When it comes to having your own commercial property, you have many responsibilities as the owner to ensure your building’s compliance and maintenance. You might be thinking of self-managing your commercial property – but, is this a good option?
Let’s take a look at the benefits vs challenges of self-managing your commercial property.
Benefits
Some advantages of self-managing your commercial property include:
- Cost savings – save on property management fees by self-managing!
- Control – you will have full and direct control over your commercial property, including tenant selection, and other decisions.
- Tenant relationships – by self-managing, you can easily build better relationships with your tenants, fostering long-term relationships with reliable tenants.
Challenges
However, there are also several drawbacks to self-managing, such as:
- Stress – managing everything on your own is stressful and challenging, piled on top of managing tenant demands, this can negatively affect your personal life and result in burnout.
- Time commitment – self-managing a property will consume a lot of your time, which means that you have less time to focus on other aspects of your professional and personal life.
- Lack of expertise – you may be unfamiliar with property management, and you may not be aware of or understand local commercial property regulations and laws. There is a steep learning curve, which can be difficult to overcome without dedication and commitment. Noncompliance can also lead to penalties and fines!
Commercial Property Management
While there are many pros and cons to self-managing, if you are looking to minimise the stress associated with dealing with tenants and their ever-changing demands, why not hire a property manager?
Property management services can handle all aspects of your commercial property for you, from compliance and maintenance requests, to tenant relationship management, and more. Receive monthly reports and rest assured that your commercial property is in safe and capable hands with a professional property manager.
So, if you’re wondering, “Is a property manager worth it?”
The answer is: absolutely!
Instead of self-managing your commercial property, why not invest in commercial property management services instead? Here at NZ Commercial Property Brokers Ltd, our property management services can ensure that your commercial property remains compliant and is properly maintained. Receive peace of mind and minimise the stress that comes with managing tenant demands with a property manager from NZ CPB! Contact us today to learn more.
