Commercial Property Management Misconceptions Debunked

Commercial real estate is a rewarding investment. However, the actual heavy lifting begins after the purchase is made. There are many misconceptions surrounding commercial property management. What people may not know is that commercial property management (CPM) is the key to not only maintaining a superior environment for tenants, but also for assisting owners and investors with reducing their overall operating costs and enhancing their property values.

Below, we’ve debunked the most common commercial property management misconceptions.

		Misconception: Property managers are just there to collect rent and fix things. Reality: CPM’s Do so much More Than Rent collection and Coordinating Repairs. Since it’s the property manager’s job to simplify complex tasks, it’s easy to misunderstand all that they do. Property Managers analyze market conditions to help maximize the property’s value. They perform capital improvements to enhance operations and curb appeal allowing a property to better attract and maintain tenants. And they oversee complex financial reporting, project management, vendor contracts, and compliance, among many other tasks.
		Misconception: Property managers will take full control of your assets. Reality: CPM is a collaborative effort. Property managers aren’t there to take any control away. Instead, they act as a liaison to bridge the gap between your needs and your tenant’s needs to provide expert consulting to maintain and grow your investment.
		Misconception: A property manager is just a customer service role for tenants. Reality: Successful property management is a hybrid of relationships and leveraging modern technology to manage assets. Maintaining positive relationships between investors and tenants remains a critical part of the job, but thanks to innovative disruption and the rise of property tech, property managers can work smarter and create more value.
		Misconception: Commercial property management is a money pit. Reality: Hiring CPM professionals is a long-term investment. One might be reluctant to bring on another expense after making such a significant investment; however, the services of property management mitigate risk, focus on revenue add, and ultimately free up your time to focus on other needs.

When it comes to real estate ownership, it’s imperative to have a credible and reputable property management team with your best interest in mind to minimize risk, maximize profit, and protect your investment in an ever-changing market. Download our eBook, An Owner’s Guide to Commercial Property Management: 7 Strategies to Increase Profitability & Efficiency, where we’ve uncovered the seven strategies needed to safeguard your asset and improve its bottom line.