How to Succeed in Commercial Property Management

Commercial property management is a competitive landscape. In order to bring your company to the next level and compete with industry leaders, it’s important to review your processes, tools, and approach. In this article, you will find four tips to help you succeed in commercial property management.

Save time with automation software

The first step to success is to start under the hood of your operations. You can improve your internal processes by investing in robust property management software. In today’s digital landscape, paper leases, rent checks, and Excel spreadsheets are a thing of the past. Property managers can improve efficiencies and processes with an online database, automated reporting, and real-time communication all under one property management system.

From monthly payments and yearly increases to unexpected charges and maintenance costs, the accounting side of property management can be overwhelming. In order to successfully scale your business, automated accounting tools can save you time and money. Online payment portals relieve your team of collection issues, allow you to receive payments quicker, and create customizable digital reports that can be easily distributed to tenants and vendors via email. The right property management software can help reduce costs, expedite communication, and improve company-wide visibility.

Have a property maintenance plan

The next step to succeeding in property management is to invest in your maintenance team. Whether you manage a mixed-use or residential property, swift maintenance can make or break your business. Overall customer experience at your commercial property can be negatively affected by heating issues, leaking ceilings, faulty appliances, etc. Multifamily residents will likely leave bad reviews and spread negative word-of-mouth if maintenance requests are not handled in a timely manner.

Many of the top property management systems have a feature for maintenance management. You can input, manage, and pull reports on your maintenance requests and response times to improve processes and efficiencies. In addition, having an online portal allows the maintenance team to record inspections, make detailed notes, and access repair history. Advanced maintenance reporting tools are essential if you are working with multilingual maintenance workers and tenants as they can help prevent miscommunication.

It is also crucial to note the geographical location of your property when evaluating your maintenance plan. If you are in an area with extreme seasonal weather, you will need to anticipate the times of year where maintenance requests are likely to surge due to freezing pipes, flooding, broken AC systems, etc. Conducting annual inspections, keeping up with outdated equipment, and creating a plan for emergency requests will help your team stay on track.

Promote your technology

With the average commercial tenant lease being 3-5 years, property management owners are challenged with renewing leases and keeping tenants happy, whether it be commercial, retail, or residential. A major factor in succeeding in property management and retaining tenants is technology. There have been exciting developments in real estate technology in the last few years, from cloud-connected devices to energy-optimizing utility systems. As these advanced tools become more widespread, it becomes a more competitive landscape for retaining office and commercial tenants.

When you invest in automation and management tools, you can better market your property and show your efforts to reduce costs, enhance productivity, and simplify processes for staff. Today’s tenants are more likely to choose the property they invest in based on the management technology it utilizes. From a multifamily standpoint, online payment portals give residents the ease of setting up recurring payments as well as a transparent look at their payment history. Over the past few years, mobile apps have also transitioned from a neat benefit that sets properties apart to a necessary tool that tenants expect and associate with a hassle-free leasing experience.

Consult the experts

The last and final key to succeeding in property management is to consult industry experts. Commercial property management is an increasingly competitive and changing landscape. If you’re looking to invest in your commercial property, don’t go at it alone. Our experienced team at PlainsCapital Bank is equipped with the knowledge and expertise to help you grow your business and allow your property to scale and flourish.

For expert insight and support to help your firm succeed in commercial property management, talk to a PlainsCapital representative today at 866.762.8392.