Commercial property managers have a lot of responsibilities, each of which seems to be a priority. They must work to find and retain tenants, maintain the property, and adapt to any changing market demands. As a property owner, this work is vital for managing your commercial property.
Commercial property management strategies differ a bit from those of residential properties. The tenants are different, as are some of the issues that might arise with a complex piece of property. For example, leases are generally longer, and common area maintenance (CAM) is a concern. If you’re an owner, here are five tips for managing your commercial property well.
1. Use Commercial Property Management Software
Managing a commercial space isn’t easy. There are many things you’ll have to track and keep straight. And handling this task using something like a spreadsheet will likely invite costly errors. If you plan to take on this role yourself, consider investing in a commercial property management software solution. While somewhat costly, it will be worth the investment. These programs can help you track tenant contracts, rental payments, maintenance, and much more.
2. Understand Your Industry and Space
It’s essential that your commercial property manager has a thorough understanding of the industry (retail, office space, industrial, etc.) and the geographic area. Beyond this, they must also have an intimate knowledge of the physical space they are managing, such as its history, tenants, and maintenance requirements.
3. Stay Proactive With Property Maintenance
Commercial property management requires a strong commitment to property maintenance. This is a combination of responding quickly to urgent maintenance requests and taking care of general preventative maintenance issues. A proactive maintenance program will focus on all aspects of the property, including HVAC, plumbing, electrical systems, infrastructure, paint, pest control, landscaping, and more.
4. Be Willing to Finance Upgrades
Managing your commercial property well means you will also be willing to consider some occasional property upgrades. Many commercial property tenants will have their feelers out for better deals in terms of better value and enhanced amenities. You can keep tenants happy and attract new ones by upgrading various aspects of your property to meet or beat the competition.
5. Stay Connected to Your Tenants
While you’re bound to lose some tenants occasionally, you’ll have much higher retention rates if you create strong and lasting connections with your tenants. After all, it’s much easier and cheaper to keep the tenants you have than to find new ones. Form true business partnerships with your tenants and remain accessible to them. When they request information or a maintenance call, be as responsive as possible.
Get Help Managing Your Commercial Property
The above tips are some of the top things that can be done to manage your commercial property efficiently. However, it involves taking on a lot of responsibility and is time consuming. Whether you own an office building, a shopping center, or some other commercial space, Caldwell Commercial can help ensure your commercial property’s success.
Our team of commercial realtors and property managers in Charleston, SC, has over 80 years of combined experience in the industry. Contact us today to learn more about how we can put our resources and knowledge to work on your behalf.