Melbourne, FL is an ideal place to invest in commercial properties. The city is centrally located along the Space Coast and is host to a variety of business and financial industries. Melbourne is known as a technology hub. Florida Institute of Technology is a thriving part of the city; however, it also features growing residential areas with unique shopping, dining, and recreation.
It’s easy to see why businesses are attracted to Brevard County, FL. This is why there are many commercial property investment opportunities, but making an investment is only the beginning. You will need to find the right tenants to occupy your commercial properties.
Commercial property management is the process of administering, operating, and overseeing day to day operations of commercial properties. This includes office buildings, retail spaces, industrial complexes, warehouses, and mixed-use developments. Managers oversee the leasing activities associated with these properties to ensure maximum value and profitability for property owners and investors.
Additionally, property managers are responsible for screening potential tenants, handling rent collection, and addressing all tenant concerns. The manager works closely with tenants to ensure their needs are met so they remain satisfied with their rental space. In addition to the responsibilities listed, property managers ensure commercial property maintenance around the building—inside and out— is complete. Any repair issues that arise must be addressed in a timely manner. All in all, a successful commercial property manager can help maximize revenue while delivering excellent service to tenants at minimal cost.
Hiring a property manager means finding someone who can take care of lease negotiation, monitoring the property’s budget, tenant relations, insurance claims, and marketing, to name just a few services. When looking for a property manager, you want to clarify what services will be provided. Not every management company offers the same services and some services may not be applicable for your business needs. Research a few management companies to see what other properties they manage and if those are similar to your investments.
A management company’s reputation in the business community is also important. Look into the company’s stability, such as the length of employment of any employee or manager who has stayed with the company. Internal stability can be a sign that the company is financially secure. Property managers that hold memberships with organizations such as the Society of Industrial and Office Realtors (SIOR) and Commercial Real Estate Global Standard for Professional Achievement (CCIM) are also good to investigate. These memberships show that brokers and property managers have undergone strict education and experience requirements for operational management.
A good property management company understands attention to detail and is attentive to be interior and exterior maintenance. A manager keeps the property on a maintenance schedule to prevent wear and tear expenses from building up. They address any property damages with tenants in a timely manner. Communication with tenants is also crucial to good property management. Tenants are more likely to stay if they feel like they can depend on their management to take care of their needs or issues.
Your investment properties deserve the best management available whether you live locally or in another state. If you’re looking to invest in commercial property in Brevard County, FL contact Ullian Realty today. Our brokers specialize in every phase of commercial and real estate brokerage and development. Learn more about the Ullian Process by contacting us today.
This article was originally published in July 2020 but has been updated for accuracy and freshness.
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