Retail Property Management Companies

Managing retail property is not easy because tenants usually have a lot of needs. For one, every property has goodwill, which must be paid by the next tenant when the existing tenant moves out. Secondly, rent for retail properties are usually high, so a default can lead piling up of significant amounts of debt fairly quickly. Since incoming tenants may want to start a different type of business, a lot of remodeling and shop fitting is usually done on these properties, so the property manager is usually incredibly busy. That said, the cost of managing retail property is much higher than residential and commercial property. When looking for the best retail property management companies, the following are some of the key factors to consider:

i) Relevant Experience

This is the most crucial factor to consider. After all, management of commercial, residential and retail properties differ greatly. Therefore, you need to hire a firm that has been managing several retail properties in Australia for a number of years. The ideal property manager must currently be managing similar properties in the same city. Experience is important because experienced property managers know how to get the job done and can give the landlord great value for their money.

ii) Management Fees

After making a list of the most experienced property managers, the next step is to get quotes from each one of them. The management fees are usually almost the same from one management firm to the next, but there might be some hidden charges, so you will need to do a thorough comparison of all the fees that are charged by different firms. Once you do, you can easily pick the most affordable. For best results, be sure to check what the fees cover.

iii) Reputation

The reputation of a retail property management firm is a key factor to consider. As mentioned earlier, the rent amounts and goodwill are usually high, so you need to hire a trustworthy and reliable management firm. You do not want to get sued for failing to refund thousands of dollars in rent deposit just because the property manager misused funds. Therefore, you should read reviews before making a decision on whether to hire a given firm or not.

iv) Insurance

There is a chance that a disgruntled tenant may go to court and sue you for one reason or the other. Since you have left all management responsibilities to the property manager, the ideal firm must have an insurance policy that will protect both their firm and you, their client. After all, you do not want to be exposed to any liabilities.

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