4 Benefits of using the same real estate company for leasing and property management
Whether you are purchasing a new property or considering changing services providers, it is important to consider the efficiencies of using the same firm for leasing and property management services.
- Easier Lease Negotiations
Communication between a property manager and a leasing broker is essential during the lease negotiation process. Having property managers and leasing brokers that work for the same company can greatly facilitate the lease negotiation process.
For example, a property manager might have good ideas on how to expedite the construction process should a new tenant need in the space sooner than later. There are quick-ship items that could be ordered or construction work that could be done after the tenant moves in. Additionally, because of their constant communication with the building tenants, they may know that the existing tenant would be able to vacate early, allowing construction to begin sooner. These are just a few examples of ways management can weigh in on how to accommodate tenants’ needs and set property expectations ahead of time.
Additionally, by having your property managers and leasing brokers within the same firm, reasonable expectations with regard to leasing and management requirements can be set from the beginning so there are no surprises upon lease commencement or throughout the course of the lease.
2. More Seamless Service for Your Tenants
Having integrated leasing and management allows for more seamless service for your tenants. It also creates greater accountability. By having both the property manager and the leasing broker on the same team, they can often address issues more smoothly and often quickly.
For example, often leasing agents make promises to tenants that aren’t clearly spelled out in the lease document. When management and leasing representatives work together regularly, they can quickly sort out the intent and help resolve matters quicker.
In addition, when management and leasing teams work together, the hand-off process from a leasing agent to a property manager is often much smoother because the property manager is usually introduced and known before the lease commences. A coordinated transition helps ensure that leasing and management are on the same page and communicating the same things to the tenant.
3. More Coordinated Renewal Process
Having property managers and leasing brokers that are in regular contact can expedite the lease renewal process.
Generally, property managers talk to tenants more frequently over the course of their lease than the leasing brokers and may have a closer ear to the ground. Through this constant communication, property managers can often share important information on the tenant’s future plans, such as intentions to grow or downsize, relocate, etc.
This improved communication can help minimize the downtime of a suite. If a manager learns that a tenant will be leaving before they announce it to the broker, the leasing team can gear up to start marketing and touring the space and potentially head off future vacancies. This leads to happier owners and more cash flow for the property.
4. Time Savings for Your Asset Manager
Lastly, using the same firm for leasing and management can mean time savings and fewer headaches for the asset manager working on the property.
For instance, when leasing and management services are provided by the same company, it’s more likely for both parties to attend leasing and management calls, ensuring that each has a more well-rounded view of activities in the building.
Additionally, coordinating site visits with just one firm can be much easier than coordinating multiple schedules.
