Tampa Bay's commercial real estate market has exploded over the past two decades. It doesn't seem to be dying down, with the city recently named Florida's best city to live in.
Even with the pandemic forcing businesses to shift to online platforms, Tampa Bay wasn't affected as much. This is evident with the increase in multi-family homes, restaurants, offices, etc.
Now, whether you plan to buy an investment property in Tampa Bay or already have one, it's safe to say you'll want to hire commercial property managers. Read on to learn about what professional commercial property management can do for you.
1. Reach Your Financial Goals
Knowing how to handle a business budget is one thing. If you want to get the most out of your investment, it's better to work with a property management company.
Commercial management companies handle accounting. They can also provide you with crucial insights into growing your investment through financial statements.
Besides accounting services, a property management company can help reduce vacancies. More tenants equal more rental revenue. Plus, your assigned manager can also help you attract even more tenants with their real estate marketing expertise.
2. Keep Your Investment Property Well-Maintained
Property maintenance is one of the critical responsibilities of property managers. If you initially attracted tenants with lower rental prices, you'll soon realize this might not be enough to make them stay.
To keep great tenants in Tampa Bay, they must feel safe and comfortable in your building. That means handling requests for repairs promptly, replacing outdated amenities, and investing in preventive maintenance.
If you don't have a commercial property manager handling these tasks, consider what you must do if a repair request comes in. From assuring tenants to inspecting the problem to coordinating the repairs and ensuring you don't go over budget, you have plenty to oversee. Meanwhile, with a property manager, you only need to read and approve their notices.
3. Let Commercial Property Managers Handle Lease Enforcement
It happens. Sometimes, tenants aren't able to pay rent on time.
However, if they are being difficult on purpose, making rent collection harder than necessary, then you must enforce the lease agreement. Here's where a commercial property manager can help.
Aside from ensuring lease agreements are enforceable even before onboarding tenants, they'll also make sure that everything they do complies with Florida rental law. Of course, to avoid disputes with leases, property management companies usually assign managers who are experts in strong tenant relations.
Work With a Reliable Tampa Bay Commercial Property Manager
Now that you know how commercial property managers can help with investment properties, are you looking to hire one in Tampa Bay?
We can help you. PMI Tampa Bay offers property management services for residential and commercial property clients. Our parent company has been a property management leader for over two decades.
To get started, check out this free rental analysis. It's a no-obligation offer to help clients like yourself understand how profitable your rental can be. You may also call 352.200.234 to learn more about what we can do for you.