When Is It Time To Hire A Property Manager?

You’ve noticed something unsettling. The number of vacancies in your property investment is growing, and it’s becoming a challenge to bring quality tenants to occupy your space.

Over the years, you’ve watched thriving tenants retire or outgrow their accommodations. But something has changed. Tenants are flocking to other properties and leaving your investment behind. What’s happening? And what can you do to attract new tenants, keep the ones you have, and market your property effectively?

It might be time to hire a property manager.

What can a property manager do for you?

Simply put, a property manager will do everything they can to help you fully maximize your investment. Your property should be making you money—that’s the bottom line. And having an advocate take care of the day-to-day management of your property could be the difference in reaching your full income potential, or having opportunities fall through the cracks.

So, what can property managers do to help you achieve your ideal investment outcome? Here are just a few of the many ways you can benefit:

  • Stabilizing and reducing operating expenses
  • Implementing tenant retention programs
  • Proactively applying Risk Management programs to protect assets
  • Serving as your support when negotiating service rates
  • Regular inspections of the property
  • Ensuring quality lease terms and conditions
  • Monitoring construction supervision
  • And much more

What are the signs you could benefit from property management?

Many property owners effectively manage their own properties. But when is it time to look into hiring a commercial property management team? Do a quick assessment.

Lack of time – It’s a simple question. Do you have time to execute all of the necessary property management duties without sacrificing quality service or your personal life? If you are managing several properties at once, a property manager can help you by taking care of the daily tasks that can consume your time.

A property manager can handle screening tenants, listening to tenant complaints, ensure tenant safety, and deal with any after-hours emergencies that need immediate attention. This frees up your time to focus on the things that matter to you.

Outdated understanding of the industry – Staying current with industry trends is a must. There is a constant need to be updated on the latest changes that occur in the insurance industry and legal system to safeguard your investment.

Property management teams can make sure that Risk Management programs remain current and effective. They can also enforce tenant obligations, collect delinquent rent and be there for you during difficult legal processes. It’s a welcomed weight off your shoulders.

Several vacancies within properties – Property management teams can help fill troublesome vacancies by utilizing their network of agents and marketing professionals to increase occupancy and improve tenant retention.

Furthermore, they can complete regular site visits, property assessments, and help negotiate the best terms and conditions for all of your leases. This builds a solid foundation of communication and trust with each tenant you manage.

You want more insight throughout the construction process – Supervising the flow of an entire construction process takes knowledge, dedication, and attention to detail. These are all things a property manager can offer. Handing over the reins to a skilled team can free up your time and minimize your stress because they can handle any challenges that arise and monitor from the pre-design stage all the way through construction.

You need assistance when handling income/operating expenses – It’s about more than managing a property, it’s about managing your assets. Part of the property management service is keeping a detailed record for the operation of the property.

Managers can help with your annual operating budget and stabilize operating costs, financial reporting, and account management. They can make sure that you aren’t paying more than you need to be, and help you navigate through the complex and confusing red tape.

The decision to hire a property manager is a personal one, but one worth looking into. When it comes to property management, what matters most to you? Let us know in the comments.

Interested in learning more about how Crunkleton can help manage your property? Click here to download the guide.

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HALEY CLEMONS
MARKETING COORDINATOR
CRUNKLETON COMMERCIAL REAL ESTATE GROUP
HALEY@CRUNKLETONASSOCIATES.COM

The Power Of An Integrated Team: When Leasing And Management Combine

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As experienced landlords and developers ourselves, we’ve learned first hand that the best way to get the most out of a real estate asset is through an integrated approach to leasing and property management.

Often, when the leasing arm and the property management arm of an investment property are provided by two separate entities, the lines of communication between the two can become strained and break down, causing disruptions to the synergy of the asset itself and a loss in profits for the ownership.

Here are three benefits to think about when looking at your next leasing representative and property management firm, and why you might consider choosing a company that can provide all your needs under one roof:

Management and Leasing in Partnership

shutterstock_154071242When located in the same office, the property manager and the leasing broker can communicate quickly and efficiently about which deals are in the process of being worked for the center, who the potential tenants they’re pursuing are and what each of them is actively doing to promote the investment property.  All while making sure that the owner’s goals and expectations for the property are staying first and foremost in every decision that is made.

This stream of constant communication provides the property manager with current, up to the moment details on the status of the asset, which they can utilize when evaluating the best possible course of action for managing the property and discussing options with the ownership.

