Rockville is regarded as one of the best places to live in Maryland. This is because residents can enjoy a top-notch work-life balance and many employment opportunities.
This leaves room for commercial property owners to make passive income through real estate investments. If you are unsure of the management aspects, consider hiring a commercial property management company.
Keep reading to learn the roles of property managers.
Schedule Maintenance
Commercial property management services can keep your properties habitable and valuable. They protect your real estate assets with scheduled maintenance.
Property managers handle maintenance coordination so you don't have to. The entire process is out of your hands unless you don't want it to be.
Depending on the size of the property, they may combine their talents with additional property managers. Together, a team can handle:
- Regular inspections
- Waste management
- HVAC checks (Air filter replacements)
The main goal is to keep the property clean and maintained to heighten profits.
Handle Tenant Relations
A property manager has experience handling different types of tenants. They will maintain a healthy relationship with your renters to keep them happy and hopefully renew their lease.
There are some parts of being a property manager that aren't so pretty. They are responsible for enforcing the lease agreement. If a commercial tenant is not abiding by the lease, they will handle these concerns on your behalf.
For example, not paying commercial rent could be grounds for eviction. If the problem is not addressed by the tenant, a property manager will start the eviction process.
Rent is a giant portion of your rental income. Property managers can interact with tenants to make sure rent is paid on time and issues are addressed. If eviction is necessary, they will follow Maryland eviction laws.
Report and Budget Finances
To make passive income, you have to dabble in accounting. Outsourcing this task to a property manager is ideal for landlords without accounting experience.
Although there are some beginner-friendly accounting software programs, it's best to work with a professional.
A commercial property manager will track income and expenses, create financial reports, and reconcile bank accounts. They will create budgets and analyze where you can save money on property ownership.
Listen to your property managers. They have invaluable opinions from being in the real estate industry for years. They may suggest upgrades that can improve your property and increase your rental income.
At the end of the month, you should receive owner statements and disbursements. This way, you'll have an overview of your property's health.
Is Commercial Property Management Right for You?
There is a lot that goes into commercial property management in Rockville, Maryland. Property managers wear a lot of hats and take on a lot of roles.
When you need maintenance coordination, better tenant relations, and rental property accounting, hire us! PMI Potomac is a full-service property management company providing professional services to landlords.
With more than 20 years of experience, our locally aware property managers can do it all. Our key to success lies in our professional and prompt services.
Let us help you increase the value of your asset! Contact us today to get started.
