Commercial Properties In Champaign-Urbana

PROPERTY MANAGEMENT IN CHAMPAIGN IL

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If you are a small business owner seeking to relocate into a professional space, look no further.

 

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Here at Green Street Realty we have a variety of buildings with retail space for lease or purchase. On the whole, we look to make partnerships with organizations and individuals that are interested in increasing the value of commercial properties in Champaign IL.

 

Whether you need a new office space for your company to continue growth or to establish storefront space in a prime location, we have listings that can suit you. Our agents are continually looking for quality property that has great potential for capital returns. Below we detail some of the most important aspects of buying or leasing a commercial property with us. 

 

When should I lease a commercial property instead of buy?

 

For most people there comes a time in life to settle down, and so a potential homeowner prepares to get a loan and make a down payment. If their living situation is temporary, however, renting is more likely appropriate. With commercial spaces, a business rarely owns their own space. The concept behind commercial property management is that, as businesses are always changing and growing, owners will have different needs for space. Therefore, a lease allows for greater flexibility and affordability across the years.

 

 
 
We want to suit your needs for the near future. Talk to us about commercial properties in Champaign IL.
 
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FINDING THE RIGHT PROPERTY IN CHAMPAIGN IL

 

In general, you want to find a space that comfortably meets your needs as office personnel or that holds enough capacity for merchandise. Before starting your search, we will need to know your industry of commerce so that we can recommend spaces with matching zoning and neighbors. One of the more dynamic parts of leasing or buying commercial property in Champaign IL is the attraction of nearby business to your own. Our properties span from Campustown to shopping centers in Urbana, so we can help you find the right fit.

 

We have a variety of offerings that range from chic uptown spaces to office complexes with prime space and shared parking. Your preferences are essential as you need an office or retail location to be intentionally set up for success. Here at Green Street, our team is happy to keep your property looking great. We offer standard maintenance services so that you can optimize business time with what you do best.

 

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EXPERIENCED INVESTORS AND BUSINESS OWNERS

 

In the business of property management, buying and selling within local markets is common. We are willing to show locations to fellow property managers and advise about the history of the space and its potential for development. While we are not an advising firm, we do have decades of expertise and local authority to give you the ins and outs of local properties. We partner with The Land Man of Illinois through brokerage Brian Hannon Real Estate to show properties for sale. 

 

As a property owner and mangement company, we know that there can be real concerns with having your team consistently buy, sell, maintain, and sign tenants on a regular basis. As an investor, you need to have a team of trained specialists to support your company’s model for success. Our success over the years comes as a result to 

 

Champaign-Urbana is a place of diverse business and economy, and our staff are happy to serve some of the best local businesses in the Midwest. If this is your first time leasing or renting commercial property, our guide below to first steps might be helpful.

 
 

A GUIDE THROUGH THE PROCESS

 

When preparing to lease a retail property in Champaign IL, there are some steps that require an attention to detail.

 

1. Contact one of our agents to schedule an appointment.

 

If you have a specific property you would like to view, use the Contact Form provided on its listing page. 

 

2. View your prospective property with a professional agent along with suggested spaces. 

 

3. Reach a verbal agreement to set up a lease signing.

 

4. Before signing, we will require legal documentation and a deposit. Please be sure to prepare these documents ahead of time.

 

5. Feel free to discuss portions of the lease with us and ask questions about the nature of our agreements. 

 
 

Commercial Properties In Champaign IL: Property Management Laws In Illinois

 

Looking for more information about commercial properties and property management? We've got everything you need to know. In short, property management is the operation, control, and oversight of real estate, whether commercial or residential. The management aspect indicates a need to be cared for, monitored and accountability given for its useful life and condition. 

 

Property management also includes supervision and monitoring of personal property, equipment, tooling, and physical capital assets that are acquired and used to build, repair, and maintain properties. 

 

Must Illinois property managers have a real estate broker's license?

 

Yes. The reason for this is that key components of property management (renting and leasing) are considered real estate activities under existing Illinois real estate licensing laws. Per Illinois' Real Estate Act, a person needs a real estate license if they provide assistance intended to result in the sale or lease of real estate. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate.

 

Are there any exceptions to the requirement that an Illinois property manager have a broker's license?

 

Yes. For example, a "leasing agent" license is available and can be used only for residential leasing activities. Leasing agents must be sponsored and employed by a sponsoring broker. In addition, onsite residential managers who engage in leasing activities are exempt.

 

Who Is Responsible for Rent?

 

The property manager of your property is responsible for setting and collecting rent, as well as enacting any adjustments.

 

  • Setting Rent - the property manager has an understanding of the market where the property is located and knows how to set rent at the proper level

  • Collecting Rent - the property manager sets a date to collect rent each month and enforces any late fees

  • Adjusting Rent - the property manager can increase the rent by a fixed percentage each year, according to individual state and/or municipal law. They can also decrease the rent if they deem necessary.

Responsible for Managing the Budget/Maintaining Records

 

Property managers are responsible for managing the budget for the building and maintaining all pertinent records.

 

  • Managing Budget - the manager must operate within the set budget for the building. In certain emergency situations when the occupants (tenants) or physical structure (investment property) are in danger, they may use their discretion to order repairs or likewise without concern for the budget.

  • Maintaining Records - the property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.

 

 

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