5 Tips for Successful Commercial Property Management
Category Advice
The commercial property management industry is a completely different ballgame compared to residential. Although there are some similarities, such as tenant management and maintenance, commercial properties tend to be substantially more complex.
As a commercial property manager, you're often responsible for the maintenance and operational oversight of business parks, retail spaces, storage units, and other kinds of commercial spaces. Commercial properties are generally very large buildings with several tenants, and those tenants all come with their own concerns and complaints that can stress out even the most seasoned property manager. Further unique complexities to commercial properties include longer leases, common area maintenance, property wear-and-tear, and unexpected emergencies.
We've put together some helpful tips and tricks to navigate such complexities and successfully manage your commercial properties.
1. Keep Your Tenants Happy
It is easier (and cheaper) to retain your current tenants than it is to acquire new ones. Therefore, tenant happiness and satisfaction should be a priority. Commercial property managers need to do more than call in a handyman when needed - they need to meet their tenants' needs.
A great way to do this is to have open and frequent two-way communication with your tenants. This will keep your finger on the pulse and ensure you are aware of your tenants' concerns and needs.
2. Know Your Industry
The best way to manage commercial property is from a base of information of both the industry and the commercial space requirements for different business sectors. For example, the requirements for a manufacturing building are vastly different compared to a restaurant.
Commercial property managers can only be successful if they are equipped with an understanding of each sectors' needs. This is especially important when it comes to property-specific regulations, such as required health and cleanliness measures in restaurants or the safety rules of an office space.
3. Keep Up With Maintenance
As the property manager, it is your responsibility to ensure that every inch of your building is well-maintained. Be sure to do routine inspections of your building to review items like:
- Plumbing
- Roofing
- Signage
- Landscaping
- Parking
- Pests
- Electrical systems
- Ventilation
- Paint
- Fixtures
- Finishings
Stay on top of this list and your building will be kept in pristine condition, which makes for happy tenants.
4. Upgrade Your Space
Keeping your tenants happy takes continuous work. We find that ongoing updates to the property to stay in step with the times can go a long way. These don't need to be renovations, but rather simple upgrades such as modern light fittings, landscaping improvements, updated security systems, or new furniture for your common areas.
Today's commercial tenants want modern spaces with the latest technology. Your property should also provide great internet, trendy workstations, and emerging technologies. Equipping your space with the latest tech is an effective way to attract and retain premium tenants and, ultimately, increase your bottom line.
5. Hire a Commercial Property Manager
If all this is sounding overwhelming, perhaps it is time to bring in the experts. Partnering with a commercial property management team, like SAproperty.com, will relieve you from tenant headaches and a bucket load of admin. At SAproperty.com, we have helped hundreds of landlords evaluate, market, and lease their buildings. Let us do the same for you. Get in touch today.
Author: SAProperty.com
