Owning property is a challenging job at times but can also be a rewarding career or side hustle to have. You can be a great commercial property manager with the right mindset, tools, and approach.
The following advice will help you find success as a commercial property owner and ensure you do your job well and can enjoy yourself in the process. Good property management can be the difference between you being in the business for many years to come or you having to give up your dream of owning and managing commercial property and expanding your business in the future.
Keep Your Property in Good Condition
You can be a successful commercial property owner by keeping your property in good condition. Know your property inside and out and understand what it’s going to take to manage it properly. Each commercial product type has different equipment needs and maintenance requirements. Your goal is to rent it out and you want people interested in what you’re selling. It’s important that it looks attractive inside and out and is up to code. Get the help you need and take some work and pressure off your shoulders by using a building maintenance service and working with the experts who can take care of all these details for you.
Choose Your Tenants Wisely
You can do your job better when you’re working with the right type of people. Therefore, it’s wise to choose your tenants wisely and select individuals who you feel will respect you and your property. You can be a successful commercial property owner and a first-time landlord by being picky about who you work with and then making an intentional effort to keep them happy. It’s quite difficult and expensive to find new tenants for a commercial property compared with residential properties so once you find good tenants then do what’s in your power to keep them.
Invest in Improvements
You not only need to maintain your commercial property as the owner but it’s also important that you invest in improvements over time. Deferring updates and necessary projects can lead to more costly fixes and repairs later. Keep up with what your property needs now so you can ensure it remains desirable and you don’t get too far behind with improvements and enhancements. When you’re hesitant about spending the money, remind yourself that improvements are one of the best ways to increase the value of the property.
Be Responsive & Communicate Effectively
Owning a commercial property will take up more time and energy than you may think initially. Be prepared to respond to inquiries or concerns at any time throughout the day or week and be responsive when your tenants do get in touch with you. Communicate effectively with them about the property and listen to their needs. Anticipate requests and be proactive so you can maintain a strong working relationship with your tenants. Regular communication and keeping them informed of what you’re up to as it relates to the building is important.