There is $6 trillion worth of commercial real estate in the US. From retail stores to apartment buildings to hotels and industrial buildings, commercial real estate is everywhere. In many cases, the spaces are rented to the business that inhabits them, and the entire building, complex, or shopping center is run by a commercial property manager.
Given the sheer value of the commercial real estate market, it’s imperative that commercial tenants are receiving timely and quality property management services. Looking to learn more about how to be a successful commercial property manager? Read on for five tips.
1. Improve the Property
Having a plan to consistently improve your property will keep your tenants happy and attract new ones. Upgrades will also help increase your profitability, as property improvements could lead to an increase in the rent, resulting in more income.
Stay on top of what the newest trends in commercial properties are and plan how you can incorporate them into your space. If everyone else is updating and you’re not, tenants will not want to renew their leases. Whether the upgrades are landscaping, lighting, improvements to public spaces, or improvements in security and technology, do your homework to learn how they will benefit you and your tenants.
2. Maintain the Property
Part of managing the property is ensuring the shared spaces are well-maintained. A maintenance plan should include things like:
- Cleaning of shared and public spaces
- Commercial pest control
- Code violations
- Maintaining plumbing, electrical, and other building infrastructure
- Changing lightbulbs and fixing broken lights
A proactive plan will ensure that the property is maintained regularly and also allows space for any emergencies or unexpected repairs that inevitably will pop up.
3. Keep Your Tenants Satisfied
Satisfied tenants are tenants who renew their leases and recommend your space to other businesses. Upgrades and proactive maintenance will keep them satisfied. In addition, things like being responsive and timely in your repairs, anticipating their needs and meeting them before they even realize they need something, and being aware of the different businesses in your space and which ones you sign leases with will keep them happy and loyal.
Even if they do have to move, such as if they outgrow the space or their needs change, satisfied tenants can help you find new tenants using word-of-mouth advertising.
4. Know Your Leases
Different businesses and services in your space will likely have different needs and as such, their leases will be different. Make sure you know what’s in each lease so you aren’t blindsided by something. Knowing the leases inside and following through on the lease provisions lets tenants know that you take your job seriously and are committed to upholding your agreement with them.
5. Be a Good Communicator
Bad communication is one of the most often-cited complaints of tenants, both commercial and residential. If it takes you days to respond to your tenants and even longer to actually address their needs, they are not going to be satisfied and will be reluctant to renew their lease.
Over communicating is always preferable to a lack of communication or no communication at all.
Commercial Property Manager Best Practices
Being a good commercial property manager will help you attract and retain quality tenants. Use these tips to make sure you are creating and maintaining a property that will have tenants clamoring for a space.
If you found these tips helpful, be sure to explore our site for more valuable business and real estate advice.