Everyone knows real estate is a good market to be in. However, there are so many variables to consider before making any serious investments. For example,B residential property management is a much more complicated experience thanB commercial property management. With its compact nature and uniformity, managing dozens, or even hundreds, more rental units can be efficiently handled by a small staff which provide a multitude of additional benefits.
A large portion of employee’s salaries can be offset by offering free or discounted unites in the apartment building. Besides helping lower costs, this also ensures that your staff is on-site virtually 24 hours a day, improving awareness and accountability in many situations. While some employees may still opt to live elsewhere, the advantage to having one or two maintenance men willing to wake at any hour of the night for overtime pay can be critical in both providing a high standard of care for your tenants as well as maintaining the integrity of your brand. Giving the employees some design control can also bring culture to your property’s environment.
If you are checking your options in the South Florida commercial real estate market, contact the Morris Southeast Group before making your next move.