Managing a commercial property is a lot different from managing a residential property. Your responsibilities can be a lot to handle every day. If you’re getting started in property management for commercial properties or are looking for ways to improve your management skills, look at these top 5 things you should know about commercial property management.
Keep Up the Maintenance for Easy Commercial Property Management
One of the easiest ways to manage a commercial property is to make sure you are properly maintaining it. When you don’t maintain even the most minor areas of your commercial property, you risk losing money on expensive repairs and having low tenant potential. That’s because companies want a space to show off and provide a safe, enjoyable work environment for their employees.
To manage a commercial property, you need to keep your standards high because higher standards mean higher-paying clients. Monitor areas like landscaping, parking and signage, windows, walls, flooring, plumbing, and roof.
Know Your Space and Keep Upgrading
Commercial spaces are much more diverse than residential properties. For instance, it’s very common for a commercial property to contain retail, offices, and restaurants. Each space has its own unique needs that require your attention to prosper on the property you’re managing successfully.
Having a thorough knowledge of the property you manage is also a great way to know what areas could use an upgrade. Renters are always looking for new spaces with incredible amenities. This means you need to update. Think about upgrading light fixtures, copy machines, and common areas for entertainment.
Get to Know Your Leases
With leases for a commercial property, you need to be diligent about staying on top of the details. This is especially important because the more tenants you have, the more leases you must keep track of. Many commercial property managers dislike this part of the job, but there are ways to help you stay organized.
It’s easy to feel overwhelmed with work when you manage a commercial property. So, give yourself a helping hand by finding software that can track things like:
- Scheduled maintenance, appointments, and inspections
- Renter turnover rates
- Total monthly expenditures
- Rental income rates
- Local and federal regulations
Become an Expert in Communication
Managing a commercial property is a juggling act, and the only way to keep all your balls in the air is by mastering the art of communication. Not only does this mean answering phone calls and messages from tenants, it means letting them know promptly about inspections and renovations.
While sending out mass emails to your tenants is efficient, you can take your management a step further by choosing the right moments to send a personal email to tenants about what’s happening with the property.
The Most Important Thing Is Keeping Your Tenants Happy
Every great commercial property manager knows that keeping tenants is much easier than getting new ones. The best way to keep your commercial property filled with happy tenants is by paying attention to every single unit. You can do this by adhering to property maintenance plans, performing upgrades, and making the environment as safe as possible.
To keep everyone happy and business booming, you need to be mindful of tenant spacing. You wouldn’t want to put two jewelry stores next to each other because it would affect their revenue, which could cause a failure to pay rent.
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