When you’re in the hunt for a new commercial rental space, there are many types and classes to choose from and numerous factors to consider, including location and budget. But in the thick of it all—as you weigh your options—it is important to never settle for anything less than the best commercial property management. Realistically, the better the management, the more value you get out of your rental.
Commercial Property Management: Then and Now
In the past, a suitable commercial property manager needed to be nothing more than adequate. So long as they oversaw and negotiated your lease, collected your rent, and cleaned and maintained the overall property, everything was satisfactory. But times have changed.
Today, as our economy rebounds and expands, the interest in commercial rental property is ticking up and so is the average rent cost throughout the country (expected to rise about 2.25% in 2014). In consequence, the demand for superior property management to add value to a property is growing—“satisfactory” is no longer enough; management standards must to be elevated to be the best.
How to Identify the Best Commercial Property Management
Just as not all commercial property spaces are created equal, the same is true of commercial property managers and management companies. To help you identify superior property management, remember that great management is:
- Proactive – They perform preventative maintenance and upgrades on heating and cooling systems, keep the paint fresh, invest in higher quality building materials, and work to find resolutions to problems before they surface or affect their tenants. They also make concerted efforts to drive down operating costs for tenants, such as investing in innovative energy-saving initiatives and green building strategies. For example, built in 2010, Chinburg Properties’ Newmarket Mills features many green and best building practices—perfect for retail, manufacturers, and others looking for a first class space.
- Responsive – They answer your calls and emails in a timely fashion. They should also respond quickly to emergency situations to keep you safe and your business operational, such as during power outages or snowstorms. At Chinburg Properties, a commitment to excellent customer service is evident, complete with a dedicated customer service team and emergency after hours responsiveness.
- Knowledgeable – They truly understand the market and their clients’ needs. For instance, they outfit their properties with appropriate amenities suitable for operations big and small and know which spaces will be the best fit for new tenants. They also will understand how to properly negotiate any future construction projects on their properties in a way that is sensitive to their current tenants. And they are financially savvy enough to provide you and/or your lender with appropriate research and valuations to support their leasing terms and conditions. As an industry leader in not only property management, Chinburg Properties is also a renown developer of commercial spaces—ensuring that you are in capable hands with experience and a vested interest in all facets of commercial property ownership, upkeep, and value.
- Accessible – Simply put, an ideal commercial property management company is local and you can get in touch with them easily. Better yet, they even welcome you to visit their offices and never leave you wondering where they are even located. Chinburg Properties has offices in two of their very own commercial properties, the Newmarket Millsand Cocheco Mills—and are within minutes of their Washington Street, and Canal Street mills—and even offer a convenient online tenant login as well as a contact form to help you start finding commercial space today.
- Friendly – It’s one thing to be “around,” but the right commercial property management company is also approachable. They make you feel comfortable to reach out and encourage communication—be it about policies, procedures, customer feedback, or otherwise, you always want to work with those who appreciate interacting with their tenants. You can even ask other business owners in the same building how they have liked their relationship with the management to date—this can tell a lot. Check out Chinburg Properties’ full team of employees, each a genuine individual who cares about the people they serve—and respect, courtesy, and shared enthusiasm are central in everyone’s attitude.
In the end, whether you are in retail, manufacturing, restaurant, or corporate business, the reality is that finding credible and reputable commercial property management can be the difference between a lease you can’t wait to sign again, and the one you wish you had never even considered.