For residential and commercial property owners alike, it is critically important to know how to properly take care of investments. Owning commercial real estate as opposed to residential real estate brings unique challenges and opportunities. To keep your tenants happy, you want to take certain steps to make sure your property stays up to date, clean, safe and presentable. Here are some keys to success.
1. Hire Quality Contractors
Depending on the type of property you manage, you should start by making a plan for routine maintenance in the areas of cleaning, landscaping, heating and cooling, lighting, etc. Whether you’re looking for floor cleaning Manhattan NY, or landscaping, make sure you are hiring companies that are respected and reliable. This minimizes risk and makes your job much easier in the long run.
Make an effort early on to budget out expenses, communicate with these companies and form a plan for future maintenance.
2. Communicate With Tenants
Interacting with tenants is important for two reasons. First, it shows them that you care. No one wants to work in a place that feels either neglected or improperly cared for. Having a clear line of communication helps to alleviate those concerns.
Secondly, it should come as no surprise that commercial tenants are less concerned with the general upkeep of their properties than residential tenants would be. Because they don’t live in these properties, general maintenance issues may not affect them directly. Due to this, it could be weeks or months before you learn what needs to be fixed in one of your buildings. A simple check-in on a routine basis can allow you to catch issues early so that easy fixes don’t turn into more costly repair jobs.
3. Upgrade Your Facilities Often
In the world of real estate, simply keeping the status quo is often not enough. Competitors are constantly upgrading to make their facilities more cost-efficient, more modern and more attractive to potential tenants. It is important to keep track of these changes and be willing to upgrade the property and your management of it. Something like a new security system can go a long way toward making your tenants feel safer. Planting a few trees outside, switching to a more energy-efficient lighting system, or upgrading your HVAC system are all ways you can keep up with the changing world.
Whether you’re just starting out or have been in commercial real estate for years, it can never hurt to learn more about property maintenance. There is a lot more to it than most people realize, including planning, communication, and innovation. Hopefully, these tips can be a starting point on the path toward managing a commercial property with success and confidence.