A commercial property management firm initially very carefully screens and shortlists a client for your property and once the intricate details are worked and inked by the owner and the tenant, the company moves on to the next level of the transaction.
After the tenant shifts in, the property management company makes sure that the rent due is paid on time and deposited in your bank account, all the taxes payable to the building management are paid on time and all records and receipts are duly maintained and filed, the company ensures that the tenant does not violate any building management norms and makes surprise visits to the premises physically and frequently to ensure that the said property is in its original state and not damaged or demolished.
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A commercial management company undertakes to liaison with all the concerned departments related to your property, pay local government taxes for the same, interact with your accountant to coordinate the accounting records, and overall contact the owner and the tenant regularly to keep the relations cordial and ensure there is no breach of agreement from both the sides.
At the time of the renewal of the lease agreement, a commercial management company will negotiate, evaluate new lease agreements keeping the market trends in mind on your behalf, and with your consent arrange to renew the agreement and work out the legal modalities of the same.
For a small sum fee, a real estate asset management company virtually acts as a custodian and caretaker of your commercial property and at the same time gives you the chance to strike the best of deals for your property.