Adnan Vadria’s Top 4 Tips for Successfully Managing Commercial Properties
Are you looking to manage a commercial property, but don’t know how to get started? Learn from Adnan Vadria’s years of experience managing properties and the top 4 tips for successfully managing commercial properties in this informative blog post about managing commercial property.
Know Your Space
Commercial properties have more diverse uses than residential properties and require a greater degree of spatial optimization to account for tenant types, including businesses, restaurants, and other industrial uses. Adnan Vadria always recommends visiting your property often to ensure you know what is going on with the tenants. Another key is to know who your current tenants are and how they plan on expanding in the future so that you can adjust your inventory accordingly.
Always Be Upgrading
Upgrading your facility may seem like an expensive undertaking, but it can actually help you increase profits. Today’s commercial renters are looking for newer spaces with more amenities and you need to update and upgrade in order to stay competitive. Adnan says to make sure your property is up-to-date by updating the bathroom fixtures or adding a new coat of paint. These updates will make your property feel fresher and help attract a higher caliber tenant at a competitive price point.
Have a Proactive Property Maintenance Plan
Because good commercial property maintenance is so important, any property manager should make it a priority. But simply keeping up with basic maintenance and efficiently responding to emergency situations isn’t enough: you need comprehensive solutions that keep the building functioning at its best. On top of that, you need to keep an eye on the future-on what changes are coming, so you don’t find yourself in a position where there is no way out of costly or time-consuming repairs. For example, if your roof is starting to show signs of needing replacement, it would make sense for you as the property manager to put off other planned renovations until after the roofing job is completed.
Keep Your Tenants Happy
A business may outgrow its space, move operations to a new state, or lose happiness with the current location all of which can occur without proper planning. But it’s far easier and more cost-efficient to keep tenants happy than find new ones. A well-maintained building will make your current tenants more likely to stay put. Adnan Vadria says that one way you can do this is by giving them a good deal on their rent. He also suggests keeping up with the property by making repairs when necessary, doing regular maintenance checks and upgrades, and providing adequate parking for both tenant employees as well as customers.