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Property Management: Third Party vs. Self Manage

December 18, 2013 / By Dave Dickerson, President/Partner

When considering the choice between hiring a third party manager and self-managing your property, the decision requires some serious thought. There are a lot of things to consider such as the time commitment, the knowledge and information your team will need to acquire, and the overall impact that self-management can have on your business as a whole. If you’re an owner or an investor searching for answers on the management of your commercial property, here are some things to consider.

Managing a property generally involves everything from handling maintenance issues around the clock to paying bills, budget planning, staffing, and more. If you are an investor, it also includes collecting rent, administering leases and managing tenant relationships. Consider the number of available hours in a given day that you could devote to these tasks. Does it seem sufficient enough to keep satisfied tenants and a thriving business? Hiring an experienced third party property management company gives an owner more free time to focus on developing their core business rather than dealing with day-to-day tenant related issues and property management tasks.

Another key benefit to hiring a seasoned property management team is the expertise and knowledge they possess. They will offer you the advice needed to make informed decisions regarding property improvements, vendor contracts, legal compliance, etc. In addition, they should have an extensive understanding of specialized categories such as building operating systems, energy procurement, ADA, sustainability, and more.

Whether you’re managing your own property or utilizing a third party manager, market awareness is crucial. Hiring a property management company that is part of a full-service real estate firm can be an asset as well. Choosing a full-service firm gives you access to an array of experienced real estate professionals willing to provide valuable insight on market trends, financial management, building inspections, lease administration, new construction, renovation, etc.

If you’re finding yourself overwhelmed, under-equipped, or just tired of self-managing your commercial property, Miller -Valentine Group Realty Services would like to assist you with your property management needs. We can tailor a plan around your business goals. Whether you just need assistance in a few areas or a comprehensive management plan, we can help.

As a company with over 50 years of experience, we can provide you with innovative and customized commercial real estate solutions. We currently manage over 7 million square feet of commercial space for all varieties of ownership structures. Using this expertise, we can provide you with sound advice on what is most beneficial to you and your business. As property owners ourselves, we understand the risks involved with investing in commercial real estate. Our primary goal is to increase your property’s value and we’re here to support your needs.

Contact Kevin Kiger or Karen Basista at (937) 228-2800 about your property management needs and the solutions Miller-Valentine Group Realty Services can provide.

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About the author:

Dave Dickerson is President/Partner for Miller-Valentine Group.

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