Between 2020 and 2023, out-of-state migrants accounted for 95% of the state's population growth. Raleigh is one of the most popular cities, and many people interested in commercial real estate end up here. This is true for both investors and business owners.
Not everyone understands what to look for in Raleigh, though. Let's explore the key information you should keep in mind.
What Investors Should Look for
Investors should prioritize location, as it significantly impacts property value and potential returns. Areas with high growth rates and development projects are ideal.
Consider the type of property, as well, to match market demand and investment goals. Analyze the financial health of the property, including current leases and potential for income growth. This will help you streamline your commercial property investment.
What Business Owners Should Look for
Business owners need to assess the suitability of office space leasing for their operations. This includes evaluating the property's size, layout, and amenities to ensure they align with business needs.
Proximity to customers, suppliers, and transportation hubs is also crucial. Industrial real estate is worth exploring, as well.
How to Find a Property Manager
Working with the right property manager is crucial for getting the most out of your commercial property. Not all are created equal, though. Let's explore the key attributes to keep in mind.
Experience and Reputation
Experience and reputation are crucial factors when choosing a property manager. A manager with years of experience in handling commercial properties will have a better understanding of the market and its challenges.
They should have a proven track record of successfully managing properties similar to yours. For instance, they should focus on businesses and not the multi-family housing market.
Range of Services Provided
A good property manager should offer a comprehensive range of services. This includes maintenance, tenant relations, rent collection, and financial reporting.
They should also handle marketing and leasing to ensure high occupancy rates. Make sure their services align with your needs to guarantee effective management and smooth operations.
Client Testimonials and References
Client testimonials and references provide insight into the property manager's performance and reliability. Positive reviews from other property owners can indicate satisfaction with their services.
Ask for references and contact them to get firsthand information about their experiences. Be sure to keep an eye out for fake reviews, though.
Communication Style and Availability
Effective communication is essential for a successful property management relationship. Your property manager should be easily reachable and responsive to your needs and concerns.
Assess their communication style to ensure it matches your preferences, whether it's through emails, phone calls, or in-person meetings. Their availability to address issues promptly will help maintain the property's value and tenant satisfaction.
Leverage Commercial Real Estate
Finding the ideal commercial real estate goes a long way toward helping you reach your goals. Business owners and investors alike can use this guide to make the best choice. Just be sure to research the property manager you choose.
PMI Capital City RTP offers top-tier property management in North Carolina with a 21-day leasing guarantee and comprehensive services. These include marketing, tenant screening, and financial reporting.
Our eviction guarantee covers costs up to $2,000, ensuring your investment is protected. Schedule a free rental analysis today to learn more about how we can help.
