Managing commercial properties is quite different than managing residential ones. The primary difference is that tenants of commercial properties are operating businesses. The state of the property they are renting can have an impact on the experience their customers have and, ultimately, their ability to generate revenue. As such, the importance of proper upkeep and timely, efficient communication cannot be understated. Here are a few secrets to commercial property management success.
Commercial property management isn’t a set-it-and-forget-it operation. To provide your tenants with the best possible experience, you need to continuously invest in the care and upkeep of the properties they’re renting. This may range from major renovations to simple equipment maintenance. Not only will a modern, up-to-date space keep your current tenants happy, but it’ll also help you attract new businesses to keep vacancies at a minimum.
Stay On Top of Repairs and Maintenance
Preventative maintenance and proactive servicing can help keep major issues at bay. When things do pop up, respond promptly and take care of the problem as quickly and effectively as possible. Handling minor repairs when they’re still minor will help prevent serious and much more expensive problems down the road. Likewise, keeping your properties well-maintained can help prevent potential injury to tenants and their customers, which means fewer legal headaches for you.
Streamline with Technology
A small residential property management firm might be able to squeak by using antiquated tools like spreadsheets or dedicated accounting software. When it comes to commercial property management, however, sophistication and optimization are essential. Property management software will help you run your business more efficiently while simultaneously providing your commercial tenants with an easy, convenient and secure portal to make payments, access reports, request repairs and more.
Choose Tenants Strategically
You may be tempted to fill your vacant units with whichever business is interested in renting, but it’s important to approach this step strategically. If you place two businesses that are competitors in close proximity, for example, one or both may struggle to be successful. This increases the risk of turnover for you. To improve your odds of securing long-term, loyal and successful tenants, be mindful of who you choose to rent to.
Don’t Forget Curb Appeal
When it comes to commercial properties, much of the focus is on the interior. But the way your properties look and function externally is just as critical. After all, your tenants’ goal is to attract customers. If the outside of the building is run-down, it could turn off potential customers, negatively impacting your tenants and ultimately hurting your bottom line. Make sure you’re investing in external maintenance and upkeep as well.
Success in commercial property management requires a deep understanding of the unique needs of commercial tenants. By making investments based on these needs, you’ll help support your tenants businesses and, in turn, improve the success of your own while you’re at it.