Due to the Pandemic, many companies are struggling financially. Some of these companies are finding it difficult to even make payroll and to pay their rent. Property owners and real estate investors who did not have a professional property management company working for them have ended up in some very difficult discussions with their tenants. It is times like these that many real estate investors recognize the value of having a property manager that can help navigate through these very tricky and precarious situations.
Being Proactive Drives Profitability
Better performing buildings mean better performing offices, staff, and a better Real Estate portfolio for commercial building owners. As a building owner, you may not always have the time to focus on proactively managing your properties. The simple task of keeping up with and responding to emergency and routine maintenance on a commercial property is not enough. An effective commercial property management firm will employ a preventative maintenance program to protect both the owner’s investment and the interests of the renters.
Here are 4 ways that Urban Core Realty’s Property Management team helps property owners by performing routine inspections and anticipating potential issues. This allows our property managers to get ahead of issues and apply preventative fixes to any future potential problems:
Property Value is Paramount.
Commercial properties are often valued based on their grade or class and the condition of the building and property. Falling behind or lacking in maintenance and care of a property can lead to lower rents and less demand for the property.
Controlling Costs.
Small issues always turn into bigger issues. A good property manager will be proactive in identifying and repairing any concerns needing to be addressed before they get out of hand.
Appearance is Key.
The way your property looks and presents to the tenants who rent space there also helps those same businesses attract customers and improves their overall appearance. In turn, this benefits the tenant’s business and encourages rental payments are made on time, and encourages them to renew their leases.
Risk Management.
Lack of care can lead to dangerous situations and conditions around a property. Many hazards can occur when maintenance and care are lacking. A good Property Manager will use preventative maintenance to help prevent those injuries from ever occurring.
In our current environment, property owners need to focus on tenant relations to encourage tenant renewals. Proper maintenance is an important issue for tenants and if they will renew their leases, and property management needs to be proactive with maintenance on properties. At Urban Core Realty we conduct regularly scheduled property assessments and reports. This ensures your property is being maintained to the highest standards and is up and running in a manner that is efficient, safe, and clean. If you are ready to consider a professional property management company, call us and let our trained professionals show you how we can help.
Our investment team does ongoing market research and site analysis to determine the best locations geared towards our investment strategy.
We perform site inspections and consult with general contractors and architects to identify property improvement opportunities and cost estimates.
We do extensive property analysis including underwriting property historical cash flow, three tiered income modeling, future cash flow projections and IRR and cash on cash return profitability models.
Our team underwrites the current tenants and reviews all current lease agreements to determine an appropriate credit grade of the property and identify opportunities for improvement.
