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.
At AQUILA we have managed and leased dozens of properties. We offer integrated leasing and management services and have seen first hand the benefits to having leasing and management handled by the same firm. Our leasing teams have also worked with other property management firms and with landlords who have their own in-house property management. While we’ve seen successful results in all these scenarios, we have heard from many owners that using integrated services that it makes their lives easier.
Here are the four key reasons our clients say they prefer to use the same firm for leasing and property management:
1. Easier Lease Negotiations
Communication between a property manager and 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 regards 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 of 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 leasing agent to 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
By having property managers and leasing brokers that are in regular contact, it can facilitate 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 vacancy. 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 less 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 have 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.
While our leasing team works with both in-house and other third-party management companies, it’s a good idea to consider companies like ours that offer both leasing and property management.
We have experienced a more seamless process when there is an open line of communication between all parties, especially with the tenants.
Information is vital in this business and having a management and leasing company that connects regularly can prevent a lot of headaches.
To learn more about choosing the best leasing and management firm for your property, visit the For Owners & commercial Real Estate Investors section of our Learning Center.
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