4 reasons you need commercial property management
When you have residential tenants, property management is critical in ensuring a number of jobs get done and that everything goes to plan.
Having a team of property managers on call to attend to your commercial property, however, is even more important. That’s because commercial properties generally require a heightened level of attention and things like rent reviews, leasing and financial reporting all become more complex when businesses are operating out of your commercial space.
Maintenance is more urgent with commercial properties
When the dishwasher breaks in your apartment, it’s certainly frustrating, but your lifestyle isn’t impacted too dramatically. When things go wrong in a commercial space, however, the impacts are much further reaching.
An out of order elevator in an multi-storey office building or a hot water outage in a restaurant can not only inconvenience staff and customers, it can also completely halt business operations.
By having dedicated commercial property managers on call, as well as access to a vetted team of tradespeople, you can be sure your property is taken care of quickly and efficiently.
At Ray White Commercial Gold Coast, we even have the option for our customers to set a price cap for maintenance calls that don’t require landlord authorisation to ensure all repairs happen as soon as possible.
There are health and safety requirements to consider
Similarly, ensuring that a commercial space is in top condition isn’t just about enjoying the property more, it can actually make sure that your tenants don’t suffer from hefty fines if they’re found not to be on board with health and safety requirements.
Australia has strict workplace health and safety laws and many of them relate directly to a business’ physical condition. Therefore, maintenance calls in a commercial space are often more urgent than those in a residential property.
Rent reviews are more complex
Following the property market can be confusing, but the commercial property market can be even trickier because of a number of factors that affect the value of commercial spaces, including:
- The current use of the building compared to what would be considered the ‘best use’ for a market perspective
- Nearby competition
- Desirability of a given location
- Tax considerations
The only way to ensure your rent reviews are fair and profitable is to work with an experienced professional who follows the market carefully.
More tenants, more usage, more worries
Many commercial spaces will be office blocks with several tenants operating under the same roof. This means more leases, more maintenance calls, more rents to be collected and in general more things to keep track of.
Having assistance across every aspect of a commercial property will ensure that your tenants needs are met, but will also allow free up your time so you can focus on being a more successful investor.
To find out more about commercial property management on the Gold Coast, reach out the property managers at Ray Way White Commercial Gold Coast today. We’re glad to answer all of your questions and help you understand what we can do to help you run your property like a successful business.