Do you need a Commercial Property Manager?
This is one of the most common questions we get asked. To Answer we came up with the top 7 reasons you should seriously consider hiring a management company.
Wether you are looking to save time, fill up your vacancies or ensure the future of your property a good management company may be essential.
Maintenance
Expenses certainly do not end at the closing table. Any property no matter the age can expect to have periodic maintenance expenses. Current Capital is exceptional at identifying maintenance problems before they turn into something that will become more costly. Additionally we work with several maintenance companies in addition to our in house maintenance team. This will ultimately save the property owner money buy providing them with exceptionally low service costs.
Pricing
While possible to manage on your own, this task can be very demanding and time consuming to keep up to date relevant data. Prices are always moving and it is important to be able to price your property accurately. Current Capital understands the value of minimizing vacancies while maximizing monthly income.
Accounting
Accounting is the primary way to measure both the performance of your properties as well as your management company. Current Capital Group utilizes the most up to date financial reporting software “Yardi” which enables us to generate reports that the majority of other companies cannot produce. We offer the following but are not limited to income statements, balance sheets, general ledgers, delinquency reports, accounts receivable/payable, sales tax compliance lease audits and forecasting.
Legal Issues:
Commercial properties occasionally will run into complex legal issues such as code compliances, governmental regulations, evictions and ADA compliances. Current Capital Group is a company full of extremely knowledgeable individuals that are familiar with current local, state and federal regulations. An experienced property manager will be able to identify legal property matters and hopefully prevent legal actions/fines.
Tenant Screening
another very important aspect of filling vacancies. It is a very difficult process to re acquire a space after it has been leased to a tenant. Current Capital minimizes risk by thoroughly verifying income, credit scores, background checks and the compatibility with the property as well as the neighboring tenants.
Rent Collection
Collecting funds from tenants can sometimes be a very time consuming and frustrating process. Current Capital is capable of dealing with difficult situations to ensure that rent will be collected on time and in a professional manner. Responsible property managers will be very consistent in the policies set in place by the property owner. Enforcing late charges and penalties are necessary to condition tenants to pay promptly. Occasionally, legal actions will need to be taken and enforced. Current Capital works with attorneys who are highly recommended and efficient. In most cases it is desirable to have a third party between the owner and the tenants for collecting funds.
Tenant Retention
Vacancies and tenant turnovers can be time consuming and costly. Tenants who feel that their needs are being met and surpassed are more likely to stay long term. Current Capital is always checking in with tenants and making sure that they are satisfied, creating a relationship that will truly benefit the tenant, themselves as well as the property owner.