Leasing With Insight

business-tipsWhen property management and leasing are combined, it also allows brokers to have a more holistic understanding of that individual property’s needs.

With this more complete understanding, brokers can more accurately structure deals to calculate for TI, commissions, rent levels, and concessions that will ensure that the landlord’s financial expectations for the asset are being met.

Leasing With Accountability

Maxim_35-resized-600.jpgWhen the leasing duties for a property are handled by an outside firm, separate from the property management company, that agency is often out of the picture once the lease has been signed.

However, when the two services of leasing and property management are combined, the property management team now has to manage whatever deal was completed by the leasing team.

This means that not only is the leasing team even more motivated to fight for quality leases on your behalf, but that they will be held accountable to then show that the right deals were made because now the management team has to manage that deal.

This also eliminates any possible finger pointing by the leasing team or property management team for who may be at fault when potential problems arise at the property.

What This Means For You

000005140727xsmall-resized-600.jpgThe bottom line for you as an investment property owner is the knowledge that your asset will be taken care of through its full life cycle, leased and managed cohesively together to ensure the integrity and value of the property from both a property management standpoint and from a leasing standpoint all under one roof.


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Kadie_Sig
MARKETING COORDINATOR
CRUNKLETON: COMMERCIAL REAL ESTATE GROUP
KADIE@CRUNKLETONASSOCIATES.COM

The Top 6 Reasons to Hire a Commercial Property Management Team

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We meet property owners all the time who ask us just why they should invest in hiring a property management team. So, here is C&A’s “Top 6 List.” Our top 6 reasons to invest in a great property management team:

1) Experience
Right off the bat, it’s likely that, unless you’ve been around the block a time or two, a trained commercial property management team is going to have more experience with what it takes to successfully manage your investment property simply because it’s what they do, full-time, 24/7. Not only do they have the first hand experience of successfully managing other commercial investment properties, they also have hours and hours of rigorous training, testing and certifications on how to do that job to the very best of their ability.

2) Market Knowledge
As a property management team, it’s our job to stay in tune with the market and know what’s going on in the area. This way we can help suggest how to best position your property for success.

3) Communication
Unless running your investment property is your full-time job, chances are that you are a busy person with other things to do than answer tenant phone calls at all hours of the day, phone in work orders, negotiate with vendors, compile annual property reports for shareholder meetings, and connect with your tenants in a meaningful way that will build trust, help maximize tenant satisfaction and boost overall tenant retention.

4) Troubleshooting
Again, this is what our property management team does for a living. We are skilled at dealing with any situation that arises quickly, effectively and cost efficiently, while at the same time making sure to conduct ourselves in a professional manner that gives both the tenant and property owners the respect they deserve.

5) Maximized Returns
The number one goal of our property management team is to help you maximize your return on your investment. This means we will do more than just building maintenance; we are trained to streamline your operations and take them and your ROI to the next level.

6) Protect Your Investment
Just like a new mother wouldn’t hand over her newborn baby to just anyone, our property management team is here to help you protect your investment and care for it as if it was our own. Our team is built around a core structure of individuals who have had personal experience as investment property owners themselves and gone through rigorous professional training to make sure they can protect every investment property we handle as if it was their own.

So, if you own a commercial investment property and you’re curious to learn more about what a property management team could do for your ROI, make sure to contact us at info@crunkletonassociates.com!

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KADIE PANGBURN
MARKETING COORDINATOR
CRUNKLETON & ASSOCIATES
KADIE@CRUNKLETONASSOCIATES.COM

 

2014 at Crunkleton & Associates: Our Year in Review

2014 has been a big year here at Crunkleton & Associates. Here are just a few of our proudest moments from 2014!

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Crunkleton & Associates Joins “The Avenue” Project Downtown

In June of 2014, Crunkleton & Associates announced their involvement with “The Avenue,” a five-story, mixed-use development that will feature 21,000 square feet of street-level restaurant and retail space downtown. In addition to the retail center, the project will also host 193 loft-style apartments and a large on-site parking garage.

Developer Charlie Sealy stated that he believes the project will be “another game-changer for downtown” and we completely agree!

The first phases of the project are scheduled to open in January 2016, and the entire project should be finished by that April.

Crunkleton & Associates Brings New Dining Options To Huntsville

One of our favorite things that we were able to do this year was help facilitate bringing several brand new dining options to Huntsville as part of the Twickenham Square project!

