Commercial real estate is a complicated type of investment, but it can pay off with time, effort, and patience. The Cedar Hills, Utah real estate market has nuances that can detract from your profits.
The value of your assets will be affected by vacancies, poor market growth, and bad tenants. If your commercial property is improperly managed, you likely won't see a return on investment.
Commercial property asset management services can help you find success. Keep reading to learn how.
What Is Commercial Property Asset Management?
Commercial property asset management involves the physical assets that go into day-to-day business operations. Assets can be split into two categories; movable and immovable assets.
Movable assets are assets unattached to an immovable asset. This might include:
- IT equipment
- Employee uniforms
- Other machinery and equipment
Immovable assets include outside space, office, retail, and industrial units. Utilities, fire alarms, and lighting are also considered immovable assets.
Managing your assets alone can be complicated. When you hire a property management company in Cedar Hills, Utah, they will track and monitor the financial value of these real estate assets.
Key Elements of Successful Asset Management
If you want to protect your investment assets, hiring a property manager is one way to do it. While they handle the day-to-day operations, you can focus your time on investing in real estate.
A real estate investor should consider these key elements for successful commercial property asset management:
Hire a Commercial Property Asset Manager
A property asset manager is responsible for all commercial building assets. They work to make the assets more valuable over time.
Mostly, a property asset manager will keep an accurate account of property-related assets that need maintenance or replacement.
They will collect necessary data about the assets to monitor their performance throughout the asset life cycle. The role might also include these responsibilities:
- Maintaining fixed asset register
- Calculating appreciation and depreciation of fixed assets
- Building maintenance and management
Well-maintained buildings can attract better occupancy rates and help with tenant retention.
Commercial property owners can make up between 5% and 20% of overall fixed asset costs. If you want to make the higher range, you need to pinpoint inefficiencies.
When you identify what's not working, you'll be able to note positive opportunities for change. The benefits of pinpointing inefficiencies are:
- Workplace optimization
- Accurate asset tracking and record-keeping
- Work and servicing history
- Detailed asset performance monitoring
- A better understanding of operating costs
Overall, successful commercial property asset management can lead to a well-run and efficient rental property.
Work With PMI Summit in Cedar Hills, Utah
PMI Summit in Cedar Hills, Utah is a full-service real estate asset management company that provides services for commercial property owners.
With state-of-the-art technology and a team of quality property managers, we are the ideal choice for commercial property asset management.
We've been changing the property management industry for over 20 years on a local level. With our knowledge, we can help track your assets and monitor their performance over time.
Contact us today to learn more about our helpful services.