Tips for Choosing a Property Manager for Your Commercial Property

Investing in commercial real estate can supply a lucrative revenue stream, but choosing the right property manager is crucial to your success. In order to draw the largest return from your investment, you will need to align yourself with a property manager who understands your investment goals and how you would like your property managed. Here are some tips to get you started:
When it comes to finding a commercial property management company, Calgary, Edmonton, and investors throughout North America need to know where to start their search. There are some preliminary questions you should ask before you sit down to start talking seriously about how they would manage your property. This is what you need to find out, right from the start:
  • are they licensed?
  • what type of experience do they have, or which types of properties have they managed?
  • how many years of experience do they have?
  • are they willing to show you references from other clients?
Really, if the answers they provide to any of the above questions don't seem satisfactory, or they aren't willing to show you references, move on. There are many property management teams to choose from.
Next, you will want to ask them how, as the managers for your property, they would approach the following:
·         setting monthly rents
·         collecting rents from tenants
·         performing maintenance on the properties and any necessary repairs
·         performing property inspections
·         attracting and keeping tenants
·         screening tenants
In addition to these questions, it's also important to find out about their management fees and the type of contract that they require for you to retain their services. If the fees are too high, they will cut into your return, and some contract terms may not make sense for your investment.
Finally, it's well worth it if you take the time to meet with more than a couple of property management companies. Choosing the first company you meet gives you nothing to compare their services, contract or fees to, and there could be another property manager who's service offering or fees are more in line with your investment or business style. If you live in the Edmonton or Calgary area, a reputable company is Group Three Property Management Inc. They have several years of experience managing residential and commercial properties and a long list of satisfied clients to tell you about their positive experiences.

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