The best advice we can offer to potential buyers of commercial real estate is to be very very diligent in investigating the real estate concerned. Inexperienced buyers, especially those from out of state who have no local knowledge, tend to be swayed by impressive brochures and projections made by sellers or their agents. Often the prices offered are enticing when compared to the prices of similar properties in the areas in which the purchasers reside.
At Protea we have time and time again dissuaded prospective clients from purchasing apartment complexes in the Dallas Fort Worth area. Because of our local knowledge, we knew that the properties were overpriced, in high-crime areas or could not possibly achieve the results projected in the brochures our clients had received.
While Protea, like any other property management company, is in business to acquire new management contracts, we never encourage the purchase of a commercial property where we believe the results for the prospective client will be meaningfully below expectations, and in every such case we rather forgo the new business than support the purchase.
While most real estate management companies will tell you that they are the best around, how do you ultimately choose which company to use for your real estate?
If you choose one of the really large management companies, will you have the personal connection with management that is important to you, or will you just be one of hundreds or thousands, a number on a computer?
If you choose a really small company, will it have the facilities to properly service your property 7/24? Will it be able to handle emergencies, will its accounting services be up to par, will it have standing with Insurers so that your claims will be dealt with properly.
Protea is the ideal size to handle your real estate management, We are not too large, yet not too small. Our accounting is “as good as it gets” according to the CPA’s of several of our clients. Our standing with Insurers is excellent. We have a team of roving maintenance personnel in the DFW area which can handle emergencies 365 days a year.
Lastly, always ask for references from independent third parties.
Protea will never give you a reference from anyone other than a non-related, impartial, third-party client.