Did you know that one of the top inquiries of prospective commercial tenants relates to property management? Long after the tenant has signed the contract and moved in, managing the building and maintaining good communication is ongoing.
While leasing commercial property can be very satisfying, it also comes with hard work, patience, and knowledge about legalities and the market. Whether you’re a new landlord or you want to improve your processes, here are some of our top tips on managing your commercial office space for rent.
Communicate well
Your tenants are operating a business that is essentially their livelihood. Whether it’s a broken toilet, a small leak, or a faulty door, the smallest repairs can greatly impact their employees and operations.
When a tenant calls or emails you about a concern, respond as soon as you can – even if it’s a quick message to say you’ll get back to them shortly. They will appreciate the prompt response, and they’ll feel more reassured when you are aware of the situation.
Communicate clearly and with good intention. If it’s important information or instruction, make sure that it can be traceable to reduce miscommunication.
Be organized
Keeping your contracts, records, invoices, emails, and other data organized allows you to stay on top of things. Maintaining your books helps keep your rentals profitable and makes tax season run smoother. When you are organized, you have a better birds-eye view of your rental property or properties, which helps you be more proactive and anticipate changes.
Know the law
Rental property management in Calgary adheres to certain laws and regulations. It’s crucial to have a thorough understanding of the city, provincial, and federal laws applicable to land-lording and tenancy.
If you find yourself in a sticky situation, seek the help of a commercial real estate lawyer before anything else. Even the smallest of actions that seem like the right thing to do can be against the law and can land you in legal trouble.
Hire a property management company
Suppose you’re finding that you’ve become too busy and overwhelmed managing either one or more of your commercial rental properties. In that case, it may be time to seek the help of a property management company in Calgary.
Experienced managers will communicate directly with your tenants and deal with issues promptly. Investing in a property management company gives you your time back and gives you the peace of mind that your commercial investment is well taken care of.