Why You Should Hire a Property Manager

As a commercial property investor and owner, your #1 priority is growth.

Hiring a property manager is one of the best ways to take some stress off property ownership and focus on increasing cash flow. Property managers eliminate the commitment of time and effort it takes to keep your property in good shape, and they maximize the profitability of your investment.

Overall, hiring a property manager gives you peace of mind.

Keep reading to find out why you should hire a property manager from Sturges Property Group.

Property managers help with rent collections.

A big challenge of managing a commercial property (especially from a distance) is making sure rent is collected consistently and on time. A property manager can take this responsibility off your plate, keeping your cash flow steady and minimizing financial disruptions.

Property managers establish clear rent payment policies and are the ones who enforce them. They can use automated rent collection systems, allowing tenants to pay through a variety of methods. Because a property manager is available much more consistently than you might be, they reduce the likelihood of late or missed payments.

If a payment is missed, property managers step in to address the issue. They’ll take care of payment reminders, assess late fees as outlined in lease agreements, and take action to recover overdue rent. Property managers are also able to follow legal procedures to resolve situations.

At Sturges Property Group, all our property managers are licensed real estate brokers, and several are Certified Property Managers. Our team has been trained to effectively review leases and understand rents, and they prepare budgets for the property, calculating additional rents based on common area maintenance fees, taxes, and insurance. We also create monthly variance reports for building owners and ensure additional rents are being charged. All of these responsibilities are taken off the owner and professionally managed by our team.

Some leases include caps on specific expenses, some have gross-up fees for utilities and janitorial, and some have other nuances that were negotiated by the broker when preparing the lease. Every lease is different, and our property managers are prepared to handle every detail.

Property managers build relationships.

Property managers are the intermediaries between the tenant and you. They help you by communicating frequently with tenants, and they are always active listeners on the property. If a tenant has a problem, they’re going to the property manager first. A property manager can then screen tenant problems and help you manage what’s best for your property. You can make good decisions in a timely manner without having to be completely integrated in the property yourself.

Beyond clear communication with tenants, property managers build relationships through proactive roles in property maintenance. They communicate with tenants to quickly identify problems and notify you of necessary actions. This communication allows you to stay informed and make good decisions without being deeply involved in the day-to-day operations of the property.

You save time and effort, keep your tenants happy, and your property in good condition.

Sturges Property Group’s managers are required to personally meet with their tenants at least twice a month to ensure all tenants’ needs are met. This allows us to create a working relationship in which the tenant understands that we are there for them (based on the terms of their lease). We value trust and integrity for our tenants.

Keeping tenants happy and providing value in tenant retention is one of our highest priorities in property management. Thus, the building owner is achieving their goals, and the tenants have good relationships with the management.

Property managers help with regulation compliance.

Property managers help you stay out of trouble. Owning commercial property always has some element of risk, and property managers lower that risk by staying on top of detailed rules and regulations.

Commercial properties must adhere to several regulations, including building codes, health and safety requirements, and accessibility laws such as the Americans with Disabilities Act (ADA). Property managers are well-versed in these legal frameworks and prevent potential violations that could lead to legal disputes.

This also includes legalities in lease agreements. Property managers can help enforce lease terms for tenants and make sure tenants comply with permitted uses, occupancy limits, and more.

They also help with liability risks and conduct regular property inspections, enforce safety protocols, and keep track of insurance policies. By handling potential risks before they become major issues, they help safeguard your financial interests and reputation.

Real estate laws and regulations are constantly evolving, and it can be difficult for you to stay updated on every change. Property managers stay informed about new legislation that may affect your property, such as tax law modifications, energy efficiency mandates, or changes in tenant rights. Their expertise ensures that you always remain compliant, avoiding legal troubles and ensuring the long-term stability of your investment.

By trusting a property manager with regulation compliance, you not only protect yourself from legal risks but also create a safer and more professional environment for your tenants, fostering long-term success for your commercial property.

Property managers at Sturges Property Group are required to complete 12 hours of continuing education each year as part of their real estate brokers’ license. Several members of our team are also Certified Property Managers (CPMs), which means that they have obtained a prestigious certification through the Institute of Real Estate Management (IREM). The certification is awarded to individuals after stringent training to become the best of the best. Sturges Property Group is also a member of the Building Owners and Management Association (BOMA), which provides guidelines for property managers and composes information on measurements of buildings, which Sturges Property Group strictly follows.

What happens when you hire a property manager?

To give a real-world idea of the value a commercial property manager brings, here’s a recent example of how our team stepped in and made a difference:

"Sturges Property Group took over the management of a local shopping center that was previously managed by an out-of-state company. We worked diligently to meet tenants in person, read and administer all leases, and request bids for snow, lawn, HVAC, lot repairs, and cleaning. These were things that had been missed with the previous firm.

The tenants now know the property manager personally and can develop a working relationship. They can count on us to help with their needs and make sure that the property is being maintained to the standards of not only the ownership but Sturges Property Group as well.

Additionally, the owners are no longer being contacted by the tenants, and the owners know that our team is taking care of problems so they can focus on their business."

-Carol Chaney, CPM, Director of Property Management