Commercial property management may seem to have some overlap with residential, but it has some challenges that residential properties don’t have. These challenges can be anything from understanding property specific regulations and keeping tenants happy to going green and common area maintenance issues.
If you need some advice on how to be a successful commercial property manager in London, then our five top tips will help.
Dealing with property wear-and-tear is a significant part of a commercial property manager’s job. A property that looks professional and presentable not only encourages renters to renew their leases, but attracts new clientele when lease terms are ending.
Rather than waiting for something to break or wear out, putting in place a proactive maintenance plan can ensure tenants’ interests, as well as your own, are protected.
To ensure a property is in pristine condition, include the following aspects in your maintenance plan:
- Electrical systems
- Ventilation systems
- Pest control
Work Smarter Not Harder
Investing in commercial property management software simplifies tasks and helps you manage information more effectively. You can use software to track rents, arrange maintenance, schedule inspections, provide monthly expenditure reports to tenants, and more.
Being able to offer a quick solution to tenants when a problem arises, or make an informed decision, will add to your professionalism.
Make Regular Upgrades (especially in London!!)
Routine upgrades are something you need to factor in to be a successful commercial property manager. London commercial renters are on the lookout for a space with good amenities, so you need to invest in upgrades and updates to keep abreast of the competition.
Better security, like security cameras, motion sensors and smart locks, can attract higher-paying clientele, as do newly renovated spaces. However, you can also implement cheap but effective updates to keep tenants happy, such as:
- Smoke detectors
- LED light fixtures
- Night lighting
- Window washing
- New landscaping
Nurture Positive Tenant Relationships
Maintaining positive tenant relationships is no easy task. Three components you’ll need are effective communication, people skills and patience. At a minimum, establishing a clear path for two-way communication between you and your tenants should be a strong focus if you want to be successful.
Incorporate green thinking into properties to future proof for regulation and legislation changes. Environmentally aware businesses are seeking LEED certified properties, the gold standard for green buildings, with energy-efficiency and low operating costs.
Going green is a smart move on the part of commercial property managers. It makes your properties better for current tenants, attracts future ones and expresses a commitment to the environment.
For friendly and professional advice on any aspect of commercial property management, or to learn more about our services, contact our commercial estate agents in our North London office’s today.