As a landlord, a great relationship with a commercial tenant is a dream. Commercial tenants are some of the most reliable and tend to pay rent on time and take care of the property. By renting to a great business, you're not only making returns on your investment, but you're also improving the local community.
With that said, commercial property managers, face plenty of potential pitfalls that could prevent them from realizing this dream. This article on investment property management will help you avoid these problems.
Read on to learn some great real estate tips.
Open and Clear Communication
Many of the problems faced by commercial property managers come down to poor communication. For example, if you don't listen to your tenants regarding damage to the building, you could face massive emergency repair bills in the near future. The solution is to always be prompt and clear when communicating with any stakeholders.
You should make yourself accessible through various channels such as phone, email, and in-person meetings. Also, you should be open and receptive to any questions, comments, or concerns about your buildings.
Embrace Technology
The most successful property managers know how to use technology to their advantage. The best solutions are those that are accessible and easy to understand. For example, you might use a central online portal for your tenants. Here, tenants can pay rent, put in maintenance requests, and ask you questions.
By having all this crucial information in one place, you can make your workflow much more efficient. Speaking of efficiency, you can outfit your properties with smart sensors to help reduce unnecessary energy consumption.
Smart investment property management using technology can save you time and money in the long run.
Adaptability and Problem-Solving
If you're looking for a role where everything is stable and predictable, you should look elsewhere. The life of a property manager is often chaotic. You never know when a tenant is going to require commercial building maintenance, when there's going to be extreme weather, or when you'll need to make an unplanned visit to a property.
The only way to thrive in this environment is to be adaptable and skilled in solving problems as they come up.
Preventive Maintenance
Making a good return on investment means you're not putting excessive amounts of money back into the property. Of course, certain expenses are unavoidable, but you shouldn't face frequent emergency repair costs.
Often, emergency repairs start off small. A tiny crack gets bigger and bigger, or a gap in a roof slowly gets worse. If you catch these issues early, the fix is trivial and inexpensive. But, ignore these issues for too long, and you're in trouble.
A small crack or gap can progress into structural damage. Avoid this by doing regular inspections and maintenance.
Commercial Property Managers Can Help
Taking good care of a property takes a lot of work. You need to be a skilled problem solver with great communication and planning capabilities. It's no surprise that landlords often decide to outsource property management to pro commercial property managers.
PMI Premier is here to help. We have decades of collective experience leveraging our real estate expertise to improve return on investment for landlords. Call today and let's talk about how we can help manage your portfolio.
