Commercial Real Estate Management in Chicago, Illinois

Landlords and owners look for a record of solid accomplishment when selecting a competent management company. After all, the idea is to maintain and grow the profitability of a building without having to do the work themselves. So, a careful analysis of each management candidate should reveal whether or not the company maintains a comfortable income for proprietors while keeping the edifice functional, clean and secure. Commercial real estate management firms are especially subject to these fundamental criteria. To be sure, resident businesses depend on property managers to provide an optimal setting where employees are productive and customers feel welcome.

commercial real estate management building for lease

Successful commercial real estate management firms should be expected to deliver in the following areas:

  1. They should negotiate favorable rents on behalf of building owners. This begins with an in-depth analysis of what commercial locations in Chicago and its environs are collecting in lieu of market conditions. Square footage, accessibility, conveniences and neighborhoods will, of course, be primary factors. So will physical maintenance, customer service and incentives for expansion.
  2. The terms of current leases say a lot about a commercial real estate management company. Leases are supposed to protect landlords from loss, rather than expose them. Does the management firm demonstrate a thorough knowledge of how leases work? Is it counseled by excellent legal professionals? More to the point, can the manager expertly explain the terms of the lease to the owner and tenant alike?
  3. Ideally, proprietors desire 100 percent occupancy. More practically, they seek a high ratio of occupancies to vacancies. In response, a worthy property manager develops a business plan to achieve maximum tenancy in even the most challenging markets. Even single-tenant buildings–retail box stores, for example–need a blueprint for how they will grow or sustain earnings over time. Attracting and keeping responsible and reliable lessees can not be left to chance.
  4. No landlord is excited to hear a property administrator ask to make improvements in the design or condition of a building. At the same time, owners must depend on their hired stewards to accurately assess the property and determine its physical and structural needs. An effective management company recommends improvements only when it makes good business sense and demonstrates financial sustainability.
  5. Speaking of which, a reputable firm has a record for meticulous financial accounting and reporting. What sense does it make for an owner to gain some high-paying tenants only to offset those profits with exorbitant management fees? Real estate managers who carefully account for every penny, and honestly represent their activities to their clients, are the ones that landlords can safely entrust their properties.

In addition to the above, the best real estate management firms in the Chicagoland areas will have experience running possessions in distress or receivership. The trust of large banks and government institutions must be earned with diligence and resourcefulness. These are traits that owners should prize, as well. Fortunately, at least one such company stands ready to adhere to best practices and every standard of excellence.