4 Common Commercial Property Management Mistakes
The world of commercial retail is an exciting place. Not only does it give you the opportunity to make a lucrative investment, but it also allows you to contribute to the success of local businesses. However, owning a commercial property comes with its own share of responsibilities, and you owe it to your renters to properly care for their space and meet their needs. These are some common commercial property management mistakes for you to avoid as you navigate this process.
Falling Behind on Property Inspections
As with owning sections of other types of property, regular inspections are required to ensure the building is safe to use. During this time, all emergency alarms will be tested, plumbing and gas lines will be examined, and the roof will be scanned for leaks. All these actions are to guarantee the comfort of your renters and keep them protected from potentially hazardous accidents. These professional checks can also provide you with additional information on certain areas where you can improve and update your space.
Not Keeping up With Maintenance
Failing to perform regular maintenance duties is also a common commercial property management mistake you’ll want to avoid. Should your inspection yield new information on the state of your commercial property, you’re going to want to act on it before issues can develop. Whether it’s your automatic sliding doors or a faulty pipeline, staying on top of maintenance tasks is crucial to keeping your building functional.
Writing a Vague Lease Agreement
Another part of sustaining a safe and consistent environment for all your renters is to provide them with clear and detailed lease agreements. These documents will dictate what actions they can take with the space and what actions you will need to approve. These leases will also set solid rules for how units can be used and will give you the power to evict tenants if they do not follow those guidelines. This can help prevent individuals from damaging your property and putting other renters at risk.
Choosing the Wrong Renters
You should also screen your potential renters very carefully prior to offering them the lease. In fact, not doing so can put your profits on hold or even put the property itself at risk. Detailed background checks will help you determine whether a renter has a solid payment history and good relations with any previous property owners. This will better ensure that they’re trustworthy enough to pay rent on time and won’t damage your space during their lease.
