Between 2018 and 2022, over 4 million households and businesses moved to North Carolina. In particular, the city of Raleigh serves as a hotspot for entrepreneurs. Those who own a commercial property in this area can establish a solid passive income stream by renting to business owners.
Commercial property management isn't always easy, though. We've created a guide that outlines the secrets of successful commercial property managers. Let's explore what you should know.
Prioritize Maintenance
Since commercial spaces are used for business purposes, you can't neglect maintenance. This is a surefire way to damage your relationship with your tenants.
Ongoing maintenance issues could harm the reputation of the business owners who rent from you. Instead, do your best to fix problems as soon as you learn about them.
Although this can be expensive, it will save you money in the long run. At the very least, it will minimize tenant turnover. Keep this factor in mind when managing a commercial property.
Communicate with Tenants
Stay as communicative as possible with your tenants. Respond promptly to new tenant applications, and be transparent with existing ones. You should be easy to get in touch with, as well. If people find it difficult to get a text or email response, they might choose to rent other spaces instead.
Frequently Upgrade Your Facility
Commercial buildings need to have contemporary amenities. They should also have aesthetic designs.
If you let too many years pass without making upgrades, your building could feel outdated. A common example is a lack of electronic keypads for room access.
These are some of the most enticing amenities to entrepreneurs due to the security they provide. When you have the finances to do so, consider upgrading your commercial property. This goes a long way toward keeping tenants happy and helping you find new ones.
Market Your Property
Commercial properties often don't market themselves. Unless your building is well-known or in a popular location, people may never learn about it on their own. So, you'll need to leverage every marketing tool at your disposal to get it in front of the right people.
Flyers and social media posts are great ways to tell others about rental opportunities. You can even ask people in your personal/professional network if they know someone looking for an office space.
Regardless of how you market your property, be as honest as possible. You'll only serve to waste other people's time (and your own) if your building doesn't match up to the advertisement.
Work with a Professional
With enough time, almost anyone can learn to be a commercial property manager in Raleigh, North Carolina.
This doesn't mean it's a practical option, though. It's always recommended to work with a commercial property management company. They provide services like tenant screening, rent collection, etc. to make your life much less stressful.
Leverage These Tips From Commercial Property Managers
The info above can ensure you get the best results. As long as you follow these tips from commercial property managers, you'll avoid issues you may have otherwise encountered.
Ready to get started? Get in touch with a representative from PMI Capital City RTP. We have the resources to provide the best solutions for your needs.
