Managing a commercial property is a lot of work, especially for small business owners and entrepreneurs. From repairs and maintenance to rent collection and beyond, there’s a lot to keep track of. Fortunately, this article will give you some tips to help make property management a little bit easier. Read on for five tips on how to properly manage your commercial property.
Keep up with repairs and maintenance
One of the most essential aspects of commercial property management is keeping up with repairs and maintenance. Not only will this keep your property in good condition, but it will also save you money in the long run by preventing larger problems down the road.
The most common repairs and maintenance for the commercial property include fixing broken windows, repairing cracks in the pavement, fixing loose door knobs, and mowing the lawn. Always address these issues right away to avoid any further damage or deterioration. By keeping on top of these minor issues, you can prevent them from becoming major problems.
While it’s essential to keep up with repairs, it’s also crucial to upgrade your property regularly. This could mean anything from installing new carpeting to painting the walls to adding new furniture. By keeping your property looking its best, you’ll attract more customers and tenants, and in turn, lead to more money in your pocket.
Some possible upgrades you could consider for your commercial property include:
Installing a new security system
If you’re looking for a way to improve the security of your commercial property, installing a new security system is a great way to do it. A good security system will not only deter criminals from targeting your property, but also provide you with peace of mind knowing that your property is safe and secure. There are several different security systems available on the market, so be sure to do your research before choosing one.
Once you’ve chosen a security system, have a professional install it. Not only will this ensure that the system is installed properly, but it will also allow you to take advantage of any manufacturer’s warranty or insurance coverage.
Upgrading the lighting fixtures
Investing in new lighting fixtures is an easy way to breathe some life into your commercial property. Not only will this make the property brighter and more inviting, but it will also save you money on energy costs in the long run. If your property is currently lit with incandescent bulbs, consider upgrading to LED or CFL bulbs. Not only do they use less energy, but they also last much longer than traditional bulbs.
Replacing the carpeting or flooring
Completely renovate the look of your commercial property by replacing old and outdated carpeting or flooring. This will not only improve the appearance of your property but will also make it more comfortable and inviting for your customers and tenants. There are many types of carpeting and flooring to choose from, so be sure to shop around and find the best option for your needs.
Collect rent on time
Commercial property management would be nothing without rent money coming in on time. This can be tricky, especially if you have multiple tenants. One way to stay on top of things is to set up automatic payments so you don’t have to worry about chasing down late payments each month. You can also offer incentives for tenants who pay their rent on time, such as a discount on their next month’s rent. If you’re having trouble getting your tenants to pay their rent on time, send them a friendly reminder a few days before the due date. You could also consider withholding their security deposit until they pay their rent in full. Whatever you do, don’t let late payments slide – it will only create more problems down the road.
Commercial property management is a hectic process, but you can make it simpler by staying organized. This means keeping track of all your expenses, income, and repairs/maintenance in one place. There are plenty of great software programs specifically designed for property management, so find one that works for you and make sure to use it religiously!
Get professional help
If managing your commercial property is becoming too much to handle, don’t hesitate to get professional help. There are plenty of experienced commercial property management companies that can take care of everything for you, from repairs and maintenance to rent collection and beyond. While it will cost you some money to hire a property management company, it may be worth it in the long run if it means freeing up your time to focus on other aspects of your business.
Managing a commercial property can be a daunting task, but it doesn’t have to be impossible. By following these three tips—keeping up with repairs and maintenance, always upgrading, collecting rent on time, staying organized, and getting professional help—you’ll be well on your way to becoming a pro at commercial property management in no time!