Did you know that Charlotte, NC has one of the hottest real estate markets for commercial investment? The population in Charlotte continues to boom, and the weather and cost of living are both factors that draw tenants and investors alike.
Are you new to commercial property management? Do you want to expand your portfolio, but you feel overwhelmed with your current holdings?
Read on to learn about some key commercial property management strategies that can help you succeed in your real estate endeavors.
Boost Property Value
One of the best ways to attract new tenants and maximize your income is to increase property value. There are many actions you can take to raise your appraisal amount, such as:
- Installing energy-efficient systems
- Upgrading technology
- Increasing aesthetic appeal
- Design a versatile space
Although it may take additional funds for these changes, they will come back to you over and over when you make more money every month.
Conduct Tenant Screenings
The types of tenants you allow into your property are extremely important for maintaining value. The wrong tenants can cause damage, refuse to pay, or worse.
Tenant screenings can eliminate some of the hassles when it comes to finding the right occupants for your commercial building. These types of screenings filter out things like criminal records, eviction history, and legal or financial problems.
Master your Communication
Communicating with your tenants is essential for maintaining a good relationship. You need to make sure you and your tenants are on the same page when it comes to the contractual obligations of both parties.
Give your tenants multiple ways to contact you, such as through email, phone, or a tenant portal. This way, they will have many options to reach out if there is a problem.
Evaluate Your Finances
When you own commercial property, you must have liquid assets available. Often, property owners make the mistake of tying up too many assets into long-term properties.
The best way to keep track of your finances is by maintaining accurate accounting records. Seeing the numbers can give you a picture of what you earn, what you spend, and how much you need to make to meet your financial goals.
Financial statements may be hard to interpret if you aren't familiar with accounting concepts. You may need to hire a bookkeeper or CPA to prepare them on your behalf.
Try to look at your financial statements regularly, preferably once every quarter. This way, you can make adjustments if needed and spot any issues before they become major problems.
Commercial Property Management Made Simple
For commercial property owners, efficient property management doesn't have to be daunting. With these commercial property management strategies, you can ensure your real estate stays valuable and bring in more money.
Are you looking for a partner to help run your commercial property? PMI Amazing Spaces is your ideal choice in Charlotte, NC.
Our decades of experience in commercial and residential property management mean we're equipped for anything. Reach out to us today or visit our website to schedule a free consultation.
