If you’re a property entrepreneur, then expanding into the world of business is certainly the way to go. Many property owners shy away from commercial properties and leases, believing that the skillsets between residential properties and commercial are completely different. Although there’s an element of truth in this, if you can make money in residential property, you can probably make it in commercial property too. The reason why: property management companies. In this post, we look at how they can help you.
Finding a Property
If you’re a residential landlord or own a residential property portfolio, then it’s more than likely that you have a keen eye for spotting a bargain in the property market.
However, commercial properties are valued differently, and you must have a keen eye for business to understand how it will earn money for you through letting.
Thus, it’s unwise to try and locate a reasonable property on your own, and you should consult expert commercial property buyers. This way, you can be certain that you’re injecting some of your capital into a premises that can continually be let out.
Running it Smoothly
However, much like buying a property, running a commercial property is also vastly different to running a residential one. If this isn’t your areas of expertise, then you should consider drafting in help in the form of a building manager.
A commercial property manager will oversee the day-to-day operations involved in running your commercial property. This can be anything from a car park to a shopping centre to serviced offices.
The duties of a commercial property manager can vary depending on what you require, but you can ask them to:
- Collect rent
- Negotiate leases
- Pay insurance
- Emplyo a cleaning company
- Inform you about property conditions
- Pay tax bills on your behalf
- Carry out maintenance activities.
With a commercial property manager running the ship, you can either be as hands on or as hands off as you like, the choice is yours. But, thanks to commercial property managers, your inexperience in commercial properties shouldn’t stand in your way.
To conclude, it’s inescapable that owning commercial and residential properties is different. However, opportunities are still present, and experts can help not only ensure that you make a solid investment, but also that it runs smoothly. Assess your options carefully.
