4 tips for commercial property management
The time of being an absentee landlord is over.
As a responsible commercial property management operator, being as responsive and transparent as possible is vital to your operations.
Now is the perfect time to take a step back and guarantee that your technology, policies and processes are all in-line with each other.
Your guide to commercial property management
Before you can succeed with commercial real estate property management, you need to effectively manage each stage in the real estate lifecycle.
- Engage – Attract, retain and renew your tenants with effective processes for lease renewal and generating leads.
- Operate – Manage variables within your control with solutions that help you take stock of your assets.
- Analyse – From basic reporting to decision-making, you need tools to help collect and comprehend data to its fullest extent.
Once you have these under your control, commercial property management becomes significantly easier.
No longer do you have to spend hours repeating yourself and doing extensive paperwork, you can identify what your priorities are and start to automate key operations. This won’t happen until you understand exactly what’s going on around your business.
Our top tips for successful commercial real estate property management
Your ability to gain insight into your commercial property isn’t the only deciding factor on whether or not you can satisfy your tenants.
You need a comprehensive strategy that makes sure boxes get ticked and requests get actioned. Wouldn’t you agree?
1. Have a property maintenance plan
First and foremost, then, you should look at implementing a property maintenance plan (PMP).
These ensure you are staying on top of the basics of facilities management and looking after the safety of your renters and employees.
As you’ll be able to guess, ensuring your building’s appliances, gas and electrics are all working properly is critical to your ongoing commercial property management. Regular check-ups could even save you money in the long run.
2. Always keep your tenants happy
Let’s face it. Try as we might, successful commercial property management isn’t an easy accomplishment.
The business owners you deal with on a daily basis are likely to be very proud of what they have built and will be very sensitive to anything they perceive as a “slight”.
If you are unable to organise an engineer to make an immediate fix for something, ask yourself what you can solve in the meantime. Always look to deliver an incredible customer experience and be available when your tenants need you.
This will transform your business reputation.
3. Effective communication
As a part of this, when problems do arise, you need your tenants to trust you to fix them.
Unless you want to be accepting calls every minute until you finally have a spare moment, you need to build a steadfast relationship with your renter that reassures them you’ll respond as soon as possible.
To do so, you should invest time and energy into developing a variety of communication channels. If you’ve got a good track record of communicating, your tenants will be much more patient.
4. Understand the latest technology
All commercial properties management involves a complex list of tasks that can eat away at your hours each day and constantly keep you on your toes.
Rather than letting things slip through the cracks, you need a way to prevent issues, track requests and stay in touch with your tenants.
Property management software can give you timely reminders when deadlines are due and allow you to send messages back and forth between your renters and employees.
Commercial real estate property management tips – FAQs
At the end of the day, commercial property management comes down to being organised.
With so much on your plate, you’ll have to consider adopting technology that can lift some of your workload and make you much more efficient with your time.
Instead of forgetting to respond to a tenant who reached out a few days ago, you’ll receive a timely reminder notification prompting you to send an update.
Doesn’t that sound ideal?
Should you need more support with the property management of commercial buildings, check out these FAQs.
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Typically, their job is to oversee all the aspects of maintaining a building and encouraging tenants to renew their contracts. One day, they might find themselves booking a visit from an electrician to sort out some faulty wiring. On the next, they might be interacting with a renter and listening to complaints.
Investors typically recommend student housing that commonly has an incredibly high rental value. Rather than just purchasing a house and renting it out, you’ll be able to onboard multiple tenants.
Any building that can only support a single-use and a single-tenant is often not a profitable venture. These buildings will likely cost more than you’ll get back and you’ll soon be losing profit. To avoid this, look into office space and self-storage facilities as they are a great and practical alternative to places like factories or shops.
Automate property management (commercial) with MRI Software
MRI Software has a mission.
We’re dedicated to providing you with the comprehensive and flexible tools you need to succeed in the way that’s most profitable and efficient for your business.
That’s why we’ve developed commercial real estate software that stands out in the market and has a vast variety of features each designed to aid you in your job.
To find out more, look at our list of integrated property management solutions or contact us for a demonstration today.
MRI Property Management – Become a digital-first visionary
To win in today’s competitive real estate market, you need a modern platform that provides your team with the right tools and helps them deliver great service. You simply can’t afford to restrain your team and your vision with technology from