With Ohio being one of the top states for business, it is a prime location for investing in commercial real estate. Being a landlord for commercial real estate presents a stable landlord experience. However, you need to optimize your landlord activities to make the most of your investment.
Use these lease management strategies to set your commercial properties up for success.
Automation
Automating your landlord tasks will streamline your processes. Treat your real estate investment like a business by looking for tools to automate your landlord duties. When polled, 90% of professionals agree that automation has increased productivity.
Renting a commercial property requires lease negotiations, signatures, and document tracking. It also requires property maintenance, repairs, and improvements. Automation removes many of the mundane and repetitive tasks that come with these activities.
You could automate rent-due reminders and lease renewal reminders. You could also automate vendor services like landscaping.
Improve Communication
One of the best practices you can do to improve your commercial landlord role is to improve communication. While residential landlords can use social media, it is more challenging for commercial tenants.
Instead of mass newsletters and social media, look for alternative methods. For example, an online tenant portal gives you a central communication place. Tenants can log in to file complaints and maintenance requests or pay their monthly rent.
Use a Software Platform
If you are not already using a software platform to manage your commercial real estate, you are overdue. This is one of the most popular lease management techniques because it is effective. It makes managing leases significantly easier.
A cloud-based or online platform lets you manage your property from anywhere. You are no longer restricted in where you monitor your property and tenants.
Property software platforms come in a range of prices and features. Look for one with the features you need in a price range you can afford. It is also wise to consider scalability.
While you may own one or two properties now, you may buy more. If you have scalable software, it makes growing your portfolio easier.
Work With a Property Management Service
Hiring a property management service simplifies your ownership of rental commercial property. You can step aside and let your team take over many or all of the mundane tasks. That way, you have more free time to pursue other investment opportunities.
From tenant communications to property maintenance, you can depend on them to handle it. Many also have a software platform that you can use as part of their service.
Improve Your Commercial Lease Management
Owning commercial real estate can give you the stability of long-term monthly income from business tenants. However, lease management is more complicated with commercial property. You need to optimize your landlord tasks to set yourself up for success.
Working with PMI Gatekeeper Realty Services can simplify owning commercial real estate. Our team can provide the tools needed to automate tasks. We can also handle the day-to-day tasks with tenants.
Improve the performance of your commercial property by working with PMI Gatekeeper Realty Services.
