According to the South Carolina small business profile, the state is home to over 460,000 small businesses.
If you own commercial real estate in Columbia, you should be excited that nearly 15,000 new small businesses opened in 2022. That's a lot of opportunity for new renters in your space, but with more opportunity comes more responsibility.
It takes a lot of work to run a commercial building, which is why many of South Carolina's property owners decide to hire commercial property management. In today's post, we'll explain the main roles and responsibilities of a commercial property manager, so keep reading and see if hiring one is right for you.
Markets Empty Units
When you've got empty units, it can be highly stressful. You're leaving money on the table if they stay vacant, so you need to be proactive about finding new tenants.
Your management company will take care of property marketing on your behalf. They'll create interest around your property by taking professional photographs and writing a detailed description of the unit to post online. There are also a variety of tactics they may use to put your space in front of the right business owners.
Tenant Screening
Once you've got small businesses interested in the property, your property manager will screen the applicants. This is an essential part of the process because it ensures you have good tenants for long periods, ensuring a low vacancy rate.
To screen commercial tenants, they'll look at the history of the business. In particular, they'll examine their financial standing to determine how viable the business will be during the tenancy. Once the screening is complete, you'll have the best possible tenant in your space.
Tenant Relations
With proper screening, dealing with your tenants should be simple and easy. That being said, you still need to perform your landlord's duties and be attentive to their needs.
Commercial property managers take care of all of your tenant needs, such as collecting rent and responding to maintenance requests. They'll ensure your tenants are happy, so tenant retention rates can stay high.
Property Maintenance
Commercial rentals go through a lot of wear and tear. Over the years, you might have several different types of businesses come through your space. Each one will leave its imprint, taking a toll on your space over time.
The older a property is, the more important property maintenance is. Your commercial property manager will take care of this maintenance for you. Whatever they can't do themselves, they'll have a local contractor take care of it so that your commercial building stays in good shape for longer.
Financial Reporting
Lastly, property managers take care of all of the financial reporting associated with your commercial rental.
Maintaining accurate financial records is essential for budgeting and doing taxes. Property managers have experienced accountants on staff so you never have to worry about bookkeeping.
Get the Best Commercial Property Management in Columbia
These are the main responsibilities of commercial property management. If you're in over your head with your commercial property, hiring a property manager is the best way to ensure it's cared for.
To get the best property management in Columbia, look no further than PMI Palmetto. Contact us today to learn how our services can help you run your commercial rental.
