Are you thinking of investing in commercial property? Do you need help getting your new business off the ground?
These are the questions that plague many commercial property owners, which is why we're here to help.
We've put together a quick list of everything you need to consider as a property owner. Continue reading to learn more about the main things you'll want to think about to achieve success!
1. Maintenance Schedule
Before you concern yourself with rent collection or decorations, it's vital to have a steady maintenance schedule for all of your properties. This includes both the buildings on those properties, as well as the areas outside.
Even the most beautiful building loses appeal if the landscaping is subpar.
If maintaining your buildings becomes too much of a chore, make sure to look into property management services. They'll take over some of those tasks and can help balance your amount of stress.
2. Provide Security
All types of commercial properties require sufficient security for the tenants. While the businesses using your property are likely to add more security, you need basic things in place to attract tenants in the first place.
Consider implementing things such as:
- Building-wide alarm systems
- Access control
- Well-lit landscape
- Security cameras
- Security team
By installing even a single of these onto your commercial property, you'll give your tenants a sense of relief. They'll feel that it's worth their investment to stay on your property because you take a serious stance on security.
3. Build Strong Relationships
Being good with the behind-the-scenes stuff will get you far in this industry, but you'll want to brush up on your interpersonal skills as well.
Building a relationship with your tenants will go far in keeping them happy and willing to stay for the long haul. This type of relationship makes every interaction easier for everyone involved.
Don't neglect a working relationship with other important businesses as well. Electricians, construction workers, and plumbers, are all the types of people you want on your side when you require their assistance.
4. Emergency Plans
Do you have a set plan for what to do in case of a fire? What will happen if there's a flood?
Emergency response plans are key to keeping everyone on your property safe during natural disasters. Tenants need to know what to do no matter what emergency occurs. Have a thorough list made and given to every tenant using your commercial buildings.
You also need to think about property insurance during these emergencies. The safety of your tenants is paramount, but your livelihood is also important.
Get More Advice for Commercial Property Owners
Knowing how to handle security, maintenance, and emergencies is only the beginning of your business journey. Finding success as a property owner takes a lot of time, preparation, and energy.
Commercial property owners no longer need to bear the stress of running a business alone. PMI Fox Valley offers a full range of services to help you, whether with tenant placement, accounting, maintenance, or marketing.
Apply for our commercial property services to get the help of our property expert team!