If you’ve spent time working in a leased space, it doesn’t take long to figure out whether your commercial property management team is good, bad, or ugly. The best thing you can do to protect your investment and cultivate a terrific reputation in the area is to invest in great commercial property management. If you do this, over time the value of your property is sure to grow. Plus, with all the different types of commercial property there are, you may find the right time to sell your property and take home a respectable profit thanks to your excellent management strategy. Here’s how to make it happen:
1. Keep your tenants happy.
Perhaps even more important than protecting your investment is protecting your good name in the area you’re investing in. Happy tenants draw in more business, more capital and more word-of-mouth recommendations. Treating your tenants well involves having great communication skills, responding quickly to their needs and providing the type of work environment you, yourself would want to spend your days in. Building positive relationships with your tenants and being accessible to them will go a long way.
2. Go above and beyond in maintaining your property.
Going the extra mile in commercial property management looks great in the eyes of your tenants. A beautiful, well-kept space brings value to your investment and to all the property around you. Put the time and money into excellence. Maintaining your property to Class A standards will reward you with higher income, less turnover, and stronger tenant loyalty. Preventing problems before they surface will save you money and headaches in the long run. For example, go ahead and invest in that top-notch HVAC system before the old one breaks down. Call an air duct cleaning company and ask them to come and clean the system every month to keep it running as it should. HVAC systems can be dangerous if they’re not serviced correctly! You could find it might not even be the ducts but your heating just isn’t working and you instead need a furnace repair in South Carolina or the same services in other areas. You could even look at resurfacing the parking lot before it’s falling apart. Inspect your property often so you can keep eyes on where your money is going.
3. Take steps to improve your property.
Don’t just maintain, improve! The more you invest in improvements at the beginning, the more value will return to you, often exponentially so. Upgrade your landscaping, get a company who offers a tree service marietta ga to trim any trees on your property, make sure your plumbing and fixtures are top-notch, and take the time to ensure your facilities and amenities are not just meeting, but exceeding your tenants’ expectations. Invest in creating a space that is a joy to do business in from the moment you pull into the parking lot, until the moment you leave for the day.
4. Know your development.
Investing in a commercial space is essentially choosing to become an integral part of the area. Get to know the surrounding businesses, properties, tenants, and residential areas. Know your neighborhood, and make informed decisions that are unique to your slice of the development. When paying for services, don’t just consider the bottom line, but how your business can build relationships with other local business owners and services providers. Hiring a top-notch local property manager who already has ties to the area to protect your investment is a wise choice. Treat your tenants and neighbors like respected friends, and your investment will not just carry you far financially, but relationally as well.
If you’d like to speak with a real estate professional on managing your commercial property, contact us today. Here at Coldwell Banker Commercial Elite, we understand the needs and challenges of property owners, and use methods that steadily increase the value of your asset.