Property Managers:
The Superpower Every Commercial Landlord Deserves

Vic Green Realty Dayton, Ohio

You’ve purchased a piece of commercial property, maybe it’s a warehouse or maybe it’s an office, but whatever it is, you are so excited to finally be the proud owner of commercial real estate. The journey to get here was challenging and there was a lot to learn, but you persevered and now you’ve made it, right? Wrong. That was only the beginning.

From finding a tenant, knowing what to charge them in rent, repairs and maintenance and maintaining records, there is so much that is involved in owning a commercial property and being a landlord. The wonderful thing, is that you don’t have to do this alone. You do not need to look any further, than a Property Manager.

There are Five Main Responsibilities, that your Property Manager will take care of, that will allow you to be a commercial landlord without all the headache and struggle. They are here to make this process as seamless as possible. Let’s take a look at what they can help you with now.

1. Responsible for Knowledge of Landlord-Tenant Law

There is a vast amount of laws that apply to a landlord and a tenant and there are constant changes that involve them. Your property manager will have a thorough knowledge of statewide and national laws regarding the correct way to:

  • Screen a tenant
  • Handle security deposits
  • Terminate a lease
  • Evict a tenant
  • Comply with property safety standards

Having someone so knowledgeable of the laws, will allow you to have peace of mind, in the face of these decisions.

2. Responsible for Rent

Vic Green Realty Dayton, Ohio

Your property manager will be responsible for:

  • Setting Rent – the property manager knows how to set the right rent level to attract tenants to your property. They have an understanding of the market where the property is located and have looked at comparable properties in the area.
  • Collecting Rent – they play the role of the enforcer. They ensure optimal cash flow by setting a date to collect rent each month and strictly enforcing late fees.
  • Adjusting Rent – the property manager can increase the rent by a fixed percentage each year, according to individual state and/or municipal law.

3. Responsible for Tenants

One of the main responsibilities of the property manager is to manage tenants. They are involved in all capacities, from finding the tenants and dealing with complaints to initiating evictions. Here are just some of the ways they will assist you, with your tenants.

  • Finding Tenants – property managers are responsible for marketing the property to fill vacancies. They know where to advertise and what to include in their ads. They also understand what attracts tenants, so they can suggest making cosmetic improvements to help makeover the property.
  • Screening Tenants – they are responsible for sorting through the prospective tenant applications to find the tenant that is the best fit for your property. Experienced property managers have seen hundreds, even thousands, of tenants, so they have a better idea how to select the best tenants; those who will pay their rent on time, have a longer tenancy and create fewer problems.
  • Handling Leases – they are responsible for setting the length of the lease and making sure it has all the necessary provisions to protect the owner. This includes determining the amount of security deposit.
  • Handling Complaints/Emergencies – they are paid to deal with maintenance requests and have the necessary contacts to handle emergency situations.
  • Handling Move Outs – when a tenant moves out, the manager is responsible for inspecting the unit, checking for damages and determining what portion of the security deposit will be returned to the tenant.
  • Dealing With Evictions – when a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager understands the proper way to file and move forward with an eviction.

Can you see now how having someone with experience in these situations, is invaluable?

4. Responsible for Maintenance and Repairs

Vic Green Realty Dayton, Ohio

Your property manager will take on the responsibility of managing the budget for the building and maintaining all pertinent records.

  • Maintenance – they are in charge of performing preventative property maintenance to keep the property functioning in top condition. For example, they are personally in charge of, or must hire someone to, exterminate, check for leaks, landscape, shovel snow and remove trash. This maintenance aims to keep current tenants happy and attract new tenants.
  • Repairs – when there is an issue, the property manager must attend to it themselves or must hire someone to attend to it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.

5. Responsible for Managing the Budget/Maintaining Records

Your property manager will take on the responsibility of managing the budget for the building and maintaining all pertinent records.

  • Managing Budget – the manager must operate within the set budget for the building. In certain emergency situations when the occupants (tenants) or physical structure (investment property) are in danger, they may use their discretion to order repairs or likewise without concern for the budget.
  • Maintaining Records – the property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, records of repairs, costs of repairs, record of rent collection and insurance costs.

Having a Property Manager is the superpower you need to be a Commercial property owner and landlord. The team here at Vic Green Realty, would love to talk with you, in greater detail about all a property manager can offer you! We want to help you succeed!

If you have questions, feel free to reach out to us, here at Vic Green Realty! We are ready and excited to help you, through this time of transition, as you venture into Commercial Real Estate Renting/Leasing.

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“Having a Property Manager is the superpower you need to be a Commercial property owner and landlord.”