Commercial Property

4 Tips For Managing a Commercial Property

Anyone familiar with the duties of a building manager might think that managing a commercial property is essentially the same as for residential properties, like apartment buildings. Commercial property management, however, comes with its own set of unique problems and requirements. Here are some tips for ensuring that your commercial property is being properly managed.

1. Understand Your Building

As a building manager, it’s your duty to know your building inside and out. This is for a number of reasons – you’ll want to be on top of any potential issues that come up, and you want the ability to strategically account for whatever business moves into the building. Performing frequent and regular inspections is an essential part of your job, so installing a building monitoring system can be a great way to take some of the footwork off your hands.

2. Use the Right Tools

Something many building managers neglect to do is utilize the fantastic management software that now exists. A good program can help take some of the burden of remembering everything and sticking to deadlines off your shoulders. It can keep track of things like rent payment, expenditures, and property maintenance tasks. If you struggle to run a tight ship and constantly feel like you must be forgetting something, installing building management software is essential.

3. Consistently Upgrade

You might have poured a lot of time and energy into revamping a piece of property, and now feel like you can take your hands off the wheel for a while. But property requires consistent upkeep, and neglecting to install routine upgrades can end up negatively affecting your bottom line. Things like light fixtures, smart technology, and common area features are all popular options for regular upgrades. It’s a lot to keep track of, but in the end, your property value and your tenants are going to thank you for it.

4. Stay Ahead of Maintenance 

One of the worst things you can do as a property manager waits until something is broken to swoop in and fix it. Good managers, however, have a routine maintenance schedule they’ll cycle through all year round. This ensures that every aspect of a building’s well-being is accounted for and guarantees that you’ll end up spending less on expensive, big fixes every year. Doing all this work just to keep your buildings in shape isn’t just going to keep your tenants happy – it’s going to ensure that you can earn more and lose less over time.