By Elizabeth Millar
Life is about to get a lot better in the commercial property world. With the economy on the upswing, previously abandoned industrial and retail areas are experiencing astonishing new growth. Crowded or overpriced urban centers are encouraging businesses to look beyond Main Street and rent in unconventional spaces to attract customers more affordably. America is falling in love with chic new microbreweries popping up in old storage facilities or exercise studios emerging from reimagined factory space. With a surge of young and driven businesses gaining confidence in the market, now is the time to reinvent your own commercial property management practices and help your business grow.
How can you Master Commercial Property Management?
The 3 Ways to Master Commercial Property Management slideshow below will highlight the following three areas that can hit PM’s the hardest, and what you can do to stay on top of your game:
#1 Save Time with Accounting
Gone are the days of spreadsheets and paper files. Stop rifling through files and folders and centralize your data in a secure and accessible location. Most accounting tools also do CAM Reconciliation, so you can say goodbye to the worst headache of the year with a few easy clicks.
#2 Have a Killer Maintenance Plan in Place
If one of your commercial properties is stuck with a maintenance problem for even a day, that could mean massive revenue losses for your tenant, leaving you with a bitter business. Online maintenance tracking and reporting is a great way to clean up messes and your act.
#3 Market Your Technology to Attract Owners and Tenants
Sure you have brokers, but are they getting the word out about your properties like they should? Take matters into your own hands by formulating your own marketing plan, and show your owners and tenants what kind of tools you are using to make their lives better. As their businesses grow and their needs for space become greater, renewed confidence in your management team could mean big money down the line.