What To Do After Buying An Office Building
Congratulations on your new office building!
But if you think you’ve already completed the first steps to being a commercial property owner, then you’re in for a huge surprise: the moment the property title is handed over to you is only the time when the work really begins.
As an investor, there are several factors you need to take care of to efficiently manage your property and ensure it remains a high-performing asset with long-term income.
Here are some steps to take after buying a new building:
Managing and finding new tenants
Purchasing an office space will either require you to manage existing tenants or find new ones.
If there are current tenants from the previous owner, it’s a great move to manage their expectations as early as possible.
They may have a lot of questions in mind, such as whether their rent will go up or if they’re going to have to find a new office themselves. It’s best to address such inquiries by assembling a meeting shortly after purchasing the building.
Take this opportunity to introduce yourself, explain new processes and regulations, and provide informational handouts containing the following information:
- New changes
- Your contact information
- Property manager’s contact details—if applicable
- Any other suitable details
If you purchased a vacant building, on the other hand, you may want to consider hiring a licensed real estate agent who can assist you in finding tenants or filling empty units.
To choose long-term tenants who can pay on time, validate your applicants by running a credit check, confirming employment history, and reviewing their rental history.
Appoint a property manager
It’s strongly advisable to hire a reliable property manager who can look after your tenants.
If you start looking for a candidate, keep in mind that there are several qualities to look for. These attributes may include:
- Diligently organized
- Outstanding people skills
- Great personality—without being a pushover
- Strong bookkeeper
- Consistent follow-up skills
If there’s already a current property manager from the building’s previous owner whom you consider keeping, it’s best to spend some time with them to get to know the person and learn more about their management process.
Make property improvements
There are several ways to make improvements to your new office building to increase long-term revenue. This includes:
- Upgrading appliances
- Building amenities such as a gym, pool, or an accessible rooftop
Additionally, it’s a great idea to get rid of any property accessory that is no longer needed or already damaged. For example, you’re converting a side of the building into one single unit, requiring you closed off the lifts. You may want to get a consult from professionals like https://www.sdlifts.co.uk/services/lift-removal/ on how to properly dispose of the lift.
Commercial real estate has proven to be a lucrative endeavor time and time again. That’s why buying an office building can certainly be well worth your time if you do it correctly. Consider implementing these steps after making a purchase to ensure long-term benefits and high revenue.