Countless hours of research, planning, and negotiation go into striking a new commercial real estate deal. Just as important as choosing the right piece of property to purchase is the decision of who will be managing it. You know you have made a good choice with your commercial real estate property manager if he is following through on the five key things all commercial real estate property managers should be doing.
1. Retaining Long-term Tenants
There are multiple reasons why having long-term tenants will benefit you in the long run. First, having long-term tenants shows that you have a good record of keeping tenants happy. Commercial real estate spaces that have a low tenant turnover rate are more attractive to potential tenants because consistent long-term tenants adds to the ethos of the property manager and the property owner, showing that ownership and management are trustworthy and credible. In addition to increasing your credibility as property owners, having long-term tenants saves money. Re-leasing a space can be costly due to remodeling that often must be done, vacant months without rent coming in, and advertising costs that come when re-leasing.
2. Keeping Existing Tenants Happy
Regardless of whether your tenants have been in your space for ten months or ten years, you want them to be happy. Having tenants who are pleased with their space increases tenant retention and also helps to attract new tenants to vacant spots. A good commercial real estate property manager will have his or her pulse on tenants’ feelings about their leasing spaces and will make necessary adjustments to ensure that tenants remain confident that they are being well taken care of.
3. Maintaining Property Values
One of the best ways to ensure that your property manager is doing his or her due diligence on the rest of this list is to check and see how the property value is holding up. Not only does a high property value keep existing tenants happy and help to attract new tenants, but it also helps keep your re-sell value high.
Sometimes, there is nothing you can do about property values; for instance, the overall location may be declining. However, there are certain things that property managers can do to ensure that your property maintains as much of its value as possible. A few things they should be taking care of include upkeep of the interior and exterior of the building as well as landscaping.
4. Attracting Customers
The best way you can ensure that your property remains fully occupied with happy tenants is to help your tenants attract customers to their businesses. Thinking through traffic flow, signage, and exterior upkeep is important to help ensure that you have fully done your part to guarantee success to each of your tenants.
5. Keeping Neighbors Happy
Just as you don’t want to see your neighbor next door completely let his yard go or see his belongings come creeping into your space, it’s important to be mindful of how your property is affecting your neighbors around you. Good property managers keep open lines of communication with nearby properties to help make sure no unwanted effects are occurring on either side of the fence.
We at Caldwell Commercial in Charleston, SC know that our clients’ real estate portfolios are their most valuable assets and recognize the importance of managing those assets as effectively, efficiently, and economically as possible. Commercial property management from Caldwell Commercial makes appropriate budgetary, maintenance and tenant decisions for you, helping create significant effects on yearly income and growth. To learn more about how we can help manage your commercial real estate in Charleston, SC or the greater surrounding areas, contact us today via email at email@example.com.