6 Keys to Effective Commercial Property Management
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Effective commercial property management isn’t exactly a science, rather it’s a continual process that businesses must decide whether to perform themselves or hire an outside property management company to do.
Property Management encompasses many tasks pertinent to respective businesses and commercial properties. For condominium complexes and apartment complexes, property management includes rent collection, tenant dispute resolution, collection and management of utilities, property landscaping, property repairs, and more.
For other types of commercial properties, including industrial warehouses and retail plazas, property management includes developing leasing agreements, collecting rent, maintaining the building’s exterior, maintaining the premises (including sidewalks and landscaping), and offering maintenance services for broken utilities.
With respect to the responsibilities of property management companies listed above, keep these tips in mind, no matter what type of property you own/manage:
1) Be thorough when it comes to signing contracts and have a licensed real estate agent who has experience in leasing agreements handle this process. Otherwise, you could find yourself in a legal jam or suddenly without a tenant.
2) Emphasize timeliness in rent collection, even offering incentives for those who pay early. Example: If rent is due by the 5th of the month, offer $50 or $100 off incentives for turning rent checks in prior to that day, which late fees occurring after the 10th.
3) Emphasize the importance of cleanliness on the premises, particularly outside and in areas shared with other businesses aka tenants. If one tenant continually makes a mess, it reflects negatively on the other tenants, pushes customers away, and can ultimately push values of your property down southward.
4) Always aim to resolve any disputes as quickly, cheerfully, and thoroughly as possible. If there is something that makes you uncomfortable in a dispute, there is nothing wrong with consulting legal counsel who can help you in through the process. This can include handling a dispute between tenants, handling a dispute over rent collection, or handling a dispute over an incident on the property.
5) Continually research ways to improve the value of your property. This includes doing your research on the local economy, new store openings, new company openings, and competitor property values.
6) Continually strive for feedback, when appropriate, from your tenants and your tenants’ customers. Is this location easily accessible for them? Are customers and tenants enjoying their overall experience visiting the businesses on the premises? What can be doing to make their experiences more enjoyable?
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Author Resource:-
Are you looking for a St Petersburg Commercial Real Estate Broker? Gulf Coast Commercial offers Tampa Commercial Property Management and helps clients find Tampa Retail Space. Contact Gulf Coast at (727)823-1605 to learn more.
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By :
Digital Eel
Submitted
2012-01-27 23:21:47 |
Article From Article Mayhem
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