If you would like to run your business out of a building that has many offices, and you can afford to buy the entire building, you may want to get a property management company to help you with the rest. A lot of business owners don't want the responsibility of running more than one business, and it may be easier if the other business owners or leasers don't know that you own the property. Here are some of the things that the property management company will be able to do for you.
Spend Time Researching Tenants
There are a lot of things that you want to find out about each potential renter that wants to lease one of the office spaces. The information you want to get includes:
- Credit check on all people going on the lease
- Background checks to look for theft, violence, and other criminal history
- Verify rent history with the landlords
The property management company will do some research on the type of business they are moving into the space to see if this is the type of business that will fit with the others and in the building.
Collect Payments and Paperwork
The company will be responsible for collecting the first and last month's rent, collecting each monthly rent payment, and gathering signed copies of all of the paperwork. They will go over the lease agreement with the tenants and have them sign all the necessary documents. The management company will send late notices, changes in policy, and other notifications.
Handle Phone Calls and Complaints
You don't want to be arguing with people that you have to see every day. They property management team will field all phone calls with complaints about the building or other concerns and then relay them to you and discuss action with treatment for the problems with you as the property owner.
If you think that it would be a good investment for you to buy your own building with multiple offices even though you only need one single office, talk with local property management teams to see if they can help you with the tenants. This way you can still collect the rent money from the other spaces without having to make a tense environment with you and those who are leasing the building from you. The companies that lease from you will have no idea that you are the owner, but you will still get the financial benefits.
For more information about property management, contact a local resource.
After thinking long and hard about what to do with my living situation, I finally made the decision that it was time to buy a house. I was tired of living paycheck to paycheck because of rent, so I began working with professionals to guide me in the right financial direction. I was able to find a great company that offered exactly what I wanted to learn, and they walked me through the financial aspects of home ownership. Within a few short months, I was living in a gorgeous new home that I absolutely loved. Check out this blog for great advice on home ownership.