Asian Rim

This Birmingham-based restaurant specializing in Thai food, sushi, Pan-Asian infused cuisine and American fare announced that it would be joining the tenants at Twickenham Square in August and opened its doors for business on Dec. 5th.

Our favorite thing on the menu?  The sushi, hands down!

Cajun Steamer

From a small roadside stand where he dished up recipes he grew up eating in Louisiana, to his brand new 3,000 square foot restaurant here in Huntsville, owner Jeff Thompson has come a long way with his Birmingham-based eatery.

Cajun Steamer, which is scheduled to open in the next month, will feature classic Cajun cuisine such as gumbo, jambalaya, boudin and étouffée, oysters, crawfish and, of course, Po-boys.

Oh and did we mention homemade beignets!? We’re just a little excited about the beignets.

Taco Mama

Taco Mama added its third northern Alabama, and first Huntsville location to Twickenham Square in the fall of 2014, growing from its Mountain Brook and Tuscaloosa locations and the founders couldn’t be more excited. “To now be joining a community like Huntsville, that has boasted so much growth and positivity over the past decade, our team couldn’t ask for anything more,” commented Will Haver, Taco Mama Owner and Founder.

We love the laid back atmosphere and fast service that is perfect for a quick work lunch as well as the freshly prepared tacos, burritos, nachos and Mexican fare.

Chocolate Martini Bar

Chocolate lovers jumped for joy earlier this fall when we announced the fifth and final restaurant that would be joining the Twickenham Square development: Chocolate Martini Bar.

This swanky eatery will be dishing up a wide range of traditional and “liquid desserts” in addition to a full menu of savory items, each with their own unique chocolaty twist.

And while we’re excited about all the delicious chocolate fare, (I mean who doesn’t like chocolate?) it’s the free chair massages the restaurant plans to offer every Wednesday night to anyone who stops in that has us really excited for them to open their doors in the spring of this year!

Crunkleton & Associates Breaks Ground On Their New Offices!

One of the most exciting things for us here at Crunkleton & Associates this year was the ground breaking for our new offices on October 14th of 2014!

Over the last several years, we have been growing and expanding our roster of talented individuals in order to continually provide the best possible service to our clients. All that growth has been amazing for our business but tough on our personal space.

The new 18,000 square foot office complex we will be joining is part of a unique expansion project for legal firm Maynard Cooper & Gale in Huntsville, AL. The law firm will occupy the entire second floor of the building, and Crunkleton & Associates is excited to be sharing the first floor space with GW Jones Properties.

And the best part? Our new building is right across the street from where we are currently located. How’s that for a convenient move?

Crunkleton & Associates Completes Construction and Fully Leases Legacy Marketplace

Announced in early 2014, Crunkleton & Associates completed work on Legacy Marketplace earlier this year and is excited to announce that it has now fully leased the development. Among the tenants are:

  • Dunkin’ Donuts (This location marked the first Dunkin’ Donuts in southeast Huntsville!)
  • Radio Shack
  • Jimmy Johns
  • Legacy Nails
  • And one more mystery tenant that we will be announcing very soon!

Crunkleton & Associates Expands Valley Bend Shopping Center

2014 also brought us the opportunity to help facilitate the expansion of the Valley Bend shopping center in Jones Valley with addition of Kirkland’s and by creating a larger retail space for Fleet Feet Sports.

Crunkleton & Associates Brokers Two Major Land Deals

Crunkleton & Associates was proud to be a part of two major land deals this year.   One for the site of the new Walmart in Hazel Green and the other for the site of the New Veterans Facility.

Crunkleton & Associates Grows Property Management

This year Crunkleton & Associates surpassed the one million square foot mark for properties managed with the addition of three new properties!

Crunkleton & Associates Gives Back

Among out proudest moments in 2014 are the times when we were able to give back to the community by donating to non-profits or sponsoring community events.  Here are just a few of the organizations we were proud to support in 2014 and hope you may consider supporting in 2015.

  • The Huntsville Museum Of Art
  • Downtown Huntsville Inc.
  • The Autism Society of Alabama
  • The Huntsville Hospital Foundation
  • Second Mile Development
  • The Huntsville/Madison Boys and Girls Club
  • The Huntsville Fraternal Order of Police

Thanks For Helping Make 2014 Amazing!

We Can’t Wait To See Where 2015 Takes Us!

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Kadie Pangburn
Marketing Coordinator
Crunkleton & Associates
kadie@crunkletonassociates.com