A commercial property manager can be a real estate investor. Or it can be someone hired by the investor. There are various types of properties. They range from business complexes to shopping malls and everything between.

A business with employees occupies some buildings. Others provide client-facing services. In contrast, other buildings get used as warehouses or storage units.

The property manager’s duties vary based on the types of commercial spaces and their uses. Like residential PMs, commercial property managers can be responsible for several properties. Real estate investors outsource the responsibilities to a commercial property management company.

Are you interested in hiring a property manager for commercial properties? Here is a list of responsibilities that come with the role.

They Know All Industries Aren’t the Same

Commercial property management companies need to understand the industries they manage. There are risk factors and compliance standards for every industry.

A clothing store and a warehouse that stores chemicals may have the same square footage. Yet, they both have different needs.

A property manager must undergo certifications and safety requirements. These mandates come from the Occupational Safety and Health Administration (OSHA).

They Use Commercial Property Management Software

Although not required, Commercial Property Management Software (CPMS) is a vital tool. It allows property managers to manage commercial building operations. The software keeps track of vital information about each property.

You can manage payments, maintenance requests, and lease agreements. Plus, you can use it to notate modifications to properties made by a business.

They Manage the Financials

When investors hire a property manager, they rely on them to perform several tasks. They collect monthly rents, record payments, and make bank deposits.

In 2022 many commercial property management companies will use online payment software.

A tenant may stop making their payments or have a dispute. It is the commercial property manager’s responsibility to take the next steps. Those steps include recommending legal action and filing for evictions.

Other financial responsibilities include creating operational budgets for each property.

They Take on Operational Responsibilities

Property manager responsibilities are not just about contracts and rents. Commercial property managers are responsible for ensuring commercial properties stay maintained. They contract landscape services, building maintenance, and cleaning companies.

The commercial property management company will have satellite offices at some locations. Commercial spaces like office complexes and malls have staff on-site.

The property manager’s responsibilities include handling emergencies like plumbing or electrical issues. On a larger scale, they handle natural disasters. The property manager works with tenants to secure and vacate the premises.

Do You Need a Commercial Property Manager?

Hiring a commercial property manager is an important step for real estate investors. Choosing the right commercial property management company can make a huge difference. It also increases your return on investment.

Do you want the best for your South Carolina commercial real estate investments? Consider Caldwell Commercial Real Estate Services. Speak with a member of our property management team to discuss your properties.