There’s no simple formula for attracting and retaining top quality tenants on Long Island. But, there are several steps any commercial property management team can take to get the results they are looking for.
5 Ways to Improve Your Commercial Property Management
A commercial property manager, who provides services from rent collection to tenant screening, can use these strategies to ensure a building is run safely and efficiently.
1. Meticulous Maintenance
Commercial real estate buildings that have meticulous maintenance are more sought after by tenants. As a result, a sharp-looking property, can fetch higher rents.
The upkeep of all aspects of the building are important, including the interior, exterior, facilities and utilities. Developing a schedule of regular maintenance can prevent any issues from becoming bigger problems.
What you need to maintain:
- Exterior: paint, windows, signage, landscaping, roofing, parking areas
- Interior: walls, hallways, lighting
- Facilities and Utilities: bathrooms, break rooms, stairways, elevators, escalators, air conditioning units, water heaters
2. Continuous Improvements
If a building falls in disrepair, it can lose current or potential tenants. Instead, commercial property management teams often continuously assess and improve the building’s amenities, technology and security. Or, another quick and simple way to receive positive attention is to beautify the outside of the property by adding trees, shrubbery or flowers.
3. Know Your Building
Attentive property managers regularly walk-through their commercial real estate buildings to see its condition first-hand. By knowing every inch of the building, they are able to anticipate problems before they arise. While examining the building, take note of what maintenance is necessary now and possibly in the future.
But, it’s not enough to know the ins and outs of a building.
Commercial property management teams benefit from familiarity with their tenants, their specific needs and their expectations.
4. Establish Open Lines of Communication
Tenants tend to stay longer when they have positive working relationships with property managers. This is usually established through effective communication. Many property managers establish an open-door policy that builds rapport with their tenants.
5. Keep Tenants Happy
Keeping tenants happy is one of the most important jobs of a property manager.
However, this isn’t always easy.
A proactive commercial property management team is effective at keeping tenants happy regardless of whatever issues may arise. By regularly examining the building, property managers can anticipate maintenance and repair issues first.
With these quick and simple strategies, a building can soon become more valuable to both its owners and its tenants.
