Last Updated on Dec 6, 2022 by James W
Commercial property is very different from other property types, and managers must look after them accordingly. Ensuring the owner gets a return on their investment and any commercial tenants can run their businesses effectively means having a clear plan. These tips will help you understand the difference between residential and commercial property management and develop relevant goals.
Understanding Commercial Property Management
Commercial properties have some similarities to residential spaces, but overall, they’re very different and must be treated as such. A commercial premise caters to a diverse clientele, each with different needs, whereas a residential place serves one function regardless of size. The facilities that commercial customers are looking for vary, from multi-person bathrooms to specialized parking requirements and more. Therefore, managing a commercial property requires a wholly flexible approach that is optional with residential buildings.
Integrated workplace management systems have been helping various businesses stay on top of complex management projects for nearly twenty years. In that time, they’ve adapted and perfected to make various management projects smoother and more efficient. With such a varied nature of commercial premises, investing in dedicated management software makes the job much easier. Look at servicenow IWSM is the ideal program for commercial property managers looking to stay ahead of the game.
Understand The Law
Understanding the relevant legal processes for the various aspects of property law will save potential headaches and lawsuits. Things like correctly handling security deposits and rent collection and how to comply with safety requirements are all essential knowledge for a successful commercial property manager to grasp.
The easiest way to understand a space is to inspect it physically. Scheduling routine inspections allows the property manager to note the space’s condition and use. Creating a paper trail within the IWSM provides quick access to data regarding works undertaken, availability, and improvements required. Such information makes renting space to new clients easier as the manager can immediately see the sizes and layouts available and if the neighbors are a good match.
Proactive Property Maintenance
Keeping everything in order on paper is only part of the job; keeping things in good physical order is essential for success. Have a plan that incorporates preventative maintenance for all areas of the property as a priority. Only undertaking essential maintenance and dealing with emergencies will keep a property going, but over time it’ll become harder to care for and more expensive to repair. Getting out in front of this with preventative measures reduces the cost of repairs and the frequency of emergencies.
Include upgrades as part of the long-term preventative maintenance schedule. Upgrading things is often delayed as a cost-cutting measure, which can cause higher costs later. Minor upgrades such as replacing small appliances or switching lighting fixtures have several benefits. New appliances are generally more energy efficient, reducing overheads; they also lend a modern feel to a space important for attracting clients.
Now you understand the difference between managing a commercial property over a residential one, install an IWSM program and get a schedule and goals in order.