Running a commercial property comes with plenty of perks. Not only can it turn out to be a great real estate investment, but you’ll find it could lead to helpful tax deductions and other financial assets. But managing a commercial space requires time and dedication.
Below you’ll discover more about why managing commercial properties is so important and a few tips to keep in mind to ensure you’re successful.
What is a Commercial Property?
This property type is one that’s used for a business or similar commercial use. In other words, if you plan to sell and receive money in this space, it would be given this designation. While this might sound like it solely revolves around stores, it can also be for apartment complexes and warehouses.
Why is Commercial Property Management Important?
Managing commercial properties is vital for a few reasons. Perhaps the most obvious being that it keeps the space in good condition. In addition, by monitoring the property, you can determine when something might need to be fixed or expanded if business is good.
Besides this, proper management can boost your presence in the industry. If people see that you’re managing the space efficiently, it could lead to fantastic deals down the road.
5 Tips for Managing a Commercial Property
1. Get Acquainted with It
Many managers make the mistake of not truly getting to know the space they’re running. While it might seem a bit strange to memorize how many light switches there are or if certain sections tend to be hotter or colder than others, knowing this helps you recognize when something might be amiss.
Apart from this, knowing the property gives you a more professional look. If a potential client asks a question about the space that you’re unable to answer, it will look rather odd.
This is why it’s essential to read building documents and continuously walk around and explore the property.
2. Immediately Fix Problems
All commercial properties will run into issues at some point. Whether it’s a broken heater or insect infestation, you need to have a plan.
If you notice something, focus on that for the time being. Waiting will only let it get worse and can end up causing more problems you’ll need to deal with. You’ll find that being consistent at quickly fixing these issues will help keep the property in good condition – something which can significantly boost its value.
Remember, it isn’t just structural or HVAC problems you need to watch for. Other issues, such as outdoor aesthetics, are just as important. One area that many commercial properties tend to neglect is their parking lot or driveways. If you notice the asphalt starting to fade, crack, or even sink, contact a commercial paving company in Greater Bay Area, CA who can assist you. They’ll ensure that it not only looks great but is safe to drive and walk on.
3. Stay Organized
Every commercial property manager should strive for the skill of organization. If papers are scattered around or if you’re not documenting vital information, it will be much harder to do a good job. It could reflect poorly on you and could negatively affect the property. This is why staying organized is important.
One way to keep your documents and notes in order is to use an online organization software. With this, you can type in critical information and then place it in specific categories or even color code it so you can easily find it. Sometimes these platforms can also send alerts so that you’re aware of deadlines and other important aspects.
4. Build Relationships
If your property has tenants, reach out to them. Forming business relationships can be a great way to keep things running smoothly, and it keeps you alert to issues that you might otherwise be unaware of. This can be as simple as starting a quick chat while visiting them or sending an email asking how they are and if there are any questions or concerns they might have. While this might be out of your comfort zone, you’ll find that it will be very beneficial in the long run.
5. Make a Long-Term Strategy
Another thing to consider is creating a long-term business strategy. This helps you keep track of where the property is and where you hope for it to go.
Knowing where to start, though, can be a challenge. So, for those overwhelmed, brainstorm these aspects:
- What are your current finances? Where would you like them to go?
- What are your long and short-term goals for the property?
- Do you need to market the space?
- What’s your overall vision for the property?
Running commercial properties can be exhausting sometimes. With this information though, you can be sure that you successfully manage it.