What Does a Commercial Property Management Company Do?

Have you ever wondered what a commercial property management company does? Or better yet, what they should be doing?

If you’re asking either question and reading this article, then it’s safe to say you probably own commercial real estate or are considering purchasing commercial investment property. The answer to this question is simple, “Whatever you want them to do”. Ok, it’s not that simple. Practically speaking, the range of service varies quite a bit from company to company, depending on who you speak with. However, there are some basics that are essential and necessary regardless of your reason for needing or wanting professional property management. In this article you will find the answers to what you should expect from a commercial property management company.

The basics:

Accounting Services

Reporting- Monthly accounting reports that include, a balance sheet, income & expense statement, general ledger, rent-roll, rent ledger, expense ledger and a copy of the bank statement are the basics. There are various other reports you may want or need depending on the property and ownership type. For instance, with a self-storage property you will want in addition to the above, a copy of the audit and daily deposit report.

Narrative Report- This is a narrative monthly summary of exceptions in the budget, income and expenses or any unusual activity on your property, this report should be prepared by the property manager responsible for your property.

Collections (AR – Accounts Receivable) – Collecting rents and other monies owed. This function is generally considered an accounting function, until the point there is a problem (which is quite frequent these days). You will want a company that has a clearly defined process and system of responsibilities when it comes to collections, ask them, Who? – who will do what in the collection process. What? – what will be done. When? – when will it be done.

Payments (AP – Accounts Payable)- Now that they have collected your money, you will want them to pay the bills. Again, you will want them to clearly define, Who, What and When this will occur. You may want to define for the accounting staff the details on payment of your expenses, including when and how much to disburse to you, as well as other details such as reserves for taxes, insurance or capital improvements.

Lease Processing – This task is generally a group effort, with a defined patterned or specific routing to a number of people within the company, including the accounts receivable department and property manager. Each has a specific function and items they are looking for. However, one person generally inputs the lease into the computer. This part of the process is extremely important, as a missed date or dollar amount could result in serious repercussions down the road. Detail and a process that includes multiple layers of people checking the input process is Key.

Management Services

The Property Manager – This person is “One” of the focal points by which you make your decision on whether you hire a company or not. The property manager is the person that will make the critical day-to-day decisions that go into operating a property. Their responsibilities include – relationships with your Tenants and Vendors, physical condition of your property, oversight of the collection process, payment of bills, budgeting, lease administration, monthly reporting, generally all aspects of the operation of your commercial real estate. Most importantly they will be your contact and source of information about your real estate investment. Make sure you feel completely comfortable with this person and their abilities.

Site Visits – site visits are a critical part of any property management contract, minimally you want your property manager on your site once per month, weekly is preferred. Many things happen during the course of a week on a commercial property. The frequency of the managers’ visits will depend on the type of property they are overseeing. The purpose of the property managers’ visit will vary from property to property as well, however, here are a few tasks your manager should attend to while on your property:

Advantages of Internet Home Based Business

Because of the increasing rate of unemployment, people are looking for alternative ways to earn money. If you are planning to start a home based business, the internet can be your best friend. You can start one with none or very low cash capital, given that you have a computer and an internet connection. If you are not convinced, here are the advantages of internet business compared with brick and mortar business.

Business without your own goods!

First of all, you can start a business without a product of your own. Now, your writing skills can come in handy. The easiest way to do it is to start a blog. You may begin with just writing about anything. Just keep in mind to make your blog entries interesting. Once you developed a good readership, you can post advertisements on your blog. You may enter an affiliate relationship with companies which have products or services to sell. Write about them and host their links. If a purchase is made through your efforts, you will get a commission.

No need for a shop space

With an internet based business, all you need is enough space for you to sit down in front of your PC. You may also have a telephone. There is no need to rent for a place to be your shop, saving you operating costs. If you are advertising products from other companies, then you do not have to keep the goods in stock. If an order from a customer is made, you can have the goods shipped and you still get profit. There is no need to waste room space for storage or pay storage fees.

