Most commercial property managers don’t have it easy. Making sure a commercial space is working efficiently all year long can be stressful for any property owner in the role of managing commercial properties.
Unlike residential properties, commercial ones require special care, including compliance assurance, financial documentation, and more.
Being able to manage your commercial building correctly can bring you many benefits, including more earnings, less conflict, and negotiations with potential tenants.
If you’re interested in taking your commercial property management to the next level, we’re here to help. Here’s a list of the five best tips for managing commercial properties, which can ensure your office spaces or other commercial properties are in perfect shape and secure smooth cash flow.
Most Important Factors to Consider When Managing a Commercial Property?
There are three main factors you must always keep in check for managing commercial properties:
You can’t afford to miss one of these key elements, as they will lay down the foundation for your success. They are even more important if you’re planning on hiring a condominium property management company.
Always make sure you hire people who can communicate efficiently, are passionate about what you do, and are willing to take your business to the next level.
Five Tips to Manage Your Commercial Properties Like a Pro
Commercial property managers often have to deal with a lot when it comes to retail spaces. However, most potential issues can be solved by taking a few preventive measures.
The five tips we’ll mention below will help you make sure to prevent most problems before they even get close:
#1 – Get to Know Your Space
By “get to know your space,” we mean that you should have a proper understanding of what your commercial space entails and how it serves a purpose within the industry it works for.
As mentioned previously, a commercial unit is often more complex to understand than standard/residential real estate. Moreover, not all commercial units have the same needs. You can’t expect a restaurant to have the same requirements as a retail store, for example.
Understanding everything about your property ensures you also know how to deal with the smaller details, including safety measures, industry compliance, and more.
To get to know your property type, you must first do research about the industry and your local laws. Moreover, make sure to keep a record of everything, including conditions, maintenance sessions, unit specifications, etc.
#2 – Don’t Forget to Upgrade
Upgrades are the part where many property owners fail. Even though this involves a reasonable investment on your part, they play a huge role in enhancing physical spaces.
Most commercial renters today are looking for Windsor modern spaces with top-of-the-line amenities. If you have a decade-old space, you’ll lower your chances of getting a good price for it.
Of course, you don’t have to spend all your savings on upgrades. You can start small by upgrading a few fixtures or smoke detectors. Once you get more money, you can start thinking about other upgrades like modern ventilation systems or smart devices.
Even the smallest upgrades can keep your tenants happy, which is great if you want to maintain or increase your rental income rates. If you don’t want to go overboard with your spending, make sure to track all your upgrades in your maintenance plan (which we’ll talk more about in the next tip).
#3 – Get a Proper Maintenance Plan
Commercial property maintenance plans are the key to avoiding costly repairs later. This part is overwhelming for many because commercial properties involve plenty of basic maintenance requirements, such as cleaning, wear and tear, plumbing, etc.
You can get help from a property management company to organize your preventive maintenance schedule. Ideally, you will want to check the following all the time:
- Electrical systems
- Ventilation systems
- Pest control
As mentioned above, you should also include potential upgrades to your maintenance plan. By keeping everything in check, you guarantee the following benefits:
- Higher property value
- Better aesthetic appeal
- Injury prevention
- Lower maintenance costs
- Legal compliance
#4 – Stay in Touch with Your Tenants
It should go without saying, but losing a tenant can destroy your future income possibilities. You can’t afford to keep your tenants upset, so make sure that their needs are covered throughout the lease.
Make sure to create a safe environment where your tenants can tell you about what they want or need without feeling judged. Moreover, make sure that your commercial property doesn’t pose a problem for your tenant.
Some owners, for example, like to place two units from the same industry right next to each other. Your tenant won’t like it if their direct competition is next to them in a shopping center, so make sure you prepare accordingly to ensure they’re as happy as possible at all times.
This will ensure your tenant pays rent on time and doesn’t leave as soon as they can. If you do a great job, your tenant may even recommend you to other people when their lease ends.
#5 – Consider Property Management Services
Technology has given us many more tools to deal with our problems. In many cases, getting property management software will ease the burden you may have on your shoulders.
Commercial property management software lets you organize every aspect of your business without making too much effort. Usually, there’s too much information involved in office buildings or industrial centers, so having a platform where you can quickly access the data you want is crucial.
You can also rely on management services from a reputable company if you don’t want to waste time learning how the platform works. At Maximum Property Solutions, for example, we offer you a wide range of services that will let you handle any aspect of your property, including managing commercial tenants, dealing with lease renewals, handling rent collection, increasing your turnover rate, and more.
Want More Success with Managing your Rental Properties?
Many potential issues can affect your commercial properties from time to time. Thankfully, by doing regular inspections and ensuring the terms in your lease agreements are respected by all parties, you’ll get all of the benefits we mentioned above.
We understand if you don’t have the time to manage your retail property, and that’s where we come in. At Maximum Property Solutions, we want to offer the ultimate property management experience in Windsor, Ontario.
Whether you want to get leasing help, schedule regular maintenance for your ventilation or electrical systems, or any other related service, we can make it happen.
We hope this guide on managing commercial properties in Windsor-Essex has helped you with your commercial management journey, and if you ever need further help, don’t hesitate to call us!