Owning a commercial property is no easy task. There are many things you need to know and educate yourself on before you even purchase a property. And once you own it, there is so much you have to do to maintain your property and keep tenants happy. It can be overwhelming. But with these helpful tips for commercial property owners, you will have helpful insight on how to successfully do this.
Hire Help
When you first buy a commercial property, you typically don’t hire a property manager because you haven’t yet realized how much work it takes to run and maintain it. At first, you will want to try and do everything yourself, but this can quickly become too much. Save yourself the stress and hire some help to make sure your property remains a welcoming and safe environment for your tenants.
Create a Reliable Lease Agreement
There are many lease agreement templates available online; however, you may want to consider seeking legal help to draft something as important as a lease agreement. It will also benefit you to stay on top of the current landlord-tenant laws in your state.
In your lease agreement, you want to be sure to include any possible scenarios that could harm you or your property. Be fair with your tenants but also be mindful of yourself. After all, your commercial property is a serious investment you want to preserve.
Provide Amenities
Your tenants are your clients. When it comes to your commercial property, you’re not only providing them with a home, but you are also providing them with an experience. Making their living situation pleasant will increase your tenant retention rates and help you occupy vacancies faster than you normally would, with a good reputation and word of mouth. Having amenities will help you provide that great experience. Below are a few options to consider.
Parks and Playgrounds
Providing your tenants with outdoor amenities is a great way to keep them happy. Things like parks and playgrounds can be appealing to virtually everyone. A park can give your tenants a safe space to exercise, walk, or spend time under the sun. Additionally, playgrounds are great for tenants who have small children. Just be sure to put careful thought into the design of your playground. This will allow you to provide a safe environment for guests of all ages.
Outdoor Grills and Picnic Tables
Provide your tenants with a great opportunity to spend quality family time outside. By providing your tenants with outdoor grills and picnic tables, you’re giving them a chance to get away from their typical busy routine.
Outdoor Fitness Equipment
This is a feature your tenants will love. It provides them with an outdoor space to safely exercise. In the warmer months, you’ll be sure to find your tenants spending more time outside and enjoying the amenities you provide.
The information provided here includes just a few helpful tips for commercial property owners. However, the most important thing to remember is to always be compassionate with your tenants while also being firm on your policies. Be vocal and transparent about everything, and you will be able to build a good relationship with all your clients.