When searching for a Cleveland commercial property management company, which qualities are most important depends on your needs. Still, there are a few qualities all property owners and investors should consider, including the overall reputation of the firm, the firm’s operational approach, and its knowledge of and proven track record with certain property types. Ultimately, you should select a firm that puts your best interest in mind at all times and provides excellent service so you don’t have to get involved in the day-to-day operations of your properties.
1. Reputation of the company
As with any major purchase or business decision, property owners should start by doing their due diligence to research the commercial property management companies they’re considering. Tap your professional network to discover whether the company has a good reputation among other real estate professionals in Cleveland.
Is the word-of-mouth feedback about the company positive or negative? What kinds of interactions have other organizations or individuals had with the company? Are there any red flags in online reviews that you need to follow up on? Knowing that you’re working with a trusted, reputable company lays the foundation for a great experience.
2. Familiarity with Cleveland
Similarly, it’s important to evaluate the firm’s market presence. Are the company and its employees located in and knowledgeable about Cleveland? Does their experience in the local market run deep? Do they have strong relationships with local vendors? The stronger the local presence, the better the chances they’ll be an attentive property management firm with the ability to dispatch employees and partners to address your needs. 3. Knowledge of property types
For the best fit, the Cleveland commercial property management company you select should match your needs, according to Commercial Investment Real Estate Magazine. Ask whether their team specializes in your property type, whether it’s industrial, retail, multifamily or otherwise. Find out the tenure of their relationships with other clients in your sector.
3. Proven track record
Likewise, identify your biggest pain point and ask how the firm has solved that issue for others. For instance, CIRE Magazine recommends identifying whether your problem is vacancies, maintenance or marketing, then requesting case studies to see the results the firm has realized for owners and investors with properties and challenges similar to yours.
4. Firm’s operational approach
Because a successful relationship with a property management company can have such a big impact on the overall value of your investment, it’s vital to understand how the company plans to get the job done before signing a contract. Find out whether the company has a quality assurance plan to maximize efficiency and asset returns. Additionally, ensure you have a solid understanding of the firm’s scope of services and operating procedures. Do they include the following? If not, what is covered?
- Subcontractor management
- Day-to-day operations
- Customer services/tenant management
- Vendor contract management
- Financial reporting
- Capital Planning
- Tenant improvements
- Building improvements
- Personnel management
- Ownership reporting
As CIRE Magazine points out, it’s also important to ask whether the company owns or has exclusive relationships with service providers, such as landscaping companies or maintenance firms. If so, these may be conflicts of interest that could indicate the firm wouldn’t always have your best interest in mind.
For more information about Cleveland commercial property management arrangements, get in touch with the team at Cushman & Wakefield | CRESCO Real Estate, an independently owned member of the Cushman & Wakefield Alliance, located in Northeast Ohio.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.