Property management refers to the oversight of real estate and property through a third party. This includes the operation, maintenance, and management of residential, commercial, or industrial properties. Property managers are experts within their field and aid in the continuance of real estate value. They also create a client experience that ensures worry free occupancy and on time payment of rent. Working hand in glove with ownership, leasing, and capital markets, they can ensure owners create value for their assets, maintain value of their assets, and when appropriate monetize the value of their assets.
To dive deeper into the property management world, Cawley Commercial Real Estate‘s marketing team curated a set of questions to answer as to why one might want to hire a commercial property management team with insights provided by Aida Chavarria, Senior Property Manager at Cawley Commercial Real Estate.
1. Why hire a property management team?
Managing a property requires overseeing a lot of moving parts. Hiring a property management team streamlines the financial, day to day duties and general supervision required. A Commercial Property Manager will have established contractor and vendor resources to choose from, maintenance knowledge, tenant relationship skills and general expertise that can overall help save the owner time and money.
2. What are the instant benefits received in hiring a property management?
A more professional appearance to tenants, accounting and financial reporting, tenant communication and marketing expertise.
3. How much does commercial property management cost?
The cost for commercial property management can vary by project size, type, location, and even occupancy. Each project is reviewed and pricing is determined individually based on this information and the needs of the owner.
4. What is the average commercial property management fee?
Management fees are determined based on the property size, type, location and sometimes occupancy. The full scope of the project and the owners goals are reviewed to determine pricing. In general, property management fees can range between 2% – 12% in gross rental income. In some cases there will be a flat monthly fee minimum or a percentage, others may just have a flat monthly fee.
Looking for a property management team in the Chicagoland area?
As Cawley Commercial Real Estate provided insight as to why one should hire a property manager, if you are looking for property managers in the Chicagoland area and need assistance, please feel free to contact us. Our highly skilled and experienced experts will help you along this process and can answer any questions you may have.