Owning commercial property is a great investment, but it also comes with a lot of responsibility on your part. Never assume it’s an easy job or that your work is done after you sign on the dotted line. Be prepared to roll up your sleeves and dedicate time, money and energy to up keeping your building.
You’re committing to making sure all is running smoothly, and your property is properly taken care of while you’re in charge. There are a few pieces of advice you should consider listening to if this is a new project for you or if you’re a current owner curious what you could be doing better overall.
Be Picky when Choosing Tenants
You shouldn’t let simply anybody who offers you rent money through your doors or you may be sorry later on. Take the proper steps to run a background and credit check on your possible tenants and make sure their story checks out before allowing them to enter your property. Be picky and choose the people wisely if you want to have a positive experience with your new venture.
Take Care of Any Major Issues Quickly
Similarly to how you’re good about maintaining your home, you should have the same mindset with your commercial property. Don’t let major issues go for too long or you could end up having to invest even more money into fixing the problem if you wait. For example, if you own a restaurant building then click here to learn how you can prevent drainage problems in the future with an affordable and easy fix. Be proactive and attend to issues as they arise and you’ll save yourself a lot of headaches down the road.
Keep the Building Cleaned & Well-Maintained
Hire a cleaning service to help you keep your commercial property clean and well-maintained at all times. Take pride in your building and don’t get lazy about its appearance or it may be difficult for you to rent or sell it in the future. You’ll gain a better reputation for yourself and your properties when you make sure they always look presentable and you’re viewed by others as a stable and dependable landlord.
Be Available & Make Consistent Property Visits
It’s not a wise idea to purchase a commercial property, fill it with tenants and then disappear. Get involved and stay involved as long as you own it and your life will become a lot easier in the long run. Provide contact information for those working in your building and always be available to answer their call. Also, be consistent about visiting the property, checking out the condition of your structure and attending to any immediate requests.
These are a few pieces of advice that are worth noting if you’re currently a commercial property owner or thinking about becoming one. You’ll thank yourself for being responsible and hands-on when you start experiencing fewer issues as time goes on. Have fun with it and enjoy the process of developing into a trustworthy and reliable commercial real estate owner.