What’s Entailed in Commercial Property Management?
The commercial landscape in Nashville is booming. More people are moving here every day. And these people love having extensive options for retail, dining, and more. Providing commercial buildings means you have a lot of tenants to pay attention to. How can you give everyone the attention they deserve while staying on top of the specifics of maintaining a profitable business?
Commercial property management services in Nashville, TN can take these concerns off of your shoulders. Here’s what you stand to gain from employing an experienced commercial property management team.
Keeping the Building Full
Commercial property management works to make the building operate as efficiently and profitably as possible. They work on behalf of the building owner to bring in the maximum profits.
The best way to do this is to avoid any long-term vacancies. Empty commercial space is simply a drain on the profits of the building. The owner is missing out on receiving rent for the commercial space while continuing to make payments. Every space contributes to covering the costs of running the building — utilities, maintenance, taxes, and so on.
One of commercial property management’s primary duties is to make sure these spaces are filled. And when one tenant leaves, it’s their responsibility to get that space filled as quickly as possible.
This means they are responsible for showing the space to potential tenants. They become part real estate agent and part salesperson to market the space online and in-person during showings.
This also means it’s the responsibility of commercial property management to find tenants that will stick around for a long time. Weeding through applications and possible tenants that aren’t good fits will help accomplish this. It is also the management’s responsibility to keep their tenants happy. A happy tenant is likely to stick around for a while so management needs to be responsive to their needs.
Contact Southeast Venture to learn more about our commercial property management services in Nashville, TN.
Making Sure Everything Works
Part of keeping the tenants happy means quickly and thoroughly responding to their issues and concerns. Commercial property management has as much of a responsibility to the tenants as they do to the building owner. They want to be sure that their tenants have everything they need to be successful and happy in their space. As we said earlier, happy tenants tend to stay a lot longer.
Unaddressed repairs can have negative consequences for both the tenant and the property owner. These issues can compound over time and eventually what was once a quick repair can blossom into something much larger and more expensive. This takes a bite out of the bottom line, which is the responsibility of the property manager to protect.
This means commercial property management needs to spring into action whenever things go wrong. This could be in the middle of the afternoon, or it could be in the middle of the night. Quickly taking care of any repairs or replacements will set your tenants up for success at the same time as it keeps more extensive issues from forming.
Incorporating preventative maintenance schedules for the building is a great way of keeping these issues from becoming more problematic. It is up to the commercial property manager to research quality vendors, create these schedules, and implement them.
Commercial property management takes interpersonal skills, organizational skills, but most importantly, it takes financial skills to keep the building profitable. This profitability is what provides everyone with long-lasting success — both the tenants and the building owner. All of the other duties serve this ultimate goal — to make money.
The main responsibility in this aspect will be to collect rent. The majority of the building’s income will be as a result of full spaces paying out their agreed-upon rents. And it is up to the property manager to stay on top of the tenants and make sure everyone makes timely payments.
The other aspect of this duty is to find and trim any unnecessary payments. This includes finding cost-effective yet skilled vendors for repairs and other services.
This also includes maintaining the financial records for the building. There will likely be profit goals to be met. Budgets will have to be tracked and adhered to. Salaries will have to be distributed.
Strict attention to details is required to stay on top of these very important tasks. Many commercial property managers split their time between various buildings, so organizational skills are an absolute necessity to ensure nothing falls between the cracks.
Contact Southeast Venture
Southeast Venture has been managing commercial properties in Nashville for decades. Our expertise and devoted attention to our clients guarantees strict oversight of your establishments.