Top 4 Services Offered to Commercial Property Owners
As a commercial property owner, one of the most important things you can do for your investment properties is hiring a responsible and successful property manager to take care of your properties. At JMK Property Investment, we take care of all commercial property management tasks. We know that you may own quite a few properties or even live out of town. Leave the day-to-day tasks to us. At JMK, we have successfully managed properties all over Miami. We provide many different services when it comes to managing commercial properties. Read on to learn about four of these services.
When you own a commercial property, one of the worst things that can happen is letting the building sit vacant. In order for the property to be a success, you need high-quality tenants. Here at JMK, we will administer and handle all of the leases at your building. A commercial lease is typically quite different from a standard residential lease. The commercial leases are specified to the needs of the landlord. At JMK, we will read over your leases and make sure the language and stipulations are clear. It is also essential to carefully consider the term of the lease. Commercial leases a
re typically a lot longer than residential leases. They can be 3,5, even 10 years! Since the leases are so long, it is crucial to consider future renewal options and potential early termination clauses. At JMK, we can help you create the language for the lease guided by our many years of experience dealing with commercial leases. Be prepared for your future tenants to try to negotiate the lease. Whether this is an attempt to reduce their monthly payment or advertise their business with signage, there will likely be a period of negotiations. We can help make negotiation suggestions, or we can help you find a good attorney to walk you through this process. Another thing tenants often try to negotiate is additions and improvements to their space. In a commercial building, the space typically starts out empty. Your tenant may try to get you to include things like built-in countertops or constructing a bathroom within the office as a part of their lease. We will help you review these suggested improvements and figure out the next best step.
Once the leases are drafted and signed, it is time to monitor the leases and make sure tenants are upholding their end of the lease. Rent collection is a big part of what a commercial property management company does. It is a top priority. We create monthly statements that we give to tenants telling them what they owe. We also monitor daily cash receipts to keep track of who has paid their rent. In addition, we follow up with tenants who are late with their payments. We will call tenants, conduct visits, and even can help you take legal action if you have a tenant who refuses to pay. Collecting and keeping track of rent payments is a daunting task for any landlord, especially one who owns multiple properties. This is why it is crucial to hire a property management company to take care of this for you.
Dealing with Construction and Maintenance
Over the years, your property will inevitably need construction and maintenance. At JMK, we handle all of this for you. We supervise any construction that takes place on your property. If you live out of town, we are more than happy to provide you with daily updates and pictures so that you can monitor the progress remotely. When it comes to maintenance, we will take requests from tenants and set up the necessary repairs. We also take care of preventative and routine maintenance and set those appointments up when necessary. Through our years of experience managing commercial properties, we have established relationships with various vendors. Working with these vendors allows us to give you a good price on construction/repairs while ensuring that only the best are working on your buildings. Rest assured that each vendor or contractor we hire will be dependable and insured.
Dealing with Tenants
Another important daily task we handle is dealing with tenants. Whether this is following up on late rent or listening to maintenance requests, our goal is to manage tenant relations to keep them happy. There is nothing worse than leasing in a building where the management company is unresponsive. We make sure that when your tenants call, there is always a friendly person available to answer the phone. In addition, we have a 24-hour emergency answering service. If your tenants need anything on weekends, holidays, or after we are closed, there will still be someone available to answer their call and address their needs. In addition, we take pride in the fact that we are extremely reliable to tenants. For example, if a tenant requests maintenance, we make sure that it gets done in a timely manner. We can also help you with new tenants by screening them and helping you make sure they are a good fit for your building.
We also take care of your financial reporting. We know that as a property owner, you may be a great investor but may not fully understand all the ins and outs of financial reporting. At JMK, we have state-of-the-art property management and accounting software that helps us produce accurate, timely financial reports. We provide our property owners with monthly operating reports, income and expense statements, rent rolls, tenant activities, aging reports, CAM reconciliation, and more! We will also help prepare an annual budget for your review.
Having an experienced commercial property management company to take care of your property is key. As a commercial property owner, it is important that you have someone looking over the day-to-day activities of your property. At JMK Property Investment, our goal is to handle all of your property needs, whether that means scheduling routine maintenance, dealing with tenants, or creating financial reports. For more information about the services we provide, contact us today.