One of the most effective ways to succeed with Commercial Real Estate Property Management is to ensure that you are consistently icing your property. A poorly maintained commercial building will inevitably turn off prospective tenants. Some common areas of your commercial property that you will need to monitor for repairs include lighting, roof, glass, paint, signage, parking lots, and exterior. The more expensive and up-market buildings will also require more inspections. All of these areas will need attention and regular checks.
It is very important to be proactive about commercial real estate property management and ensuring your tenants are satisfied with their leasing agreements. The most successful businesses will have a high turn over. You can expect five to ten percent turnover every year in commercial properties. There are several reasons why this number is so high but it comes down to the quality of the tenants you choose to manage your commercial properties. Tenant selection is a critical component to the success or failure of your business.
Tenants are one of the most vital components of any commercial real estate property management firm. The relationship you establish with your tenants is paramount to the success or failure of your business. Choosing the right tenant is just as important as selecting the right location. If you do not get along the first time you meet your tenant then chances are they will not return and if they do you may end up having to evict them.
To select tenants for your commercial real estate firms, you will want to spend time with your prospective tenants and get a feel for how they will fit into the space. Once you know who you want to pursue you should then send out a series of advertisements. This will ensure you have a constant supply of potential tenants and you will never run out of people to talk to. You can then develop a leasing contract that outlines the payment structure, penalties for late rent, and other important terms that your tenants will be comfortable with.
In order for your commercial property management firm to ensure that all of its tenants are happy with their leasing contract you should keep them informed regularly. This will allow you to correct mistakes and to ensure that you are meeting your obligations as a landlord. Keeping your current tenants happy is essential in order for your business to be successful. When your tenants are satisfied with the property and the service you provide then they will also bring others to your business and this will grow your customer base.
One thing to remember when you are managing commercial properties is that you must make sure your lease agreement is posted in front of all of your tenants. If a lease is not properly posted in front of your tenants then they will assume that it is not in their best interest to pay you the money that you owe them. The last thing you want to do is lose a substantial amount of money because some of your tenant did not read the entire lease agreement. Therefore, never underestimate the importance of making sure that your lease is posted in front of all of your potential and current tenants.
Finally, one of the most important aspects of operating a commercial property management firm is providing quality customer service to your tenants. You will never have success running a business if your tenants are not pleased with the services that you provide them with. You must stay in close contact with your tenants and always offer them support and guidance. Tenants like it when their landlords treat them as part of the team. By providing them with help and encouragement they will be much more likely to rent from you again in the future.
Always have a written contract that outlines all of your rules and regulations. Be sure that all of these are clearly understood by both you and your tenant. It is essential that all of these laws and regulations are adhered to in order for you to maintain a clear and clean image. You should never risk the reputation of your company on a misunderstanding of some type. You can get in a lot of trouble in a small town or small city simply by failing to follow the law and getting into personal problems with your tenants. The last thing that you would want to do is allow a negative attitude to take over and damage your good name in this type of business.