It is always wise to invest in real estate, which is why having a number of properties is even smarter. Having multiple properties can increase your income and give you a sense of security. Managing multiple properties may not seem that different from managing a one tenant building at first glance. There are some unique challenges that arise for people who manage multiple tenant buildings. If you plan on renting out multiple properties or already have tenants in multiple locations, you must first focus on building management to attract tenants.
Attracting & Maintaining Tenants
You are still responsible for keeping your property in good shape, even if you rent it to others. Building management involves making sure that everything in the building and surrounding area is working and taking care of any major repairs. The purpose of tenant management is to deal with the tenants you rent to. It is important to find the right tenants, collect deposits and rent from them, keep track of when they move in or out, and so on. Maintaining an optimal rental space helps to attract the right tenants, which in return turns into a successful multi-tenant building.
Commercial Property Management
In the United States, there were 113,044,936 renters as of March 2019, while there were 23,216,763 landlords.
A property manager is often hired by landlords to handle all the details. Keeping a building clean is one of the most important aspects of property management. It’s important to know exactly what to do if you’re in charge of property care, even though it may seem mundane. It keeps renters safe and keeps the building in good shape. Property managers help hire commercial contractors to help renew a space for a tenant. As an owner, we advise you to research to make sure the commercial contractor has a diverse background in tenant-improvements to meet your building and tenants needs.
A good property manager evaluates conditions after a tenant moves out. Whether you own multiple properties or just one, it’s vitally important to ensure the rental unit is move-in ready before another tenant moves in. And the perfect time to perform those checks is after a tenant moves out.
Once a tenant moves out, check to see if there is any damage. Checking to make sure tenant space is in a pristine condition will help ensure the rental space attracts new clients quickly.
Optimizing rental space based on past tenants recommendations.
Upkeep to Consider After a Tenant Leaves
You should always do some basic property renovations in order to make sure your unit won’t go unrented for a long time. Replacing damaged carpet or flooring and repainting the walls can make the unit more appealing to potential tenants. Adding space to accommodate past tenant requests can also be beneficial. The best way to survey your local audience is to listen to past tenants’ recommendations. Property managers would be wise to create a preventative maintenance checklist. Upkeep is less expensive than repairing a problem that has gone unnoticed for years.
Maintaining the Outside of the Property
Don’t forget to keep the property’s exterior in good condition. The outside appearance of your building is the first impression that anyone has of it. It is more difficult to charge higher rental fees if it appears run-down. Improve the exterior of your commercial property to impress potential tenants. It could be as simple as repainting the walls or installing a new water fixture. If your commercial property lacks landscaping, adding low-maintenance plants can be an excellent way to improve its appearance. Small outside property adjustments will keep your building relevant and livelier.
We Can Help
As a property owner, you’re busy, which is why we provide a wide variety of services commercial buildings require for proper upkeep. We’d love to work with you or your property manager to ensure proper maintenance of your buildings for years to come. With over 27 years of experience in the construction industry, Robert Hakes Construction strives for superior craftsmanship, excellent customer service, and building long-lasting relationships with our clients.
We specialize in tenant improvements to bring any project to life. Robert Hakes Construction provides commercial construction professional services throughout the Portland, Oregon and Vancouver, Washington area. We know how important your project is to you. That’s why we pride ourselves on listening, to work within your budget and schedule to make sure that you love the work that we do. Contact our team of commercial construction professionals today at 360-836-8622.
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