Being an effective commercial property manager doesn’t stop at knowing when to buy the property at the right price (even though that itself is a critical role). It also depends a lot on the actions that follow after. You have the capability to increase the value of your real estate if you invest the right care into it. Here are some tips on how to manage your property well and be a great manager.
It begins with realizing how vital a role your tenants play. If you already have tenants, then your first step is to maintain a good relationship with them through proper communication and seeing to their needs. If you lose your tenants due to disagreements or because you haven’t worked on the property enough, then it will take you another 2 to 9 months at the very most to find another good tenant to fill in.
It’s a difficult process to find reliable tenants so your best way of saving income is to make sure you have a positive relationship with your current ones and that you’ve worked on making your property leasable. This way, they’ll be able to spread the word about a rental vacancy if they do have to inevitably move at some point.
Needless to say, you can’t really try to cheat your tenants with only a surface cleaning. Your property has to be thoroughly maintained. For example, you’ll have to reseal the parking lot every three years so you can avoid the hefty cost of asphalt replacement. Do you have drainage issues? Then hire drainage plumbers in the Melbourne area. From leaks to regular cleaning, everything needs to be addressed so your property not only has appearance working in its favor.
The more work you put into it, the more its value increases. If you don’t have the experience yourself, make sure to hire an experienced property manager so that nothing is missed out on during inspections.
By targeting your improvements based on what’s hot on the market right now, you can improve the value of your property drastically and get your money’s worth back in a few years or less! By doing your research and making smart decisions, this is one of the best chances you have of increasing your property’s value.
Of course, being a manager you need to know your stuff. But by this we mean knowing more about which type of property you’re investing in- is it retail, office or industrial perhaps? They all have different requirements, ranging from what the customer will expect to different maintenance needs because they will each hold different equipment. You’ll also have to provide different services to each so when it comes to your property know exactly what your it is and needs and to who you’re catering to.
The lease can be a cumbersome read but you need to familiarize yourself with it. There are plenty of provisions that allow owners to collect more money or bill back expenses. But these usually aren’t followed through with because an analysis of the lease was never conducted.
Follow these steps to be an effective commercial property manager and get the most out of your ventures.