How To Manage Your Commercial Property

How to Manage Your Commercial Property

Managing a commercial property can come with many challenges, but if done correctly it can also reap many financial rewards. New property owners to experienced ones can benefit from these 7 tips on successful property management:

  • Regular Maintenance Matters

Good building and property maintenance make one of the biggest differences between success and failure. A well-kept building attracts new tenants and keeps current ones. Companies want a business they can be proud of and one the employees look forward to coming to every day. A property which is falling apart and is unkept can turn away potential tenants and build poor relationships with the ones you already have. High maintenance standards attract higher paying clients.

  • Know Your Leases Like the Back of Your Hand

Commercial property leases can be long, wordy, and complicated. However, to become a great property manager, you should be highly proficient in knowing and understanding your lease agreements. Leases may vary between tenants so it’s your job to know each one that way there is no confusion between the expectations of each client. While writing your lease, make sure you include everything necessary to make for a smooth and positive relationship with your tenant.

  • Be Very Familiar with Your Product

It’s your job to know all the ins and outs of your product and what it can and cannot offer. Each property is different and will have different maintenance needs. Knowing all the small details of your product will allow you to get into your potential client’s head. You can show them a product that is perfectly suited for what they’re looking for, moving your property to the top of their list.

  • Be A Master Communicator

Communication is key and always has been. As a property manager, your tenants will be coming to you to help solve problems and answer questions. You’ll build respectful and mutual relationships if you communicate effectively. Always keep them updated on changes, maintenance work, renovations, etc. Speaking to your tenant in person will always beat sending that email.

  • Regular Upgrades are Necessary

Keeping your property updated will not only keep your tenants happy but keep the value of your property high. Regular upgrades allow you to stay above your competitors and up with the latest trends. Your tenants will thank you as this not only affects your business but theirs as well.

  • Always Have an Asset Management Plan

Before you even begin to take on tenants, you should have a solid strategy in place of your long and short-term goals and how you plan on getting there. Take into consideration where your value will come from. Will it be from a sale or a continuous cash flow? Creating a plan ahead of time will build you a path to future success.

  • Satisfied Tenants Are Key

Happy tenants are the key that brings everything about managing a successful commercial property together. Tenants can be difficult to come by so it’s important you build a long-lasting and positive relationship with them early on. Never forget to stay proactive and always pay attention to their needs. At the end of the day, a good tenant-landlord relationship benefits both parties.

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