Though the U.S. economy isn’t in a great place, it is doing better recently than in past years. This is good news for all property managers, but it’s been said specifically that “the earnings for commercial real estate agents are at an all-time high.” Now is the time to really make sure you’re on top of your modern property management game in order to grow your business as much as possible in a progressive time.
Commercial-Focused Tips for Modern Property Management
Businesses in general are doing better than they have recently; they are looking to expand, which means moving into new buildings and cities. If you are at the top of your game and employ tested strategies that have brought success to property managers across the board, you’ll be able to bring some of these companies to your space.
Modern property management “needs to not just maintain but also generate business.” That is, doing well and having a consistently-appealing property is not enough. Businesses will want to move into a space that fits their message, their image, and they will assume that you are able to meet their needs and to take generally good care of the building. First ensure that you are totally able to stay on top of things, such as overseeing regular, prompt maintenance, and then figure out how to make your property the most appealing one available.
The first step is a fairly obvious one. You (and your team, in whatever form that takes) need to stay completely on top of maintenance, repairs, upkeep, upgrades, and related issues. If a tenant has a plumbing problem, it should be attended to as quickly as you can after being alerted to the issue. If your lobby seems a little shabbier than comparable properties’, then you might consider a new carpet, paint job, and/or updated light bulbs and fixtures.
Of course, the outside of the building is a crucial piece, too. People often form lasting impressions in not very much time and may do so upon just seeing the facade of your property. Though it may not be anything truly detrimental, a slightly old or dilapidated appearance may be the nudge that makes them choose another space over yours, so really do your due diligence in making the area look as appealing and put-together as possible.
Would you say that your building’s facilities and technologies are modern? Do they offer your tenants features that make them feel as if they’re both in a regularly-updated building and that they are secure there? Modern property management strategies mean keeping appearances, utilities, and other things… well, modernized, but they also mean making sure that the building’s security is up to snuff. If you don’t have a doorman or receptionist for the building at large, then you should consider it. Also, there should be regular checks into the function of the locks on all external doors and even on your tenants’ windows. Finally, cameras should be implemented wherever needed to ensure that there are eyes on the property. Your tenants will thank you for looking out (literally) for them.
We’ve discussed in other posts the importance of “going green” on any property, residential, commercial, or otherwise. One of the biggest parts of modern property management is creating an eco-friendly space. You may not have solar panels on the roof, but you can introduce more economical lights and utilities. If aiding the environment and appealing to tenants are not enough to spur you on to these changes, consider that “LEED-rated projects also come with energy-efficient layouts and low operating costs, which are attractive for cost-conscious business minds.” Going green on your property helps everyone involved, including you (and your wallet).
Finally, remember the crucial role of communication between yourself, your team, and your tenants. To know what they want or expect, you have to be in some kind of contact with them, and your tenants, in return, need to be able to reach out to you if they need to. Make yourself available as often as possible on the property, or at the very least, via electronic communication. This way, you’ll find yourself at the top of the modern property management heap before too long.
To really set yourself apart in this era of booming commercial business, look into what property management software can do for your work. For example, Anton Systems offers training in the SKYLINE Property Management and Accounting Software. SKYLINE can offer you a variety of programs to fit your every need because it has so much versatility. It’s ideal for a dozen property types, so it will easily work wonders for your commercial business. Don’t limit yourself by working alone: get in touch with Anton Systems today to ask about SKYLINE.