Commercial property management

5 Top Tips for Successful Commercial Property Management

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.

 

Proactive maintenance

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:

 

  • Walls
  • Windows
  • Flooring
  • Plumbing
  • Electrical systems
  • Ventilation systems
  • Fixtures
  • Furnishings
  • Infrastructure
  • Pest control
  • Landscaping

 

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. 

 

Think Green

 

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.

 

 

 

 

More Recent Posts

What is Stamp Duty?

What is Stamp Duty?

Guest blog by Sean Randall at Blick Rothenberg Stamp Duty is a tax on land transactions. With a top rate...
Read More
PSS Update – November

PSS Update – November

PSS has had a great month so far for freehold instructions. We went to market with a beautiful Victorian warehouse...
Read More
Why You Should Use a Commercial Property Agent

Why You Should Use a Commercial Property Agent

If you’re looking to buy or rent commercial property, it’s tempting to save money by cutting out the middleman, especially...
Read More