Tips for Commercial Property Management
Commercial properties can include everything from the local boutique down the road to a high rise office building downtown. They often hold more than one business. And ownership of these buildings is often either split between a group of investors, or perhaps a singular person owns multiple locations.
But even though the specifics of these commercial properties might vary, there are some overarching similarities that run through all of them. Nashville commercial property management companies know that there are a lot of considerations that need to be tracked. They also know that staying on top of some key factors will ensure long-term success.
Here are some tips to keep commercial properties operational and profitable.
Communication Is Key
Nashville commercial property management is more than balancing financial records and collecting rent. One of the main roles is to act as a go-between for tenants and owners. Everyone is going to have concerns and it’s the responsibility of the property manager to provide solutions and answers.
The property manager should make themselves available at all times to directly address the concerns of their tenants in the moment. Their commercial space is incredibly important to them and you want them to be comfortable.
Stay on Top of Repairs
Restaurants, office space, bars — it doesn’t matter which businesses occupy your commercial property, their needs have to be addressed. It’s very difficult to continue normal operations when repairs are needed. They will have autonomy to fix minor problems but larger repairs — particularly repairs that have to do with the building itself — will need to be addressed from a management level.
Putting off these repairs will only create larger problems down the road. Addressing them quickly is in everyone’s best interest.
Know Your Properties Inside and Out
Showing and filling open commercial space is an important aspect of property management. Knowledge of the available spaces is essential. You need to know which kind of businesses could realistically operate from your commercial property. It will be difficult to properly market the commercial space without knowing all the specifics.
This will also help you to address issues as they arise once the space is filled. Nashville commercial property management should be able to explain the various aspects of the property quickly and easily.
Maintenance is Important
There are many aspects of a commercial property that need continued attention. We’ve addressed the necessity of tending to repairs before they get worse. Similarly, continued maintenance will stave off the likelihood of expensive and time-consuming repairs.
Create a preventative maintenance schedule. Stick to a cleaning and upkeep regimen. The way things look are sometimes just as important as how efficiently they operate. Your tenants will appreciate an attractive location.
Focus on Creating Long-Term Tenants
Empty spaces in a commercial property are simply a drag on your bottom line. And as a commercial property manager, your superiors are tasking you with maintaining a profitable building. Continuous tenants are the best way to ensure your income remains profitable.
Happy tenants don’t have a reason to look elsewhere for their commercial property. Sticking to the other tips will help to keep your tenants happy but sometimes they require a little extra attention. Don’t be afraid to go above and beyond to make sure the tenants don’t have a reason to look for new commercial space.
Use Specialized Leases
Knowledge of leases is incredibly important to successfully managing a property. There are stock leases that can be found online, but using them isn’t recommended. There are specific needs that should be addressed in the leases, including stipulations on rent, terms of the lease, and so on.
Nashville commercial property management companies work with lawyers to create lease agreements that cover the rights and needs of both the property managers as well as the tenants.
Outdated buildings aren’t a big draw to new businesses. And even long-term tenants can start to look elsewhere for their commercial space if the building isn’t updated to reflect the current times.
This could include everything from applying a new coat of paint, updating the decorations, or incorporating new technology. New capabilities in security and conveniences are constantly being introduced. Provide your tenants with upgrades to their affordances and keep them happy.
Commercial property management is a lot of work. There are many considerations that require near-constant attention. And if this isn’t your specialty, you will find yourself overworked. This leads to missed opportunities and ultimately lost income.
Southeast Venture is a Nashville commercial property management company that has been maintaining commercial properties for years. Our experience gives you the opportunity to focus on your daily tasks while remaining confident that your commercial property is being well-maintained.