When needing your properties to be sold, finding the right real estate agent is very important. This will determine the success of the over-all transaction. You sure want to make the most out of the deal, right?
If you’re a property manager, you probably started off in the residential market.
This is the usual route, but many property managers want to dive into the world of commercial property management. However, there are many differences between the two professions. There may even be new qualifications that you need to get, and laws to understand and follow.
So the question is, how to become a property manager for those properties? You may also want to know, what does a property manager actually do in a commercial building?
If you have questions, keep reading. This guide will explain the five differences between a residential and commercial property manager.
1. Tenancies Are Different
There are more expenses attached to a commercial building agreement, and the tenant will shoulder these. The usual expenses are the NNN or three nets. They include maintenance, insurance, and property taxes.
Furthermore, as a commercial property manager (PM) you’ll deal with fewer tenants. There’s typically only one owner per building. And you’ll be interacting with businesses, not individuals.
2. Commercial Leases Are More In-Depth
Commercial leases are often longer and more complicated than residential rental agreements. For example, they may have annual rent reviews or prices attached to a fixed index.
Often a tenant will invest in fitting out their space with custom alterations. This investment only makes sense if a business is going to be in the property long-term.
3. Differences in Building Maintenance
In a residential property, a maintenance issue can be a quick fix. A call to a contractor who interacts with the tenant and you’re done.
With commercial buildings, it’s often necessary – and required by law – to have an on-site manager.
Additionally, there should be a system where tenants and the PM can track work tasks. Tenants need to be kept updated on when the work will be done and when completion is expected.
4. Certifications Are More Important
In general, it’s easier to manage single-family homes than a large commercial property. Where becoming certified may have been optional as a residential PM, it’s more important for commercial property management.
The usual route is to become a Certified Property Manager (CPM). The designation is highly respected in the profession It’s recommended you look into getting it if you decide to make the switch to commercial properties.
5. Commercial Property Manager Responsibilities
You’ll be pleasantly surprised to hear that commercial property management carries less responsibility for you.
The tenants you’ll deal shoulder a greater responsibility than residential ones. For a residential tenant, you have to maintain a habitable residence, and there are strict laws on what that means. The law also favors tenants in case of eviction.
For a commercial property manager, the scope of responsibilities is relatively lower. The buildings are generally used during the daytime. This means no late night calls about noisy neighbors or leaking pipes.
Find a Real Estate Agent
Hopefully, you now understand if the life of a commercial property manager is right for you.
The real estate sector is one that is so wide that you need help to find the right people to work with. Contact us today to find the best agent for your property.
If you find yourself with the task of dealing with an empty property for the first time, it can be difficult to know what to do. However, it’s important that you take steps to protect the home against problems and ensure that it remains in great condition until it’s ready to be used again.
Below we’ll tell you the 5 most important steps to properly managing a vacant home.
1. Check Up Regularly
One of the most important things to do when you have an empty property is to get into the habit of checking up on it regularly. It’s important to routinely give it a visit and see if anything seems out of place. There could be vandalism, break-ins, or a squatter staying in your house.
If you’ll be out of town for a while you may want to get a friend to check on it for you or hire a great property manager to stop by the home on a regular basis.
2. Make Your Vacant Home Look Occupied
When you have an empty house, it’s also important that you do everything you can to make it look occupied even when it isn’t.
There are plenty of things that you can do to make it look occupied. One way is to set a light up in your home on a timer to be turned on each night. You may also consider parking a car in the driveway, or find some other way to make it less obvious that the home isn’t currently being lived in.
Additionally, don’t let mail and newspapers build up as this can be an obvious sign to people passing by that the home is vacant.
3. Put the Right Security in Place
It’s also a good idea to invest in some security measures if your home will be unoccupied for some time. Consider setting up motion sensors or surveillance. These days, it can be easy to set up a security camera and access the live feed from just about anywhere.
You may also want to get an alarm system in place. This will allow you to rest assured that your property is well taken care of and give you peace of mind. Additionally, if you already have a security company in place, it’s a good idea to let them know that the house won’t be occupied.
4. Be Prepared For Winter
In addition to keeping your home secure and safe from burglars and squatters, it’s also important to keep it safe from mother nature. Winter time can lead to some very cold temperatures and it’s important that you prepare for the worst.
Cold temperatures can cause a lot of damage to your home if not prepared properly. The cold may lead to busted pipes, flooding, or snow getting in due to gaps and crack in the doors and windows.
5. Consider Insurance Issues
If you’re managing a vacant home you should be aware that it won’t be covered by insurance for long. If your home is vacant for too long, usually over 60 days, it may no longer be eligible for homeowners insurance. After this, you won’t be protected from things such as vandalism and broken glass.
However, there may be other solutions and insurance providers vary so do your research. Make sure you contact your insurance company and find out exactly what you can expect.
Dealing with a vacant home doesn’t have to be difficult, but it will take some effort on your part. By following the steps above you’ll have the best chance of managing the empty house well and ensuring you’re doing a great job at taking care of it.
Looking for a great real estate agent? Need property management solutions? Contact us today to learn more about what eFind Agent can do for you.
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