Dealing with a commercial real estate investment property is often a greater challenge than managing a residential property. As somebody interested in investment property management, you’re most likely well aware of the challenges that you’ll face. But that doesn’t mean you can’t make the process easier by relying on some expert advice and tips. That’s why the professionals at Coakley Realty have provided some recommendations to help you become the best commercial property manager you can be, without any unnecessary stress or frustration.
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Keep Your Tenants Happy
As with residential properties, you need to maintain a strategic distance from. This is even more urgent with commercial properties because finding new tenants is a lengthy, expensive process. During the months that you’re waiting to fill a job, you’re receiving no rent payments, but you probably have to invest money into the building to keep it in good, leasable condition. This means you should do everything in your power to keep your tenants from leaving, including maintaining open communication, anticipating your tenants’ needs, and being proactive.
Keep Up with Maintenance
First of all, spending the money to keep up a lovely, high-productivity building WILL square away over the long haul. It’s an important part of keeping your tenants happy and can also help to reduce turnover. Additionally, it can enable you to increase what you charge for rent and attract more high-end tenants.
Proactive support and building improvements also enable you to maintain a strategic distance from higher in the future. For example, resealing the parking lot every three years may seem unnecessary, but your investment could delay the need for a much more expensive asphalt replacement by decades.
Know the Lease Inside & Out
Drafting a gainful and restricting lease is a task that requires legal knowledge and information about the particular industry your commercial investment property serves. It’s an even greater challenge when you realize that, in large properties, different tenants may sign multiple variations of leases. One of the most significant ways to improve property value is to diligently analyze and follow through on all the provisions in the contract that you have your tenants sign.
Hire a Commercial Property Manager
You might need to save money on expenses by attempting to tackle property management tasks yourself, but for a majority of commercial property owners, this is a big mistake. Most importantly, landlords are rarely up-to-date with the latest market issues and trends. This numbness can corrupt the property and separate it from the market, making it unappealing to planned inhabitants. Second, it very well may be shockingly testing to keep your occupants upbeat, stay aware of support, and draft a useful and restricting lease.
Real estate portfolio management
Tenant management, including property marketing, tenant qualifications, and payment collections contractor management and emergency maintenance services and direct deposit, no matter what type of commercial properties you own, we can help turn your investment property into a complete success.
To learn more about the commercial real estate services contact Paul Gulbronson today or call us.