With Reno’s business-friendly climate and robust economy, investing in commercial and multifamily properties can be a lucrative prospect. However, you can only get the most out of your investments if the properties are properly managed, and it’s no small task. You need experience in accounting, tenant relations, maintenance, and other relevant areas of expertise.
Fortunately, you’re not alone. NAI Alliance’s Property Management team can leverage our decades of combined commercial real estate experience to assist you in property management, keeping your tenants happy and ensuring you get the most value from your commercial properties.
Your property management journey with us starts with a consultation. We’ll determine your investment goals, whether you’re looking for stable income, short-term holds, or value-add opportunities, as well as the lease term. Generally, commercial property lease terms are longer, at 3 to 10 years, compared to the shorter residential lease terms. We’ll also review your property profile and set a rental performance report cadence.
Once we’ve set the foundation, we’ll talk about the property management agreement. This is where we define the management scope and establish management fees. Key management scope items in a commercial property management agreement include maintenance, leasing, accounting, and common area maintenance (CAM) reconciliation.
Before we commit to managing your property, we’ll conduct an on-site inspection. We consider aspects such as the building’s physical condition, parking spaces, and accessibility accommodations for individuals with disabilities. We’ll also check commercial property-focused platforms to find comparable properties for rent, which will help us determine reasonable rental pricing.
The next step is to attract tenants. We’ll help you create a marketing package featuring high-quality property photos, floor plans, and other key aspects of your property, and then list it on commercial real estate platforms for potential tenants to view. We’ll also arrange property showings for prospective tenants.
Once we’ve chosen a tenant, then we can draft their lease. This is where we include details such as the lease term, renewal options, and tenant improvement allowances. We’ll also run the lease through our legal team to ensure it follows local codes and regulations. Once all that is done, we can finalize the lease and collect the deposit and first month’s rent.
With lease in hand, we can onboard the tenant. We’ll help them move in and get them familiarized with the property’s rules as well as provide the necessary access privileges.
Throughout the tenancy, we’ll issue monthly invoices to the tenant and ensure they get paid on time. We’ll also prepare reconciliation statements for Common Area Maintenance charges. All this will be reported to you regularly, according to the cadence we established at the beginning of our relationship.
There’s generally a lot more maintenance involved in commercial properties than residential properties, so good maintenance planning is crucial. To maintain the property in good condition, we develop preventive maintenance plans that include regular checks of HVAC systems, landscaping, and roof inspections. We’ll also work with trusted service vendors to ensure your property gets the best care.
Since you can’t monitor tenant activities on your property 24/7, regular compliance inspections are needed. Generally, we conduct quarterly site walkthroughs to check for tenant violations or issues that require attention. We’ll also check for breaches of disability and fire safety codes.
As the lease winds down, we’ll start discussions with the tenant about renewing their lease. If they decide to renew, we can discuss tenant improvement packages. But if they decide to leave, we’ll start marketing again for new tenants. Once the tenant has moved out, we’ll reinspect the property to prepare it for the new tenant and refund the old tenant’s security deposit.
Owning commercial real estate is both a privilege and an obligation. The potential rewards associated with ownership are only unlocked when an asset is managed and operated with care and attention to detail. Exceptional management of commercial assets is no walk in the park – it requires accounting, tenant relationship building, maintenance, and more.
When you choose NAI Alliance to manage your investment, you are choosing over 200 years of combined experience. With over 4 million square feet under active management, you can trust that the NAI Alliance team Our team
Our advisors have been at the forefront of tracking Reno’s industrial growth to ensure that they can provide exceptional and up-to-date information on the state of the market. They have the resources and knowledge to complete transactions for institutional and private clients in a wide range of businesses.
We leverage our extensive market experience to deliver customized solutions that attract the right partners, enhance your business strategy, and maximize the value of your investment.
You can manage properties without a property manager, as long as you have the required skills. Commercial property management is generally more complicated than residential property management because tenants often have higher demands, and it can be overwhelming if you’re not experienced. That’s why we highly recommend hiring professional property managers to handle your commercial properties.
NAI Alliance manages a wide range of commercial real estate properties. This includes retail spaces, office buildings, industrial facilities, and multifamily residential units.
You’ll get reports that provide insight into key aspects of your rental efforts, including common area maintenance reconciliations and profit & loss.
We screen potential tenants depending on the nature of the property. However, we generally run background checks to assess the potential tenants’ financial stability and track record. For commercial tenants, we also examine their industry viability to maximize the chances of a lengthy tenancy.
