The commercial or retail property management process doesn’t need to be complex. Somewhere in those 3 elements will be an equation that works for the landlord. Manage the risk factors with due regard for personal safety, building codes, and income performance. It pays to do a risk assessment across every managed property every 6 months. Risk – Some properties have greater levels of risk that can be in issues such as vacancies, lease expires, market rental, movement of tenants, building condition, maintenance, and property function or age.Every property managed should be maintained with due regard for building, energy, and safety codes. You will need a good maintenance budget to support your financial decisions and underpin the net income for the property. As the property ages, expenses evolve in maintenance some are expected whilst others are not planned. Maintenance – Spending money on maintenance in a property is an easy thing to do.Understand the property, the tenants, and the customers so that the mix supports the performance of the asset. The tenant mix and the strategies behind it are centred on one main thing that is to strengthen property performance for all concerned. What you are trying to do here is avoid conflict in permitted use and threaten the stability of the tenants business. Tenant Mix – In a property with multiple tenants, the proximity and location of tenants should be part of a plan.That then helps you remove or lessen the impact of vacancies in the property. From that point, decisions can be made in tenant placement, lease negotiation, and rental. Every good quality property should be the subject of a business plan to match the requirements of the landlord. Tenant Occupancy – Tenants will come and go from a property for many different reasons that can then leave a hole in rental returns and outgoings recovery. Track those things directly and stay ahead of issues needing attention. Within the lease, you will also have factors that are quite special such as critical dates, and unique terms and conditions for the tenant and landlord relationship. Learn as much as you can about the legalities and conditions of leasing premises within property types. That is where the property manager can help out. Most landlords need help with understanding the right terms and conditions for their property type and tenants. Generic leases are a waste of time, so special leases prepared by legal professionals work much better in most cases.
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