There are many reasons to self-manage or manage in-house, including not paying a third-party commercial property manager. Determining the most effective and efficient way to manage commercial property involves many factors, such as those below.
As a commercial property owner, all the requirements you need to understand and abide by are not easy to grasp. There are laws and requirements at the federal level, coupled with regulations at the state and local level. Keeping on top of these ever-morphing requirements can be difficult.
How can you leverage the benefits received from the latest trending technology that can provide you with real-time tracking of rent payments (and arrears), building systems performance, scheduled inspections, costs for repairs and costs for maintenance? Managing these systems on your own require a substantial portion of your time, not to mention a big chunk out of your wallet, if not negotiated and contracted correctly.
Do you have contracts -- and appropriate scopes of work -- with trusted vendors that you’ve vetted for top service and competitive rates? How big is your vendor pool? How far do your vendor resources stretch? Self-managing might limit your resources and not allow for volume purchasing, such as what third-party managers are privy to.
Time is both fleeting and precious. Especially your time. Do you have hours each day, week, month, and year to perform in-depth analysis of property information regarding your portfolio’s performance? Or handle urgent maintenance issues after-hours? Know what your time is worth and allocate to professionals.
Meissner Jacquét Commercial Real Estate Services provides experienced third-party commercial real estate management services. Meissner Jacquét will assemble a property plan that outlines how best to manage your commercial property for optimal results, so that your time is spent focused on your core business and not fixing leaking toilets.
Meissner Jacquét provides commercial real estate services to office, retail, industrial and commercial owner association properties throughout Southern California. To learn more about Meissner Jacquét’s services, contact Allison MacDonald at 858-373-1234 or AllisonM@meissnerjacquet.com.
-Submitted by Danielle D’Andrea, Meissner Jacquét Commercial Real Estate Services.