Commercial property managers are responsible for leasing and maintaining business spaces. This can be a very lucrative business but there are some important factors you need to consider in order to save money and manage the building successfully. If any maintenance issue goes overlooked, this could be costly to a commercial property manager. It’s also important to have a clear understanding of the industry and type of building. Here are five tips for commercial property managers.
Understand the industry
Commercial property is one of the most important business investments you can make but it’s necessary to understand the industry, whether you’re acquiring a property for your own business or going to lease it to another company. It’s essential to understand the health and safety regulations of the type of property, especially if it’s a restaurant, store, or somewhere members of the public enter on a regular basis. You need to be fully informed about any legal requirements for that particular industry.
Know your space
It’s also necessary to know the space well and perform routine inspections to ensure the property meets all building requirements. You will need to consider things like installing Oil Water Separator Technologies to comply with water and waste management, updating electrical and HVAC systems, and checks to the building’s interior and exterior in general. It’s vital to keep up with this essential maintenance.
Go smart
If you want to save money and run a more modern energy-efficient commercial property then you should consider going smart. There are plenty of smart office solutions, for example, that allow all systems from the thermostat to electrics to be centralized and controlled from one single platform. This way you can control your spending and save on utility bills. It’s also better for the environment and will help to boost office morale and productivity.
Proactive maintenance
As well as being aware of building and maintenance regulations, you need to use proactive maintenance to predict and prevent any problems before they occur. You can use automated systems for this as well rather than just relying on regular inspections. These will collect data and assess this to determine when any equipment needs repairing. You will be able to save on unexpected repairs and the labor costs and downtime these might cause to the business.
Maintain communication with tenants
If you’re leasing a commercial property to another business then it’s essential to foster healthy communication with tenants. Things will run a lot more smoothly if you develop a strong working relationship and mutual respect. It’s important to be present, approachable, and transparent with your tenants. Ensure they have all the information they need and consult them on any updates you may wish to make to the property.
You need to make good commercial management your top priority and be proactive to avoid any emergencies or potentially expensive issues. Commercial property management is a little more complex than residential real estate, so it’s necessary to be prepared and understand the type of building you run.