Our primary goal at UIRC is to create value for owners, tenants, and investors by optimizing property operations. In most cases, that means providing commercial property management services that optimize operations by reducing costs, value engineering, and leveraging economies of scale to achieve certain goals.
Once we take over the property management side of an investment, the property owner is suddenly free to pursue better investments of both their time and resources.
With the appeal of freeing up their time on the table, the first thing that every responsible property wants to know is how much that life-changing service will cost them. Like everything worth talking about, the answer depends on several variables. For example: level of service requested by the owner and tenant; Size of property and income; Location of asset in relation to a major metropolitan area; Condition of the property and the level of deferred maintenance prior to UIRC’s involvement. Based on the aforementioned variables the property management fee can range anywhere from 3% to 5%, occasionally reaching as high as 8% of the revenue that the property generates.
Lease obligations determine the level and quality of service that tenants expect from ownership. In today’s tight labor market, owners are struggling to find qualified vendors to deliver those same level of services that were easily deliverable just a few years back. Hence, bringing in a property management firm that has the know-how, the vendor relations and economies of scale will be the right step in keeping tenants happy and delivering on lease obligations. Depending on the goal that each owner has for their investment/asset, happy tenants have a much higher renewal rate that neglected ones. Having a consistent service delivery and the ability to ramp up on a moment’s notice is one of the many reasons to invest in a quality property management firm.
One of the most significant benefits of commercial property management is that it frees the property owner to pursue more lucrative opportunities. However, a great property management company has the foresight to anticipate lease obligations, use economies of scale in the services that they provide which can generate enough savings to cover the cost of hiring them in most circumstances.
In addition, by being more informed on the overall market trends and more detail-oriented, commercial management services can often help your property command higher rents, reduce costs from tenant turnover, and lower regular maintenance costs.
With more than 135 commercial properties under management across 28 states, UIRC is well equipped to manage any property you have available. Contact us today, and let’s start talking about how we can help you relieve the stress of property management