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7 steps to more effective commercial property management

By Greg Bell

As a commercial property owner, you have a lot of things to focus on at any given time, and that's particularly true if you have more than one site in your portfolio. However, each tenant will undoubtedly want to feel as though they have your full attention and that their concerns will be addressed with all due haste. The question, then, is how you can continually manage your properties effectively and stay within your own budget.

The following tips should help you get to the point where better property management is easy to achieve:

1) Talk to your tenants

Perhaps the best way to make sure you are covering all of your bases when it comes to managing properties effectively is to stay in regular touch with your tenants. They may mention issues they are having – which aren't necessarily pressing – or they might simply give you a better idea of what they're hoping to get out of your arrangement.

2) Stay on top of maintenance

You never want to get a panicked phone call about some aspect of a property that needs immediate, emergency repairs, so having a preventive maintenance schedule in place is always a good idea. As an added bonus, tenants can perhaps direct this work to address things they are concerned with as they use the property on a daily basis.

3) Look for ways to upgrade

Along similar lines to maintenance, you should never take a "set it and forget it" approach to any aspect of your property. Over time, things like lighting fixtures, technology, alarm systems and so on need to be upgraded, and this is another area where you should set a schedule and stick to it.

4) Keep careful records

Any time you make changes to a property, conduct maintenance or have formal communication with your tenants, you should log what workers took care of or what was talked about. That way, if any issues arise, you can refer back to your files and determine exactly what took place and use that information to take any necessary next steps.

5) Make a long-term plan

As your commercial portfolio grows and you generally work toward better relationships with all your tenants on a long-term basis, you should always have plans for the next steps. That goes beyond simple maintenance and updates, but also how you will make your spaces more appealing to current and future tenants on an ongoing basis. Furthermore, you should always plan for what you're going to do with a property if its current occupant decides to move on.

6) Invest in the right solutions

There are many aspects of proper management that require diligent note-taking and data tracking, and that means you need to have the right software to help you do it all. A little research into the best options for your unique needs – including your budget and the size of your portfolio – will help you find a solution that works for you.

7) Don't use a one-size-fits-all strategy

If you own multiple commercial properties, it's important to keep in mind that no two spaces and no two tenants are the same. That means you should never try to manage them as though they are. Even if they're extremely similar, you should always draw up a unique plan for how to manage each site.

When you're looking for the right commercial property to purchase – either to start your portfolio or further expand it – you need to get in touch with the experts at Ray White Surfers Paradise. We have closed countless deals for buyers and sellers with every budget and need under the sun, so we can undoubtedly help you find the right commercial property for your unique situation. Give us a call today to learn more.

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