Commercial real estate is a great investment that often leads to a worthwhile return. However, when investors want to make sure that they continue to see their property stay successful, and they must make sure that they have happy tenants, there are things that they must do each year. To help investors keep in mind these steps offered here, they should be sure that they properly manage their property.
- Conduct annual maintenance: There are a variety of things that should be done to a property at least once a year. Brian Fielding suggests that companies start planning for these repairs and updates early in the year so that they can schedule them appropriately. Some of the annual fixes and repairs that they should keep in mind are roof repairs and air conditioner maintenance.
- Pay attention to zoning: Zoning changes may impact the uses of a commercial real estate space. Brian Fielding shares that these changes are especially hard on those who have vacancies as zoning changes rarely hurt current tenants but may limit who can be allowed to take up an empty space. Zoning laws may additionally add uses to a property that could help the owner. Knowing these laws and what they may change is essential.
- Meet with tenants: Knowing what a tenant’s needs are and being able to suit those needs is essential for every landlord or property owner. If, for example, a company is looking to expand or downsize, they may be looking for a new space. Meeting with them to know these needs will help a landlord and the tenants work together to meet those needs instead of the tenant wanting to go elsewhere. It is for this reason that Mr. Fielding wants to make sure that individuals make the time to meet with the tenants of their commercial spaces.