Commercial property owners are faced with multiple responsibilities to make sure their properties are well-maintained and managed. An owner who can’t attract and keep tenants is losing out on a major source of revenue. If you’re also paying a mortgage, then you’re eating into your bottom line. It’s important to be able to hold on to good tenants. Here are some things to consider.
There’s a good chance that you have hired staff or contracted with a property management company to tend to the daily needs. This includes everyone from the security guard to the actual manager who interacts with tenants for maintenance requests and lease payments. It’s important to have professional staff that is friendly, knowledgeable and attentive. Customer service is everything and a lack of professionalism can damage your business relationships.
Your customers don’t want to work and do business in a structure that is in need of visible repair and cleaning. It negatively impacts their operations which may affect their ability to pay rent on time. It is your responsibility to make sure that the property is regularly cleaned and maintained. No one wants to work in a building that looks like it’s falling apart. Even cleanliness matters to the perception of upkeep. Consider hiring a parking lot sweeper Washington to keep the grounds clean and schedule regular pest control, among other things.
You don’t own commercial real estate for charitable, altruistic reasons. You’re there to make a profit, but make sure you don’t price yourself out of the market. You’ll have trouble keeping tenants if it becomes too expensive to rent. Leasing prices and terms should be commensurate to your expenses, including property taxes.
Commercial real estate investment should be a profitable endeavor. As the property owner, it’s your responsibility to do what you can to attract and retain tenants. Great customer service, regular maintenance and reasonable pricing are most crucial to keeping your investments profitable.