Scenario: you’ve decided to invest in a commercial property, not for yourself, but as a leasing space that will give you some extra spending cash. However, once the papers are signed and the property is yours, what do you do? Well, if you already have a business/individual lined up to rent your space, you will hand over the day-to-day operation of the property over to them, but you will still be holding the reigns for the piece of real estate, and you will be the one responsible for any decisions regarding it.
This sounds great…until you are faced with an issue or question that takes away from your personal time and resources, and ends up making the property more of a headache than a help. So, how can you reap the benefits of owning a commercial property without dealing with the routine kinks in the chain that often come up with this type of situation?
The answer to your problems could be found in a property management company.
Property managers essentially “manage” your piece of property by taking care of the day-to-day operations and issues that come up, while overseeing the rental of the space and the conditions under which the least was signed. In other words, a property management company will make sure your renter(s) do what is requested in regards to upkeep of the property, use of the property, etc, and they will also oversee maintenance on the property in your stead. This is especially important for property owners who live in an area outside of the region in which their property is located. For example, our local “snowbirds” who own properties here in Florida often trust management services to take care of their commercial space, whether it is rented out or not. This leaves someone local in charge, just in case something happens and requires prompt attention (like damages to the property, failure to cooperate on the part of the business/individual leasing the space, etc.
There are many benefits to having a property manager take care of your space rather than managing it yourself, but perhaps the biggest benefit is the peace of mind, knowing that you get to enjoy the fruits of your space, without putting in all the labor to take care of it. If you are local to the greater Lakeland area here in Polk County, Lorio and Associates can offer you that peace of mind by managing your commercial property. Even better? We will seek to rent out your space, and keep it filled, so you are always making maximum profit off of your property.
Give us a call and see what we can do for you!