Some people say that being a landlord isn't worth the trouble, but this is primarily because they try to do everything on their own. Commercial property owners can hire management companies to earn a truly passive income with minimal effort.
Read on to learn what a real estate management company can do so you can get the best possible payoff from your commercial property.
Tenant Screening
Not all tenants were made equal, and working with a property manager can ensure that you get good ones. Tenant screening tools make it easy to look into the backgrounds of potential renters.
Glenview property managers will look into an applicant's:
- Credit score
- Rental history
- Landlord references
- Criminal background
- Income and occupation
- History of rent payments
This means more information for landlords as they lease out to commercial tenants. When you get quality commercial renters, you're also likely to decrease vacancy with long-term leases that renew often. No one wants to move their office unless they have to, so you're likely to get long-term tenants that re-sign.
Leasing Assistance
Commercial property owners help landlords draft and renew leases. They research rent prices in the area, value the property, and come up with a fair rate that generates the most passive income possible. This information goes in the lease along with terms and conditions that make sense.
Real estate management also means negotiating leases with tenants and drafting up legal contracts with agreed-upon terms. While you'll have a say in these conditions, you won't need to deal with the fine print of a legal document.
This makes it easier for you to manage your property with lower vacancy rates.
Management for Commercial Property Owners
Once you have tenants working in your commercial property, managing their complaints and requests can be a challenge. Luckily, Illinois property managers make this easy with a single dashboard.
Tenants can make complaints and you can see when the property management crew resolves them. You don't need to do anything unless you want to, but it's easy to keep tabs on the property.
PMI's team has pre-existing contracts with cleaning and maintenance crews. You don't need to seek people out on your own or risk having someone untrustworthy enter the property. Our partners are pre-vetted and have built trust over a long period.
All we need to do is request for them to come in at a certain time and have work done.
This also is ideal because it makes emergency repairs easier. You won't need to field phone calls and deal with the problem on your own. The property manager you hire will do all that heavy lifting for you.
Unlock Your Potential in Glenview, Illinois
Now that you know some value-enhancing insights for commercial property owners, it's time to turn the highest possible profit on your rental unit.
At PMI Metro and Suburban, we're committed to helping owners with real estate management. Get a free rental analysis to learn what your property's worth so you can begin increasing rental income while knowing all the facts.
