How to successfully manage commercial property

Author Charlie Cutler Read bio
Tags: commercial property management
Date: September 16, 2020

When you’re a commercial property manager you are most likely responsible for the maintenance and operational supervision of business parks, storage, retail spaces, and other kinds of non-residential properties. 

Commercial properties come with a unique set of problems and obstacles that can widen the scope of commercial property manager’s work.

Although managing a commercial property can be quite a difficult task, successful management is not impossible. Here are a few tips we learned after many years of managing commercial properties. 

Consider investing in a good commercial property management software 

Always work smarter, not harder.

A reliable commercial property managing software can do so much for you and give you the bandwidth to focus on other things that deserve your attention. 

Investing in such software will significantly help you organize all the details that you will need to revisit in some moments to make decisions that could impact the future of your commercial property. 

Always be proactive with property maintenance 

Keeping your property in top shape should be considered as a must, for any property management professional. Keeping basic maintenance and responding efficiently to an emergency request is simply not enough. Preventative maintenance is important for commercial properties to protect both your own and the interest of the renters. If you’re managing a six-unit property, that’s six sets of appliances that can break. You get the point, things break.

Here are a few ways preemptive inspecting for potential issues and applying fixes can help both you and commercial property renters:

  • It keeps your property looking nice and fresh – the appearance of your commercial property can play a significant role in the success of the businesses that rent space because it actually attracts customers. This is a way of helping your renters meet payments.
  • It can help prevent injuries – we all know that lack of maintenance can lead to dangerous constructions in a building. From tripping on uneven flooring to slipping on the water caused by leaks, mold growths, and many other hazards that occur when a property is not maintained. Performing preventative maintenance can help prevent these injuries. 

Keep your tenants happy

Losing tenants is inevitable. It’s natural for businesses to outgrow spaces, operations to move to another state and simply – have times when tenants are not happy with their space. One of these things you can influence is happiness among tenants because it’s so much easier to keep tenants than to find new ones.

The best way to keep your commercial property buzzing with activity is to create a positive and safe environment in every unit. Upgrading and being proactive with property maintenance are all part of this plan – but there is much more to it. Commercial property managers should know more than just call the handyman – they need to be able to meet the needs of tenants. This can look like a lot of very different things, depending on tenants. 

Another great way to ensure the success of commercial property management is to build a meaningful connection with your tenants. Communication is the key to success in this case. Communicate with them regularly to get a better picture of what makes them happy and what causes dissatisfaction. 

Tenants are more familiar with individual space and are more likely to spot potential problems and address them. Personalized attention and connection make them feel more comfortable in their spaces, which leads to better property management, lease renewals and tenant happiness.

Keep abreast of trends 

In order to attract and retain high-paying tenants, your property must meet the changing demands of the market. Keeping up with the latest trends in what tenants want and need can help you achieve that. 

One of the latest trends and biggest initiatives in commercial property at the moment is going green and offering environmentally friendly options. Being able to understand the pain points and desires of your audience will keep you ahead of the game.

When it comes to opportunities in the property management field, professionals are expanding their portfolios just to incorporate the commercial sector. By following the tips listed above, you can ensure less friction entering the market and secure a stable position for your company.