Did you know that 70% of properties in the United States are owned by individual investors? If you are or want to be one of those investors, you may be overwhelmed with the idea of managing that property on your own.
This is where a commercial leasing management company can help you.
What does a company like this bring to the table? This guide breaks down some of the biggest perks.
Lowering Vacancy Rate
One thing that you want to avoid as a commercial real estate owner is a high vacancy rate. That is because the longer that your property sits vacant, the more opportunities you miss to make money from that rental property.
In Indiana, this is especially important because the vacancy rate has increased by 2% since 2019.
You need to do whatever you can to minimize your vacancy rate. Luckily, commercial real estate management groups specialize in this and can work with you to fill those vacancies.
The biggest key here is for people to know that your property exists and that it is available to rent. Property managers can help market your property and make it look as desirable as possible to wandering eyes.
Part of this comes with making sure you have the best photos of your property possible displayed online. This is what can attract people's attention and they can start to imagine living in your rental property if they like what they see.
To do this, a good property manager will tell you to hire a professional photographer. They have the right camera equipment for the job along with the right techniques to get good shots. This includes knowing what lighting is good for a picture along with what camera angles make the rental property look better.
Once you do this properly, you should see positive results.
Handling Tenant Concerns
Another thing a management company can do for you is handle any concerns that the tenant has. This can be anything from a minor repair to a noise complaint. You can give the tenant a contact card for the property management company and they're the ones who take over tenant satisfaction.
On the flip side, a management company can also handle any issues that you have with the tenants.
One of the biggest things that can come up here is the tenant failing to pay rent or violating a major rule of your building. If it gets to the point of eviction, a management company can help you go about that process.
Hire a Leasing Management Company
These are some of the things that a leasing management company can do for you. Two of the biggest reasons to work with one is to help lower your vacancy rate and handle any tenant concerns.
Things such as promoting your property can be done the right way if you work with people who have experience with this. You will also be glad to have someone to help you deal with any tenant headaches.
Do you want to know more about property management in Lafayette? Message us here today.