As commercial real estate owners look at the rest of the year, they want to make sure that it is one that is prosperous. One of the best ways to ensure that they are able to do this is by ensuring that the property they have so carefully chosen and invested in is well-managed.
Whether an owner is a tenant as well or if they own a property that is exclusively rented out to other parties, there are many steps that they must take in order to make sure that they are properly caring for both the property and the tenants. To help these investors, especially those who are facing their first year as commercial real estate owners, Brian Fielding offers some suggestions for how these owners can maintain their properties.
- Update all leases: Brian Fielding shares that it is essential an owner have current lease agreements with all of his or her tenants. Extensions should likewise be kept current. Owner operators should also have a current lease agreement with themselves when they are one of their many tenants as this will help them stay consistent. Though their own rent goes back to themselves, they should still have their own guidelines and agreement as a tenant in the building in writing to help them with their operations.
- Take note of key dates: There are many deadlines and key dates that the owner of a piece of commercial real estate must keep track of. They must know when leases with their tenants come to an end, when payments are due, and other important information. When owners are not aware of these dates and when exactly they are coming up, they may neglect important deadlines. That is why Brian Fielding recommends that each investor takes careful track of these dates.
- Track utilities: Some states, such as California, are now requiring that large commercial properties report their energy usage to the state. When an owner of a piece of commercial real estate is not the tenant, and thus cannot track their usage through their utility bills, they must find other ways of keeping track of this usage. Mr. Fielding shares that it is important that owners and tenants stay in touch to make sure that this information is easily accessed when it is needed.
When investors take advantage of advice from Brian Fielding and Fielding Investments, they are sure to maintain their property correctly to make sure that they find success. For more information on the best practices of buying and managing a piece of commercial real estate, visit www.brianfielding.com/Read More