Commercial property management comes with many challenges. However, with the right systems in place, investing in commercial buildings can be very lucrative.
Here are three tips for successfully managing your commercial property.
When it comes to commercial property management, one of the most important things to know is what your building can offer a potential tenant. Whether you’re selling space for retail, office, or industrial use, you’ll need to know the needs of each client and what value your building can bring to their business.
As each type of commercial real estate will require different provisions pending on the commercial activity taking place, having a solid understanding of what every client’s maintenance requirements is paramount.
Take the time to research your tenants and understand what they want out of your property. While retail businesses will place importance on lighting and electricity, hospitality businesses will be more preoccupied with the building’s commercial plumbing and gas.
One of the best things you can do to succeed in commercial property management is to make sure your building maintenance is impeccable. Tenants not only want their facilities up to scratch, but want to work in a space that they love coming to. If you high standards when it comes to your building maintenance, you’ll likely attract the higher paying tenants.
Set up a maintenance system so that your facilities are always clean and functioning to a high standard. Organize a regular cleaning schedule, as well as a regular check in with your commercial plumber and gas specialist. You’ll also want to keep an eye on electricity, as well as problems with walls, flooring, furnishings, fixtures.
Keeping the exterior of your building looking pristine will also help increase the perceived value of your building. Think about regularly maintaining windows, landscaping, parking areas and signage, as well as touching up roofing and paint when need be.
One of the best ways to succeed in commercial property management is to make sure you have a great relationship with your tenants. This means communicating with them regularly about any upcoming maintenance work, as well as staying in touch how their business is going and how you can do more to help them succeed. As well as getting an insight to how long their tenure will be, forming a good relationship with tenants also means that when problems do occur, they’ll be less-inclined to complain and be more forgiving of shortcomings.
Watertight Plumbing & Gas are a commercial and residential plumbing group based in Sydney, Australia. We have helped many Australians stay on top of their commercial property management. Get in touch with our helpful team today to find out about how we can help your business.