Why Hire a Property Manager?
Juggling the responsibilities of running a successful business while simultaneously dealing with leaky faucets, late rent payments, and tenant complaints can feel like trying to stay afloat in a sea of never-ending chores. If your company owns rental properties, chances are you’re already familiar with this feeling. The good news is, there’s a life raft waiting to be thrown your way in the form of a professional property manager. Hiffman Director of Management Services, Michelle Grana, sheds some light on why property managers are worth the investment.
The right Property Manager can be not only be your eyes and ears, but also provide valuable insight and helpful suggestions to maintain or, in some cases, increase the value of your assets. For instance, a client of mine was replacing a roof that had surpassed its life expectancy. The original proposal that was approved included a 15-year warranty. I was able to negotiate with the chosen contractor to increase to a 20-year warranty at no additional cost to the building owner.
Property Managers not only manage the physical condition and maintenance of your property, but he/she is a representative of the building owner in the relationships with the tenants, answering their questions and assisting with their issues as well as ensuring that the tenant knows they chose the right location for their business. When emergencies occur, tenants are looking for a manager who can quickly provide options and solutions. A property manager is always on call and ready to help when problems arise. This can be especially important in the winter months when snow, ice and cold temperatures take precedence and some aspects of building maintenance can become critical. When tenants receive quick and reliable service from their property manager, they know that help is one phone call or email away.
A knowledgeable and efficient property manager can alleviate stress and worry for the property owner, by maintaining the property in optimal condition, forging strong tenant relationships to encourage tenant retention, and providing recommendations for future needs and capital planning. Our property managers play an active role in budget planning not only for capital expenditures, but also in regard to leasing assumptions. By having strong relationships with the tenants, our property managers can lend helpful insight in the leasing and budgeting process so that building owners can plan accordingly for future rolling leases. Additionally, by being an active participant in building maintenance and repairs, the property manager can assist in future planning of maintenance or capital projects such as roof replacements, landscaping enhancements and parking lot paving. They obtain multiple bids for projects and make recommendations for the building owner. With the property managers vast knowledge and diverse list of trusted vendors, he/she can provide competitive pricing and reliable services.
For more information, contact one of our Property Management Professionals
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.
About Hiffman National:
Hiffman National is one of the US’s largest independent commercial real estate property management and advisory firms, providing institutional and private clients exceptional customized solutions for property management, facility management, advisory services, accounting, lease administration, lender services, project management, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.