Job growth in Palm Harbor is expected to increase by over 40% in the next ten years. For commercial property owners, this means new tenants looking for the perfect space for their store, office, or warehouse.
An increase in tenants isn't enough to keep your commercial property vacancy rates low, however. You need to ensure that you have a competitive edge and desirable amenities.
How do commercial property managers create appeal for their tenants? What can you do to ensure that your commercial space is generating the ROI you deserve?
Read on to learn the secrets of successful commercial property managers.
Master Your Finances
When handled properly, commercial properties can yield a reliable ROI because many tenants sign leases that last longer than a single year. However, there are also a lot of expenses to stay on top of, like maintenance and property tax.
Commercial property managers use state-of-the-art software to track all expenses and profits. That way, you're never in the dark about how much money you have to work with.
Tackle Proactive Maintenance
Just because your commercial property was in great condition when you bought it doesn't mean that it won't need maintenance. One of the top reasons to hire a commercial property manager is to stay on top of both preventative and emergency maintenance.
Emergency maintenance, in particular, can lead to high costs and angry tenants. If, for example, an electric or plumbing issue requires evacuation, that emergency is cutting into your tenant's profits as well as your own. Create a thorough and proactive maintenance plan to keep emergencies at bay.
Make Yourself Available
If there's one thing that all good commercial property managers do, it's make themselves available to tenants. That includes setting up a portal for maintenance requests and creating a clear plan for tenants to report emergencies. It also includes addressing tenant complaints or questions promptly.
Good communication is the cornerstone of strong tenant relations. The more a tenant trusts your expert management skills, the more likely they are to resign their lease at the end of the term.
Invest in the Right Upgrades
When you're investing in upgrades, make sure that you're choosing amenities that align with what tenants expect from different types of properties. For example, office building tenants want increased parking more than they want an outdoor terrace.
The key is to invest in changes that make a difference. Don't assume that your tenants will stick around if you add a gym when what they want is a cafe. Consider reaching out to tenants to find out what they'd love to see happen to the property in the next few years.
Call PMI for Expert Commercial Property Managers
Managing a property isn't always easy. If you're looking for a high ROI and a passive income, it's time to partner with commercial property managers. PMI has the expertise to transform your property and your tenant relations.
Our technology and communication are unmatched in the property management world. Contact us to learn more about how we can help.