There are now over 296,400 property management businesses in the US, with the industry still growing. Do you know how to choose one for your commercial investment property? If not, you could end up with an inexperienced property manager.
Read on for the factors you need to consider during your search. With these tips, you can find the best commercial property management services in Las Vegas, NV. Experience success while investing in real estate today!
Prioritize Experience
While there are thousands of property management companies to choose from, some have only been in business for months. To start your search, prioritize finding experienced teams. Determine how long their business has offered services in Las Vegas.
Ask how many Las Vegas properties they managed within that time. If they've only managed a few, keep searching.
An experienced property management team will have a plan to ensure efficiency. They can save you time and money by using proven, effective strategies. Their services can give you a competitive edge in today's competitive market.
Consider Types of Investment Properties
Some of the businesses you research will only have experience managing residential properties. Determine what types of investment properties the company manages. Make sure they have a thorough understanding of your needs as a commercial property owner.
A team with relevant experience will have a better understanding of your needs. They'll know how to engage your commercial tenants.
These property managers can help improve your landlord-tenant relations. Their services could encourage tenants to renew their leases. Generating more renewals will boost your occupancy rate.
Explore Services
Determine what services each property management company offers. About 70% of property managers advertise, handle leases, and complete inspections. A full-service company should handle:
- Marketing
- Tenant screening
- Rent collection
- Maintenance
- Accounting
Look for companies that will personalize their services. They should meet your unique needs. If they don't intend to customize their services, keep searching.
Ask each company about their processes. For example, what tools will they use? Some companies use state-of-the-art management software.
This software can automate rent collection, respond to tenant inquiries, and more. Using technology can minimize human error and increase efficiency.
Read Reviews
Read reviews of three local companies on your list. Look for comments about each property manager's responsiveness. Were they on time, quick to help, and professional?
Look for complaints that repeat between different commercial property owners. Avoid these companies, as you're likely to encounter the same problem.
Compare Pricing
Ask each company about their fee structure. Determine if there are any hidden fees by reviewing their management agreement.
Compare costs between different businesses to determine the average. If one management company charges more than the rest, question why.
Ask your top choice if they offer a guarantee. They should stand behind their services and protect your best interests.
Choose Commercial Property Management Services
Do your due diligence before selecting commercial property management services. Choose a team you can trust to care for your investment property. With their help, you can maximize your profitability as a property owner.
Our team at Avalon Realty and Oaktree Management has offered comprehensive services since 1993. Rely on our experienced team, customized services, and guarantee.
We can increase the value of your assets. Contact us today for help with your rental property.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.