The four cornerstones of investing in property are income, improvements, expenditure and tenant profile. Everything relating to property performance sits within one or more those categories.
So the property manager working for the landlord is the backbone of these issues; all the more reason to choose your property manager with skill and care.
A good property manager will add stability and value to the commercial or retail property. Experience with the property type is the key to the process.
Here are a few more tips for commercial and retail property managers.
- Know your tenants well to the point that they talk to you with any concerns first.
- Keep the landlord fully briefed on current and extraordinary issues.
- Make notes on all conversations and agreements. Any verbal instructions should be recorded in writing.
- Stay on top of lease issues and lease critical dates. This means that you must know your leases. Every lease is potentially different so review them all.
- Negotiate rent reviews and options on time and in accordance with the lease.
- Make sure the landlords position and plan is fully understood.
- Never let a tenant into a premises without a fully signed and legal lease document being signed and agreed between the parties.
- Know the income position on a daily basis.
You can get more tips for commercial property managers here
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