Commercial Managing Agents
What are commercial managing agents?
Commercial managing agents are individuals or companies which run and manage the day to day ongoing of a commercial property on behalf of a landlord. Essentially, a commercial managing agent will take responsibility of the general management of a property. Performing tasks such as rent collections, tenant obligation enforcement and service charge administration.
What do commercial managing agents do?
Commercial managing agents carry out key activities on behalf of a landlord or property owner. Service charge administering, rent collection and services of notices are all part of a commercial agents role.
From retail parks to small office units, depending on the competency of the managing agent, commercial managers cover the whole sector and assist landlords all over the UK in the management of their commercial assets.
Commercial managing agents will oversee the management of an asset and report back to their client on regular intervals. Always keeping a landlord or commercial owner in the loop is a mandatory task as an agent.
Why use a commercial managing agent?
The vast majority of landlords and commercial property owners also have their own businesses or jobs to attend to and simply do not have the time to effectively manage their property without sacrificing commitment elsewhere. Without proper knowhow and experience, a landlord may find their commercial asset taking up huge swathes of time due to inefficiency. Many landlords will select a reputable managing agent and check in monthly or weekly with them to stay up to date.
Going hand and hand with the previous point is stress. If a commercial property isn’t managed correctly the knock on effect can be both stressful and expensive. Landlords want their assets to work for them and many do not purchase commercial real estate for the added stress. Instead they delegate the work to a managing agent for a fee and let their investments run parallel to their personal lives.
If a commercial property isn’t managed correctly, hidden costs and inefficiency can cause a commercial asset to become that slightly bit more of a liability. Managing a commercial property is about being pro-active and efficient, some inexperienced landlords end up paying the price for self managing their property without the correct experience or knowledge. Many landlords will choose a commercial managing agent and pay the fees to ensure their asset is in the right hands when it comes to minimising expenditure.