When you have a commercial property, you as a real estate manager want to make sure that your residents are happy and committed to the location for a long time. It can be both more pricier to have a vacancy within a commercial building as compared with a residential property and often it’s more difficult to fill that void. So, what are some steps that you can take to ensure that you have less of these loses and see more profits and happier renters as a result?
To begin, you should really know “the game” inside and out. What makes the value of a commercial property rise? What are some trends in the industry that you can use to your advantage? What standards will your residents expect when they sign a lease with you? Each property type means a different understanding of “skill sets, understanding of your customer, and maintenance expertise,” so make a point of identifying those factors within your own work. In addition, it’s a must to understand how the lease is laid out and what each word in it means. You can’t present your potential renters with a legal document that you don’t know all the details of. People want to know that they can trust you and that everything in the papers is worked out.
One of the more obvious points is to work to keep your residents happy. If they are enjoying the service they receive under your care, feel that they’re being attended to, and see that their needs are being addressed quickly and thoroughly, they’re much more likely to stay. Don’t be a passive-minded manager who fixes issues some time after they’re presented and instead anticipate what may need to be changed and when. Get to know the people who are occupying space on your property. The renters are going to be less inclined to pack up and move on if they not only have their problems seen to, but also if they feel that they really know you as a manager and can come to you with anything.
Keeping up with the appearance and maintenance of your property is crucial. People will pay more for a building that seems well-looked after, regularly updated, and safe and secure, inside and out. Putting off touch-ups can mean big dollar signs down the road: “For example, resealing a parking lot every three years can seem expensive and unnecessary, but it pushes out the need for asphalt replacement (at 10 times the cost of sealing) by decades.” Take scheduled looks around the interior and exterior; if you aren’t confident in your inspection or evaluation abilities, hire a more experienced manager to help you with the process.
While you’re working to improve what already exists on your commercial property, consider putting the time and money into improving some aspects of it. “Since the value of a commercial building is derived solely from the income it generates, it is easy to quantify the value of an improvement based on the potential increase in rent.” Access the needs of the renters and look around yourself to judge what the most crucial updates might be. The financial advantage may not be clear at first, especially if you’re spending money, but you’ll see the return on your investment when you retain residents and boost the budding value of your location.
If you want tools that can help you to simplify your lease management experience, Anton Systems can help. By providing you with the software and training solutions to meet your needs, we can make help to take the stress out of your day to day work. We offer a variety of services so that you can pick and choose what’s right for you, your property, and your residents. Some of these include helping you to control costs, streamline processes, and increase the performance and value of your property. With so much to offer that’s tailor-made for your unique commercial property management experience, what do you have to lose?