What does a commercial property management company do?

Commercial property management can be challenging with numerous tasks and activities that need to be undertaken on an ongoing basis. For some landlords, it is imperative to work with a commercial property management company, especially as it has become more and more challenging to keep up with all of the latest regulations and industry standards.

If you own a commercial property and need help managing it, it’s helpful to understand what a commercial property manager does and the benefits of using one.

What is commercial property management?

Commercial property management involves the operation, maintenance and oversight of a rental property on behalf of the landlord.

Acting as a third-party between tenants and landlords, property managers are professionals who oversee the running of a rental property. This includes fulfilling legal requirements, managing maintenance and repairs, collecting rent and dealing with tenant-related issues.

What are the key responsibilities of property managers?

There are a range of areas property management covers, so here are some of the key responsibilities of property managers.

Finding and screening potential tenants

Property managers find and screen prospective tenants. To do this effectively, they need to advertise the property, manage enquiries, interview potential tenants and undertake tenant reference checks. 

Complying with legislation and regulations

In recent years, a number of new regulations for rental properties have taken effect across the UK. An experienced property manager can help ensure legal requirements and safety standards are met (and exceeded in certain instances) and all of the necessary paperwork and documentation are in place.

Undertaking inspections and maintenance

Maintenance and upkeep of a rental property is a key part of property management. Routine inspections need to be undertaken regularly, and property managers should note any issues that need attention. When maintenance issues come up, property managers then organise a tradesperson to carry out the work. 

Dealing with tenants and tradespeople

Crucially, property managers will be the first point of contact for the property, and this includes communication with tenants, tradespeople and suppliers. They will also manage any issues that arise throughout the tenancy.

Handling rent collection

Additionally, property managers ensure rent is paid on time and in full, and they often manage arrears before possible escalation. If this isn’t revolved, property managers then deal with the eviction process and legal proceedings if necessary.

Managing tenant move-ins and move-outs

Before tenants move into the property, property managers handle the tenancy agreement, documentation and deposit, which needs to be stored in a tenancy deposit scheme approved by the government. They will also handle the move-out process and inspect the property at the end of tenancies.

Why use a property management company?

There are a range of reasons landlords might choose to use a commercial property management company. This could be because: 

• They don’t live local to the property
• They don’t have the time
• They may not have the knowledge or experience to do this themselves

All of these circumstances can make it challenging to handle the property management themselves. On top of that, there is added value that comes with using an experienced property management company. 

Property managers can help enhance your tenant’s experience, boost your offering as a landlord, ensure tenancies run smoothly and even add long-term value to the property. 

A full-service consultancy could also provide additional support with sustainability, architecture, space planning and dilapidations, which can allow you to really enhance the value of your commercial property and create the right property for your tenants.

Benefits of a property management company

Saves time

First and foremost, you can save time by working with a commercial property management company. You won’t need to constantly be on standby to deal with any issues that come up with your property. It also frees you from the stress and hassle of having to manage the property and tenancy.

Provides support with regulation changes

One of the biggest challenges for landlords is keeping up with the ever-changing rules and regulations impacting the industry. There have been a lot of legislative changes in recent years and more are on the way. An experienced property management company will have the expertise and knowledge to help advise, support and prepare you for any upcoming changes.

Reduces tenant turnover

The extensive screening process a property manager undertakes can help ensure higher quality tenants. Through this and providing a high-level management service, tenants might agree to stay for longer, which can reduce vacant periods and improve profits.

Provides access to local contacts

A property management company often has useful contacts with experienced and trusted tradespeople, contractors and suppliers. This allows you to take advantage of the relationships they have built and nurtured in the local area.

Property management services

Eddisons provide comprehensive commercial property management services that ensure your property or portfolio is managed to the highest standard. Our property management team can handle rent collection, occupier communications and regular inspections, in addition to financial, facilities and database management and regulatory compliance.

At Eddisons, we manage the day-to-day challenges of letting a commercial property, while anticipating the needs of landlords and occupiers and enhancing long-term value. As a full-service consultancy, we also offer additional commercial property solutions that can help you achieve your objectives and elevate your property or portfolio even further.

Get in touch for more information about our commercial property management services or to discuss your specific requirements.