properties. You’re looking for a well-qualified tenant who will pay rent on time, follow the terms of your lease, and help you maintain the property. Your property management company should conduct a thorough background check. Generally, there are fewer delinquencies with commercial management.
If you are considering a purchase, some managers are privy to potentially lucrative investment opportunities. Whether you’re looking for industrial space, an office building, or flex space that combines both, you’re going to want a manager who knows the commercial market and can help you shop smart. Some residential investors are trading out of their residential properties at a premium, and gravitating towards the commercial market to diversify their portfolios and find new opportunities. Your management company needs to understand commercial space and be prepared to do their due diligence to get you a good deal and to make any improvements that are necessary before you start leasing your space.
If you have any questions about commercial property management, please contact us at Los Angeles Property Management Group. We have helped a number of investors identify and purchase high yield commercial properties.