At Fairman & Associates, we’re proud to provide the best quality Property Management in South Florida. In our previous blog post, we talked about what Property Management is and who should use a Property Manager. Now, we’ll share what our role is, with regard to commercial property.
1. First and foremost, a Commercial Property Manager’s responsibility is to take on the legal and fiduciary responsibility on behalf of the property owner.
A Property Manager’s legal and fiduciary responsibility to the property ownership is to carry out the owner’s or boards direction that the property owner or board has set for the property goals. The Property Manager, along with the ownership, develops a yearly business plan in the form of a budget. The budget takes into consideration various aspects that will include both long-term and short-term repairs and improvements for the property.
If the property is income producing, the Property Manager will provide input with tenant rent roll information that will help to project the property’s yearly income stream. This is shared with the leasing team to build a complete yearly plan.
2. What a Commercial Property Manager does
The Property Manager is an extension of the property ownership and acts as a buffer between the property activity and ownership, so owners can provide direction to the property. This buffer also allows the owners to understand all the facts, so they are able to make positive decisions for the property. The Property Manager represents “the eyes and ears” for the property, and should be on a first-name basis with all tenants and/or member owners of the property.
The Property Manager provides expertise and experience regarding all the services necessary to keep the property in good condition. The Property Manager also creates value by hiring the right service vendors at the right price. The Property Manager is responsible for:
- the collection of all income and/or dues from the property
- payment of all monthly expenses
- reporting, on a monthly basis, all property activity
- complete financial accounting
The Property Manager ensures all vendors have the proper licenses and insurance coverages while under contract at the property.
3. What to look for when hiring a Property Manager
A great Property Manager is detail-oriented, friendly, and outgoing; s/he is a person who takes great interest in the ownership’s property, and is willing to grow as time and experience come into play.
The best Property Manager always looks for new methods and systems to keep the property in the forefront of its industry, while reducing operating expenses and helping to increase the property’s value. A great Property Manager is a team player, and is able to work within the ownership’s direction.
4. What to look for when hiring a Property Management Company
The best property management company brings experience and productivity to the property. Property Management should be able to provide a history of its performance, managing similar types of property as being requested to qualify for.
In addition, the best Property Management organization will have the ability to provide volume purchasing power for services and programs that add value to the property. This includes accounting expertise, to design and provide reporting that gives property owners an exact picture of how the business plan and the property are performing.
Finally, a great Property Management company utilizes the latest tools and technologies to perform its work and services, and provides the best references, illustrating their excellent reputation and longevity in the industry.
If you’re looking for Boca Raton or West Palm Beach Property Management, or you’re interested in Property Management companies in Fort Lauderdale or Broward County, please give us a call. We’re proud to be one of the most prominent Property Management companies in all of South Florida. We look forward to speaking with you!