Problems in Commercial Property Management and Helpful Advice for Owners
If you own a commercial property and you are renting it to a business, there will be many challenges that come your way, especially if you have never done this before. Fear not, though. Below, we look at four of the most common problems in commercial management and provide you with some helpful advice on how best to remedy them.
Once your first professional tenants move in, the chances are high that they will be sending you plenty of emails and calling you often with questions about things like maintenance and everything in between. A failure to answer these questions in a timeous manner could result in your tenants becoming disgruntled.
No commercial property owner wants to deal with a tenant who pays his rent late, who vandalizes the property or who is just downright rude most of the time. Knowing this, and to avoid it, proper tenant screening is a must! Before signing on the dotted line, be sure to conduct research on your potential tenants’ rental and credit history – and don’t forget to get in touch with their list of references.
One of the biggest mistakes that any property owner can make is to wait for their tenants to call them with a maintenance issue or to inform them that something has broken. Remember that when it comes to commercial property management, routine inspections should be exactly that – routine. Conduct them regularly so that you can quickly pick up on issues that could turn into much bigger, more costly problems in the future… and get them fixed then and there!
Keep up to date with your books and records from the get go, as things can become disorganized and chaotic in the blink of an eye. If you leave these tasks on the back burner too long, you are likely to feel overwhelmed and defeated once you finally attempt to get them back under control. Try to keep it as simple as possible and dedicate time to getting all the important admin done each week. At the end of the financial year, you will be very glad that you did!
After learning about all the possible problems in commercial property management that you could face, it becomes clear that managing your own property could very likely become a gargantuan task that could suck up a lot of your time. Luckily, there is an all-in-one solution that could quickly put an end to these problems. If you want to avoid the stress, and you are looking for assistance when it comes to commercial property management, you might want to consider enlisting the services of a facilities management company.
Manifest Facility Management is here to make your life easier and provide you with a range of services that you can always rely on. Why continue to stress about problems, when you can count on us to solve them for you? For more information about our wide range of facilities management services, do not hesitate to get in touch with our friendly team of experts.