5 Things You Need To Know About Managing Commercial Properties
5 Things You Need To Know About Managing Commercial Properties
Develop A Solid Team of Trade Workers
From a handy plumber to a skilled electrician, ensuring that you have a dependable team behind you is key to your success in the commercial real estate business. Having a dependable team with a low turnover can go a long way in ensuring that your properties are well maintained. A solid, efficient team can also help build tenant’s trust in areas that are usually the most commonly complained about.- Consistency Is Key
Maintaining a routine is critical in the process, and ensuring that your tenants understand that process is even more important. First, train your tenants to pay in a timely fashion. Train them to realize that this will ultimately result in a positive benefit on their end. For example, reiterate that tenants can request for a payment plan, and can be granted payment history (this is exactly why it’s important to pay on time) and they are not in default in any of the terms and conditions of the lease.
- Develop A Solid Paperwork Trail
If it’s not in writing, it didn’t happen. Make sure all agreements and arrangements that you make with tenants, third parties, etc. are signed on a dotted line. This will ensure that these exchanges are documents for your records and will serve as supplement down the road just in case anything should go array.
- Build Relationships With Your Tenants
Getting to know who is dwelling in the location that you are managing can go a long way. Learning about your tenants can help keep them happy and long-term residents. Proactively learning what features they like and don’t is important for keeping them satisfied and also saves you money. Keeping units filled is less expensive than having vacancies or the turnover costs associated with placing a new tenant in a unit. Also, if tenants are satisfied with their area, or very impressed, the higher the likelihood that will they will spread the word to their colleagues, family and friends.
- Use Management Software
Keeping track of reports, maintenance, and all the other items that come with tenant management can be easy to lose track of if you’re not organized in a fashion that saves time and energy. To help with this, use a management software, such as rentmanager.com to keep all of your important documents in one easy-to-locate spot.
