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What to know about managing an office property

By Greg Bell

If you are trying to get into the commercial real estate game or just want to expand your portfolio, you might be thinking of buying a building that will serve as office space. Whether it's for a company you own or it's meant to be rented out to another business, you might not realise all the ins and outs that come with owning and managing such a commercial property.

Start hands-on…

When you're first getting things up and running with a newly acquired office space, or are just in the first few months of working with a new tenant, you should aim to be highly visible and involved in managing the property, according to the Forbes Real Estate Council. That way, you can be sure you are staying on top of potential issues and being in touch as often as your new occupants need.

… So you can become hands-off

Once everything seems to be running in the right direction and you and your tenant are comfortable with how things are going, it's usually a good idea to take a step back. Set up systems for reporting and responding to issues, and you can become far less active in the day-to-day management of the property while still being just a phone call, email or text away.

Meet tenants' financial needs

Especially when buying a property with existing tenants, you should also be highly willing to work with them in the same way the site's previous owner did, Bigger Pockets noted. Talk with them to get an understanding of how things have worked (potentially for years) and you'll be able to quickly determine what about those previous arrangements will continue to make sense for you, and which may need to be tweaked. This kind of conversation can be vital for getting everyone on the same page to continue a strong relationship for many years to come.

When you want to set yourself up for success throughout the commercial real estate sales process, it's important to work with an experienced agent who can provide advice and guidance at every step. At Ray White Surfers Paradise, we have closed countless deals to buyers' satisfaction, and we'd love to bring our years in the business to bear for you as well. Get in touch with us today to learn more about how we can help you.

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