Undoubtedly, one of the most sensible, profitable and, frankly, quite exciting things to do if you experience an increased cash flow is to invest in property. Furthermore, if you decide to become a commercial property owner, despite the stress and worry such an investment brings, the responsibilities and hard work will hopefully bring a fantastic return on your investment. Here are four of the most important facts that commercial property owners need to know in 2021.
1. Vet Your Business Tenants Thoroughly
When in charge of a commercial premises that is rented out to a business, it is imperative that not only do you and your building management team vet the companies thoroughly, but that you ensure there is a regular stream of communication between you and the company occupying your premises.
Additionally, don’t automatically dismiss any special requests or additional facilities or equipment that a potential business requests. For example, if a client requests for additional parking to be added to the site, consider how relatively simple it would be to accommodate this and similar requests.
2. Outsource Technological Maintenance
Whether or not you manage multiple properties or are the sole manager of just one, it is impossible to commit to regularly inspecting and maintaining the multitude of technologies and equipment by yourself. Outsourcing your safety inspection and maintenance needs to a professional, experienced and established third-party company such as atis elevator inspections will ensure all your vertical transportation systems are properly maintained and compliant with the latest industry rules and regulations.
3. Physically Visit The Site Every So Often
Undoubtedly, it is not at all feasible to be present at your commercial property regularly, but to satisfy your desire to know if everything is in order and the business hiring your premises are looking after the building and its contents, it makes good business sense to physically visit the property every so often. Always be sure to inform the business of your planned visitation and ensure to document your tour throughout the entirety of the building.
4. Deal With Any Complaints or Issues Promptly
There is a plethora of age-old complaints, concerns and reoccurring issues that commercial property managers and owners throughout the United States are more than used to dealing with and, naturally, there has subsequently developed a set of standard responses and proactive comebacks that you should arm yourself with.
Common complaints from commercial business tenants include maintenance or necessary repairs, damp, mold, broken and faulty windows and doors. It is continually excellent practice to let them know you are mindful of a problem you have spotted during the signing of the contract and assure the tenant you are working to find a solution to the problem already.
Other common complaints from business tenants to property managers include a low or dropping standard of communication and response time, unannounced arrival of you or a member of your management team, unwanted and persistent pests and noisy neighbors.