The Harvard Gazette reports that office vacancy rates in major U.S. cities like Boston range between 12% and 23%. These rates surpass the previous highs experienced during the COVID-19 recession.
Effective lease administration is key to reducing vacancy rates in your commercial rental property. All you need to achieve this is to hire a professional commercial property management company. A property manager understands the best practices to ensure lease compliance and maximum returns on your investment.
Unlock the critical steps for managing lease agreements and ensuring your investment's success.
Tenant Management
Proper tenant management is key to keeping renters happy and satisfied. With the right practices, you can quickly address your tenants' needs.
Effective tenant management can also promote lease compliance. This helps minimize evictions and potential lawsuits.
Some effective tenant management practices include:
- Tenant screening
- Rent collection
- Protection of tenants' privacy rights
- Professional and clear communication with tenants
These practices foster a better rapport between tenants and landlords. Tenants feel valued and supported, while landlords enjoy more peace of mind.
Inspections and Maintenance
A property manager will prioritize your investment's maintenance to give tenants a positive experience. Regular inspections and maintenance assure tenants you care for their safety and comfort.
A well-maintained commercial rental property remains aesthetically appealing. This can help attract quality tenants, leading to lower vacancy rates.
Inspections and maintenance enhance the value of commercial rental investments. A higher value allows you to resell the property faster and for more cash.
During inspections, a property manager focuses on parts like:
- Plumbing system
- Structural features, including walls, flooring, and roofing
- Electrical system
- Paint and ceilings
- Windows and doors
- Appliances like the HVAC unit
Property management companies coordinate with repair contractors for professional maintenance. The managers also keep all the records of the completed maintenance and repair activities.
Financial Accounting and Reporting
A property management company performs financial accounting and reporting to help landlords make sound decisions. This commercial property management task helps promote financial transparency. You get a clear view of things like:
- Cashflow
- Total operating costs
- Income
- Profitability
Financial accounting and reporting also allow for easier budgeting. This enables property owners to allocate resources more appropriately. Other related tasks include:
- Preparing and filing a property's tax returns
- Preparing financial reports
- Providing the property owner with regular financial reports
- Maintaining accurate financial records
Risk Management
Your commercial rental investment can't grow without adequate protection. A property manager manages risks to minimize liability. These professionals do this by:
- Identifying risks
- Transferring risks
- Avoiding risks
- Minimizing risks
Property managers identify financial, construction, and regulatory risks. They acquire insurance to cover the identified risks, preventing potential financial losses.
Leverage Professional Lease Administration
Lease administration by a professional property manager helps strengthen landlord-tenant relationships. It provides commercial rental property owners with accurate and updated data to help them make informed decisions.
PMI Gatekeeper Realty Services understands the effective lease tracking and other lease management practices that can boost your investment's potential. With over 2 decades of experience, we have served Cincinnati, OH, property owners with passion and professionalism. Jeff Post, our team leader, has vast real estate knowledge, which enables us to maximize owner profitability.
Call us today and let's help you grow your investment!