Easy communication with customers and related companies

Conventional mail is slow and inefficient. You also have to pay postal fees for paper mailings. But for an internet home based business, it is very easy to keep in touch with customers. You can easily send email to your mailing list, even personalize every message. Electronic newsletters are sent in just seconds and it increase word of mouth about your business. How? It is because emails can easily be forwarded, without cost and effort on the side of your customers.

While you are working on your site, you will be exposed to other home based advertisers. You can form an affiliate community, and you can earn more by finding more links to host. In time, your site will be exposed to reciprocal links, which will help your blog become more visible through search engines.

Efficiency

The brick and mortar shop requires a good location, so that it is accessible by customers. If your business is on the internet, you make the whole world your audience.

Also with an internet business, your customers are attended to immediately. Buyers do not need to wait if you are dealing with others since internet response can be automated. You also do not have to work whole day long. If you already have updated your blog and all the necessary links and banners have been posted, you can rest or do household chores. You can cook or take care of the baby while actually earning money. Home based business is particularly recommended for mommies.

Home Based Business – Choosing One That’s Right For You – Here’s Your 10 Point Checklist

 I read somewhere that a staggering 97% of Home Based Business Owners FAIL within their first 3 Years. Would you like to be in the other 3%?
 
Then you need a Checklist.I have spent a mammoth amount of time and money trying to find the “perfect” Home Based Business that will make me an “instant” fortune.Then I realised something…and I’m going to tell you what it is.Firstly, let me ask you something – Have you ever had a job and if so, did you make $10,000 a month after working there for just one month?Of course not. You had to learn the job first! Hopefully you were taught as you went along until you got it right. Even after that I dare say that the job never paid you $10,000 a month. That’s why you’re here. If you have never been in a Home Based Business it can be quite foreign but once you have learned the skills you need to succeed it can be very, very rewarding. By that I mean “financially” rewarding as well as “life” rewarding. Nowadays, it is our family who decides when our holidays are taken…not when a ‘boss’ says it’s ok. It feels so good.I realised that a successful business of any kind is built over time. You have to learn the ropes. I also realised that I didn’t want to do some of the things that were required of me in order to make an income while working from home. So I started writing down what it was that I was looking for, what I was comfortable with and what I was prepared to do consistently each day.This is important if you’re to work from home because there isn’t a boss hovering over your shoulder making sure that you are working. You have to want to do the work and when the money starts coming in it will give you even more incentive.When looking for a Home Based Business you must be sure that you have a check list.
 
 What is it that YOU want? Create one of your own. If you’re unsure, here’s my list to give you some ideas.

TRAINING Is there ongoing Training and Support to achieve the desired income?

PERSONAL CONTACT Can I talk with someone in the prospective business? Is there a phone number or contact email?

INTEGRITY Does the company mean what it says?

EQUIPMENT Do I need a computer, a phone etc? Do I get my own website?

COST Is the start up cost within my budget? This means, do I have the money now or am I prepared to go into debt to invest in this particular home based business and where will the money come from?

PROFITS Are they good or will I be working a long time to create a worthwhile income? Is the company promising an unrealistic income?

ONGOING FEES Is there an ongoing Membership to pay? This is most important to know (and in my opinion to avoid especially when you are new) because if there is a monthly fee, they will charge you EACH and EVERY month whether or not you are making any money!

PRODUCTS Are the products or services highly sought after?

VERSATILITY & DIVERSITY Does this home business teach me things that I can apply to other businesses or other ways to create more income? I am a great believer in Multiple Streams of Income. I like to “Provide For Life”.

PRIDE & COMFORT Am I happy to talk with my family and friends about my new home business that I have undertaken, without them running a mile thinking that I’m going to recruit them! Heaven forbid.
You know, This is my checklist and I was late in creating it but as they say, “Better late than never”. Now you know what I look for in a Home Based Business that suits me and I am happy to share it with you. Maybe you are looking for something with similar traits. I hope this list has been of some assistance to you.


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