Questions to Ask a Commercial Real Estate Asset Manager
There’s no doubt about the value asset managers offer to commercial property owners, but all asset managers are not created equal. The following are the basic questions any property owner should be asking an asset manager before investing in their services.
Why should I trust you?
Common social courtesy demands that you wouldn’t ask the question this bluntly, but this is more or less what you’re trying to figure out. Trust is the most basic and fundamental factor involved in any commercial or financial transaction, and it’s especially important for property owners.
As you’re looking for a commercial real estate manager, ask the following questions of property owners who have worked with them:
• Are they responsive? Do they return your calls when they say they will?
• Do they do what they say they’ll do within a predetermined timeline?
• Do they treat you and your property with respect?
These are general questions, and you’re likely to get general answers, but they’ll help you cross a few names off the list and narrow the pool of candidates.
What will the first phase of your management look like?
An old rule of thumb in the commercial real estate industry is that the first couple months are the most important. The first several months set the tone. You want a real estate manager who is going to be aggressive and engaged, especially during the critical first couple of months. They should be able to tell you, in detail, how they will engage with leasing agents, lenders, vendors, tenants, and potential tenants.
What is your number one priority in managing a property?
The answer you’re looking for here is: you. While managing a property is a full-time job that has hundreds of ancillary concerns, a property managers number one priority should be the property owner. New Vistas Corporation always puts the needs of property owners first. We’re committed to implementing our clients’ vision, though we also make suggestions when appropriate and provide valuable insights along the way.
Services from New Vistas Corporation
As a manager of over 250 properties, totaling 4,000 residential units and 200 retail stores, New Vistas has proven its value as an asset manager. No property is too big or too small. We work with property owners in New Jersey, New York, Pennsylvania, and Delaware. For more information on our services or to get in contact, please visit our homepage.