A poorly maintained commercial property quickly depreciates, and it’s an eyesore which means that fewer people will be interested in renting or leasing space within. Running a commercial building can be a massive commitment and quite different from a residential setup. The responsibilities include;
- Monitoring expenses and considering money-saving strategies
- Make sure you’re above all the required property regulations
- Ensuring you benefit from tax reprieves
- Keeping happy tenants
- Promoting a healthy business environment
- Keeping up with the competition
Here are ways to manage a commercial property successfully.
Table of Contents
Have a Workable Property Maintenance Plan
Like any other valuable property, proper maintenance means that the commercial building is running and functioning excellently, and you are on top of all primary and complex maintenance requirements.
It’s crucial to quickly respond to emergency maintenance issues and periodically carry out preventive maintenance, reducing the need for reactive maintenance. When carrying out the maintenance exercise, think about the
- Pest control
- Electrical systems
- Upgrades and replacements
- Appliances wear and tear
- HVAC and ventilation systems repair and maintenance
Carry out periodic inspections and addressing potential issues on time, maintains a functional environment. Addressing potential issues reduces maintenance costs, keeps your commercial property looking good, prevents injuries, and keeps the property value high.
To successfully carry out property maintenance, work with highly qualified contractors who are reliable, knowledgeable, and affordable. For instance, the commercial building roof needs periodical inspections probably once every year or before or after a storm. You need a commercial roofing contractor to carry out the task.
Invest in a Property Management Software
Just like any other industry, work smarter, not harder. A commercial property management software enables you to manage commercial setups effectively and flawlessly juggle different tasks, have information on your fingertips, manage transactions and regulations.
You don’t have to remember everything, but a quick look at the management software gives you all the information you need.
Because you might be running different commercial properties, it’s not easy to depend on paperwork, and quality software will keep your work organized, easily accessible, and always up-to-date. With commercial property management software, you can easily
- Track rental income rates
- Track applicable regulations
- Schedules tasks such as inspections, maintenance, repairs, appointments, and cleanups
- Rental turnover
- Manage different types of tenants
- Manage different types of commercial property
- Manage total expenditure
When managing different units, remembering and keeping the information organized is a daunting task taking a lot of your time and effort, sometimes leading to mismanagement, late bills payments, and frustrations to you and the tenants.
Keep on Upgrading
Tenants are continually on the lookout for newer and better spaces paying more attention to fixtures and amenities. Routinely upgrading your facility though it may sound expensive, can have positive impacts on your bottom line.
You’ll stay competitive, and it doesn’t always have to be a complete renovation job but affordable upgrades such as improving the light fixtures, adding electrical appliances such as fans, televisions for common areas, and copy machines.
Minor upgrades keep the tenants happy and go a long way in cementing your relationship, which means that they will stay on your premises for an extended period. The upgrades also make the property more functional and appealing to those visiting the different commercial settings within.
Know the Property Well
If you manage many commercial properties, you probably take care of various space needs from restaurants, offices to industrial setups. It pays to understand or know your space well to optimize it accordingly. You’ll be able to appreciate its uniqueness making it easier to manage and attract the right clients.
You’ll also keep up with specific property regulations such as hygiene and safety measures in restaurant spaces versus safety at an office set up. When you know the ins and outs of the physical space under your management, you can perform routine inspections better. You’ll also keep up-to-date records, understand every unit or space’s condition and specific needs, and know where to improve.
Keep Tenants Happy
To keep your commercial property bustling with activity, you need to learn how to keep your tenants happy. You can achieve this by creating a positive environment that boosts business growth. Continually perform upgrades, practice property maintenance, and update equipment and appliances to maintain a modern commercial hub.
Even when carrying out the maintenance practices, clearly understand each tenant’s needs and find a balance that will leave the tenant happy. Remember that the property environment determines whether clients will love hanging around and doing business. Dirty premises with few public amenities such as bathrooms and a secure parking space will discourage clients, consequently affecting tenants.
Because it’s easier to keep than it is to acquire new tenants, work hard to meet their needs. Let the reasons for shifting from your premises be the business outgrowing the space or moving to a different state but not because tenants are unhappy with the premises. Satisfied tenants are even willing to sign longer leases which is a plus for you.
Try to Bring Down Expenses
Property management expenses can quickly use up all the profits, putting you out of business fast. To avoid this, strive to keep your costs down while not compromising the quality of service delivery and the property’s maintenance plan. To do this:
- Seek ways to efficiently use energy, water, and gas and opt for more affordable options such as solar lighting and other solar-powered devices.
- Carry out preventive maintenance practices, which are cheaper than repairs or appliance replacements.
- Review all systems in the building, including the lifts, security, fire, and other energy-consuming procedures.
- Draft a preventive maintenance plan that’s easy to carry out.
Yearly tendering can be a more affordable option. Put all the larger maintenance contracts into a tender every end of the year, making it easier to review the services offered by different contractors and the cost and quality of services rendered. The exercise can be part of a new year’s financial budget.
Keep active engagement with the tenants to quickly learn how to improve service delivery or upgrades that make more business sense. It will also be easier to discover issues and sort them on time.