Maintaining focus as a property management company for commercial real estate (CRE) comes with challenges, but it doesn’t always have to be a hassle. When you stay organized and remain on top of the tasks you need to do, you’ll be able to avoid many of the mistakes that can jeopardize your success. At STRATAFOLIO, we’ve spoken with countless property managers and landlords about their failures and successes in commercial real estate. Here are some tried-and-true tips for managing commercial properties.
1. Utilize Rent Roll Documents
A rent roll document shows the income generated by a property. While these reports are often used by investors to monitor property performance, rent roll is also very helpful to property managers. It will help you identify tenants who are consistently paying or not paying their rent on time. It’ll also help you budget correctly to efficiently manage expenses and income. You can learn how to run a rent roll in STRATAFOLIO in this helpful article. Otherwise, if you don’t utilize a software product, you should maintain a spreadsheet containing the information we provide on our static rent roll to keep you focused on the most important items that come with the property management job.
2. Invest in Property Management Software
Paper documents are a thing of the past when managing properties. Relying too heavily on paper filing systems could end up costing you more time and money in the long run. Mistakes are more likely to be made when you manage your properties this outdated way. Using property management software like STRATAFOLIO can make managing your properties easier than ever. Going paperless will ease the stress of keeping track of tenant payments, especially if you manage multiple properties.
3. Create a Relationship with Your Tenants
This may be one of the easiest ways that you can grow as a property manager. Creating open and healthy relationships with your tenants will make the experience for both parties positive. This will both attract new tenants and help you retain current tenants. If you have an excellent tenant and you want them to renew their lease, maintaining a positive relationship can help encourage them to stay.
While it is important to treat tenants with kindness, you must also be assertive. Some tenants may try to abuse the system because you are too considerate. Well-rounded property managers are fair and know where to draw the line.
It is important to have a system in place for tenants to be able to contact you when there is something wrong. When tenants can reach you easily about arising issues, this will save money and time on your end. Timely communication is key to getting issues resolved quickly. When your tenants can confidently approach you about any problems they have, you’re less likely to have expensive repair costs from deferred maintenance. Your tenants will be happier and more satisfied with their commercial space.
4. Visit Your Properties in Person
It can be easy to let others be present at the properties you manage instead of yourself because that is part of their job, but it is still necessary to visit your properties. Visiting your properties will allow you to fully understand what is happening, good and bad. Make it a priority to have surprise visits to see how your employees and tenants are doing. This will further build your relationship with them and know what is going on at your properties.
There are several ways that you can become a better property manager instead of being complacent in your properties. Being up to date on the latest protocols and trends will keep you competitive with other rental property managers. STRATAFOLIO is here to help you stay on top of your properties without the hassle or stress. Schedule a 1:1 demo with us today.
