Commercial real estate can be a great investment and you can make significant profits, but only if you use the right approach.
It's about more than simply having the money to invest. Any experienced real estate investor will tell you that you need to put the work in to get the most out of your investments. A professional property manager can be invaluable here.
Let's take a look at some of the key elements of commercial property asset management.
Maintenance
There are different types of properties you can invest in, but one thing they all share is that they will deteriorate with time. You need to maintain your properties if you want them to hold their value and attract tenants.
This includes the structure, the land, electrical systems, plumbing systems, and even aesthetics. The better the state of your properties, the more value they'll hold.
You should have a routine maintenance plan in place for any property you own so you can stay on top of things. If there are any unexpected issues such as property damage, you should deal with things as soon as you can to prevent problems from growing.
Marketing
If your property is ready for tenants to move in, you then need to attract them. Depending on the current state of the market, this could be more difficult than you might expect. In a tough market, you'll need to make your property stand out.
Quality property marketing is a skill. Firstly, you need to have good images of your property. It's ideal to hire a professional photographer for this, as their photos will make your property look its best.
Any listings you create should have suitable details that potential tenants will look for. This can include the location, the size of the property, and any other important features.
Tenants
When you have tenants in your property, you'll want to keep good relations with them as well as any vendors that are servicing the property. Maintenance is a part of this, and if tenants highlight any issues, deal with them quickly and appropriately.
You should also maintain an open line of communication with tenants. Make sure they know they can come to you if there are any issues.
Happy tenants will typically take better care of your property. There will also be a higher chance that they'll want to extend their lease at the end of it.
Make sure you've put any important details in the lease agreements. Disputes with the lease can cause major issues, so it's best to make sure everything is covered.
Commercial Property Asset Management
Commercial property asset management isn't easy, and there are various areas to cover. A professional property asset management company can help you stay on top of things. They can create reliable property management strategies that cover maintenance, marketing, tenant relations, and everything else.
PMI Redwood Realty provides professional real estate management services in San Mateo and the surrounding areas. We operate as part of the PMI franchise, and our expert team has over 25 years of experience. Take a look at our commercial property management page to find out more about what we can do for you.
