Commercial property managers commonly get confused with residential property managers, even though the occupations have a scope of work and property types. As a commercial property manager, You are going to be responsible for all maintenance and operational oversight of business parks, retail spaces, storage units, or other kinds of non-residential properties. Commercial properties come with some different challenges than you may be accustomed to with a commercial property manager’s task. If your tenant has a long lease, common area maintenance (CAM), property wear-and-tear, and the dreaded emergencies can wreak havoc for a commercial property manager’s success.
However, even with that just as with any issue, there is no problem without a solution. Below we will talk about some quick tips to ensure you will get through the process in one piece.
Tips to Commercial Property Management
Invest in Commercial Property Management Software
Most of the time we want to deal with a task head on, and sometimes that means we get in a rush and do not take the right measures for the long run. Managing any type of property comes with having to master skills you were not ready for.
Using Commercial Property Software will be the best investment you can make to begin. Within this software you can manage the bookwork part of things, and it does not hurt that you have your progress tracked, and you are ;always able to easily access what you need,
In the commercial real estate business, more so with the management you will have to be readily available with the following (below) having this software will guarantee that is easier for you.
Rental income rates
Total monthly expenditures
Types renters/tenants based on location and property type
Applicable local and federal regulations
Renter turnover rates
Work orders for property maintenance
Scheduled clean ups, appointments, or inspections
All of this will vary depending on the commercial property.
Know your space
It is your job as the commercial real estate manager to know your industry and what all it is that you are responsible for. Commercial properties are way more diverse than residential. You are dealing with a much larger spectrum. You will need to create a standard and be disciplined enough to carry it out as long as the commercial property is under your care.
For example, If you are managing a commercial property that you have now turned into a duplex, you should be aware of the elements of said property. If the duplex is near a swamp you will need to be prepared to have an exterminator come out and alleviate any pest. If you take the time again to plan ahead you leave no room for surprises.
It can become overwhelming taking care of so much, that you tend to forget you do not want to lose your appeal. Upgrading can fall to the side, but we do not want to let that happen. Always upgrade the commercial property, this assures that you are keeping up with the times so to speak and you and your commercial investment stay relevant and in high demand!
Cheaper upgrades will include but are not limited to light fixtures, smoke detectors, any smaller appliance really. Fans, machines etc would be your more costly upgrades. Do ot be afraid to spend money to give your property the glow up it needs!
Have a proactive maintenance plan
Proactive is the way to pave your path with less bumps. Preventative methods will save you from being stressed, and can also save you the two things we value most which is time and money. Having a preventative plan will reduce the amount of required reactive maintenance.
What does a proactive plan include?
HVAC and ventilation systems
Normal wear-and-tear (paint, drywall, etc.)
Upgrades & replacements
By applying these preventive measures you are helping to reduce maintenance costs, keeping your commercial property looking sharp, preventing possible injuries, and keeping the values up on your commercial investment.
Keep the tenant Happy!
You do not want to ruin or tarnish the reputation for yourself or your property. The best way to continue your uprising is to create a safe, healthy environment for the tenant or tenants. If they need something and it is a part of your job, get it done for them in a timely manner, it may seem insignificant to you, but to that tenant it could be a large issue. Also, you may need to have a list of local handymen in your area so that you can have professional fix issues that are too in depth for you. It may cost more in the end but at least you can know it has been done correctly and you will not have to deal with it again anytime soon.
Casey Development, Ltd: Commercial Real Estate Developers
Commercial Real Estate investing opens many doors for people, With those open doors you also have to learn other skills such as property management if you want to be the best. Casey Development, Ltd. has decades worth of combined experience with commercial real estate development, investing, and property management. To learn more about commercial real estate services in Central Texas, use the form on this page to contact our team.