The scope of work for a commercial property manager is quite different from that of a residential property manager. While both deal with leases and tenants, a commercial property manager deals with other various property types, like retail spaces, storage units, and other properties that are non-residential.
With commercial properties, managers might be dealing with longer leases, unexpected emergencies, property wear-and-tear, and common area maintenance (CAM). Luckily, we have some easy commercial property management tips to help you out.
Know The Space You’re Managing
While residential properties are quite similar to one another, commercial properties are more diverse and require more attention to detail. Managers should have a good understanding of the industry and commercial space of their tenants. While a restaurant may have specific food and cleaning regulations that need to be followed, an office space might have other safety regulations set.
It is also very important to understand the physical spaces of the property. This includes doing monthly inspections, keeping track of new and existing tenants, checking for needed repairs, and overall, keeping track of the space and staying clear of any problems. Understanding these needs of the properties are very important to successfully managing the spaces.
Maintain and Update the Property
A property manager’s job is to keep the tenants happy, and what better way to keep the tenants happy than maintaining and updating their property, both inside and out. It is very important to stay on top of current trends and new technology when updating the space to be able to compete with competitors and to continue to attract the tenants’ customers. In doing so, you are also pleasing the tenants themselves, and any potential tenants in the near future, when a space becomes available. Also, with updating your property, you have the opportunity to increase the rent and gain a financial boost for the space.
Master the Art of Communication
Commercial property management requires two parties, so it is very important to make sure that the communication between the manager and tenant is strong. Without professional communication, there is a high risk of issues and a less likely chance that the managers will be able to resolve any of these issues. For example, it is important for a property manager to let their tenants know if they should expect any renovations with the property coming up. Something important like this should be especially communicated personally, and not through an email. Tenants would have to prepare for these renovations, change their store hours, and update their customers.
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SINCE 1980 YOUNG & ASSOCIATES, WOOD-RIDGE, NJ HAS BEEN THE TOP PROPERTY MANAGEMENT & REAL ESTATE COMPANY FOR RESIDENTIAL AND COMMERCIAL PROPERTIES THROUGHOUT THE NORTHERN AND CENTRAL NEW JERSEY AREA.
Located in Wood-Ridge, Bergen County, NJ, Young and Associates has over 30 years’ experience successfully managing residential and commercial properties in Northern and Central New Jersey.
Maintaining the highest standards of reliability and accountability, Young and Associates gives property owners peace of mind that comes from knowing their property is in trusting hands. Servicing properties primarily in Bergen, Passaic and Essex Counties, Young and Associates manages residential HOA communities, condos, co-ops and apartment complexes, golf courses and commercial properties.
Young and Associates now offers realty services through Young Realtors. Our licensed real estate brokers and associates can help you buy or sell your home. For more information about our services at Young & Associates, click here.
Young & Associates can be reached at (201) 939-8200.