A shopping center or mall can be an excellent investment, but many investors find that the responsibilities of being a landlord are greater than anticipated. The relentless demands and pressures can be relieved by hiring property management professionals. The following are five of the many benefits of leaving property management of a retail property to experts.

1. Handle Day-to-day Demands

Property management duties at a shopping mall are seemingly endless. On a daily basis, tenants ask questions, wage complaints, or make requests and demands. Many vendors need to be managed, to ensure that they are doing their jobs satisfactorily. Maintenance needs are continuous, as well, for two primary reasons. First, maintenance keeps the property in good condition. Secondly, it protects the owner from liability by keeping the property safe. Bills as well as mortgage and tax payments need to be paid on time.

An investor who purchases a retail property for investment reasons can easily become overburdened trying to handle these duties. A professional property management team for a retail property has experience and efficiency that can ensure the owner gets the most value possible out of the retail space and has the opportunity to enjoy more freedom and less stress.

2. Ensure Competitive Leasing Rates

A professional property management team with experience in managing retail properties is familiar with current leasing rates. Competitive rates accomplish two things at once:

  • Vacancies can be filled as quickly as possible with quality tenants; and
  • Opportunities for greater income are not lost by a failure to understand competitive rates in the area.

3. Vendor Management

There are many vendor services needed on retail properties, including landscaping, trash removal, sweeping, maintaining proper lighting, and more. It can be overwhelming for an individual to ensure that all these services are performed as expected. A well-qualified property manager has experience maintaining high-quality vendor connections and soliciting new bids for those that don’t provide services at a high level.

4. Communicate with Tenants

Communication with tenants is at its most challenging when the lease agreements aren’t adhered to properly. It’s essential for tenants to know rent is expected when due and that there are certain penalties and consequences of failing to adhere to the terms of their lease. There should also be a balance in which extreme circumstances can be handled with some understanding on a short-term basis. The trick is ensuring that no one is taking advantage, in any area where occasional leniency is extended.

5. Keep up with Maintenance

The landlord is responsible for maintenance of the HVAC units, roof, parking lot, landscaping, building exterior, ensuring safe conditions, and more. A professional property management team is familiar with all aspects of maintenance and handles these ongoing issues with efficiency.

Weaver Realty Group

In Florida, the best thirty-party property management is provided by Weaver Realty Group, a locally owned company providing services for more than 40 years. Familiarity with vendors throughout the state, innovation, and excellent communication are among the many advantages of hiring Weaver Realty Group. Contact the best Florida property managers for shopping malls and other retail centers today at 904-733-0039.