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Tips for Great Commercial Real Estate Management

Commercial Rental

Do you own a commercial real estate property?

Developing a comprehensive commercial lease is a good start. Investing in a commercial property can be considered as a rewarding milestone. Some property owners spend a portion of their finance to look for a commercial property manager to assist them.

This will help in spending time to manage the property and understand the basics of real estate management. The lease should protect the building owner from unnecessary alterations or repairs.

That’s why in this article, we’ll discuss tips for great commercial real estate management.

Know Your Way around Finances

Establish and follow a budget that is agreed by you and the owner of the building. From this, you’ll be able to set the appropriate rental rates for your tenants.

Plan how and where to spend your finances. For example, you may suggest to the property owner some advertising strategies. You may consider the paid marketing programs to attract more tenants.

Take into account the expenses of operations and taxes. Adjust your rates based on these.

Maintenance and Repairs

Having a set budget for the property will help in doing regular maintenance and repairs. This will also allow you to identify costs that the tenant needs to cover in the lease they agreed to sign.

Mostly, maintenance is the responsibility of the tenant. But some areas are within your responsibility as a property manager. Depending on the lease, you may be responsible in maintaining the cleanliness of the facility. Look out for concealed defects and plan according to budget to resolve these in a timely manner.

Familiarize Yourself with Your Target Market

Commercial real estate management requires the property manager to be knowledgeable about a lot of things.

Commercial High Rise

Before leasing the property, you should be able to determine your target market first. Are you looking for short-term or long-term clients? Know the nature of your tenants’ business. In that way, you’ll know what amenities are required for them.

Aside from knowing your target market, you have to do research on your competitors to compare rental prices, to know what amenities and services your competitors are offering.

Make Improvements

Depending on other commercial properties in your area, you should consider ways to set yourself above the competition of commercial business.

Improvements should always be done to Increase the value of the property. These improvements include:

  • Landscaping,
  • Electrical,
  • Plumbing,
  • Roof,
  • Walls, and
  • Appliances.

Make it look new by repainting or renovating which is less costly than new construction or replacement. Add amenities like – a gym, swimming pool, or an elevator.

Plan for the Future

As a property manager, you should be able to set short-term and long-term goals. One of your goals should include increasing your customer base. You should know when and where to advertise.

Also part of your plan should be about renovations. You should be able to determine what and when to add improvements. Set aside a budget for property maintenance. Some properties will set aside 10% of rents and keep them for major issues or repairs.

Look for possible business expansion according to established budgets and profits from rents. Plan a strategy to accomplish these goals and have a backup plans for problems.

Commercial real estate investment requires active management and participation. Good property management is important to increase the value of a property. That’s why you have to understand the basics of commercial real estate management.

You have to choose a lease type that will suit your needs. Take into account the expenses and adjust your rates based on these. Have a set budget for maintenance, repair and, improvements.

You should also determine your target market and know the nature of their business to know what the amenities you need to provide are. Providing your tenants’ needs builds loyalty. Of course, planning for the future should also be considered.

Increase Performance Efficiency with Facility Management Software

Real estate software

Tired of doing the stress and hassles of your daily tasks and duties?

Being a property manager is a tough job especially if you’re managing multiple tenants or buildings. However, do you know that there’s a software that can help you do your responsibilities?

In this article, we will discuss what is a facility management software and the benefits you can get from having it in your rental property business.

What is a Facility Management Software?

A facility management software allows you to remotely monitor operations of the commercial buildings while you’re doing other administrative tasks. The main purpose of this software is asset management; it will help you monitor your property’s operations and maintenance. The software will guarantee you that every aspect of your rental property including its systems is functional.

It lessens the hassle of doing the tasks and duties of a property manager manually. Aside from that, it’s also an excellent tool for reporting and keeping data on commercial properties. The software will store all of the property’s data into one database that can be accessed by authorized personnel or even by the property’s tenants.

Qualities that Makes Up the Best Facility Management Software

Not all facility management software is built the same. It’s best to choose the software that matches the systems or how you manage your property. To find the best software for your business, you need to know a quality that makes up the best facility management software

  1. Tracker of Work

Your facility management software should allow you to easily monitor the productivity of your staff and building management needs such as maintenance, and repairs. Your chosen software should be able to track the schedule, working hours, performance, activities, and other aspects of operating a rental property business. It should also have a log or a history of all information for future use and reporting.

  1. Notification Features

The software that you’re using for your business should have an access on the internet. Otherwise, it wouldn’t be that useful. Your facility management software should have a feature that would allow its user to notify someone if they need assistance, and vice versa. Aside from that, a work request feature should also be present to show the receiver the nature of the request to evaluate the condition before proceeding to work.

  1. Cloud-based System

Since a preferred software should have access to the internet, its database should be uploaded and backed up in its cloud-based system.  This feature will allow anyone who uses the software to access the system whenever and wherever they want. Consider buying a software that can be used in laptops, mobile phones, and tablets.

  1. Maintenance Tracking

A good facility management software should include the most important feature, the ability of tracking the maintenance for the rental property. Your software should handle the maintenance tracking and allow you to schedule daily tasks. Aside from that, it should include a feature that allows you to track the inventory.

  1. Keeping Activity Logs

Lastly, the software should be capable of keeping the history of all activities in the building. Keeping the activity logs is important because it’s useful when you’re evaluating your staff.

Managing a rental property requires a lot of your time and manpower. There’s no doubt that your job would be stressful. However, all of the stress and hassles of operating a rental property will be reduced if you use a facility management software.

A facility management software allows you to remotely monitor operations of the commercial buildings while you’re doing other administrative tasks. There are plenty of benefits that you can get from using this software such as:

  • Increased productivity
  • Paperless management
  • Secured records
  • Allow you to make the necessary documents quickly

If you’re planning to buy management software for your business, consider the tips given in this article. It should have an internet access so anyone can use it wherever they are and it should provide an easy communication between the management staff and your tenants.