Prime Realty Corp. has years of experience managing commercial properties across New York. Good property management can increase the value of the commercial real estate. Sure, purchasing a property at a good price helps, but there is a lot you can do after the purchase to help keep up and increase the value of the property. The first aspect of good commercial property management might seem like a no-brainer, but if done well can help all of the other pieces fall into place. And I am talking about keeping the tenants happy. It is much more difficult to find commercial tenants than it is residential tenants. On average, it takes two to nine months to replace a tenant and a leasing commission is not due until the lease is signed. This means that more times than not you are spending more money in order to make it more easy to lease initially. So keeping existing tenants and maintaining a positive relationship is a surefire way to ensure you are getting the most of out the property.
Maintaining and Improving Commercial Properties
Appearances matter and it is important for the success of the property if the property is maintained. Perhaps this means the tenants or you pay a little more, but it goes a long way in maintaining the value of the property. And make sure you stay on top of minor issues, because putting them off for a later time could cost more money. Staying on top of the property and getting regular inspections can ensure you don't run into any major problems. For commercial properties, the list of things that need to be regularly maintained can be a lot, which is why it is important to have someone with experience helping to run the operations. You don't want something slipping undetected and causing problems.
Maintaining is one thing, but improving a property can be an even better way to increase value. The value of commercial property can be derived from the income it generates, so it is easy to quantify the value of an improvement. Improving the property is also a way to increase rent. If the numbers show that there is considerable financial gain from the improvements, then it is safe to say that the increase in revenue is due to the improvements. It may seem as if it is a big investment at the time, but it could pay off big time down the line.
Have A Plan For Your Property
Like with anything else, having a plan is important. Simple questions like, "why are you investing in the property?" or "what is your holding period?" can be greatly influential in determining how you decide to manage the property. They can be guiding principles and help ensure you don't stray off path. A plan can help most in determining the length for which you want to manage. Having a set goal will make it easier to accomplish what you want.
Once you have a plan, you can set up a game plan to achieve what you want. This comes from knowing the leases inside and out, as they can be complex and hard to comprehend. By understanding the lease itself, you can help pinpoint a plan of action to get the most out of it. Many leases have provisions that need to clearly digested in order to set up a comprehensive and effective plan.
Different plans need to be set up according to different types of commercial property. Retail, office and industrial properties all need to be run differently and require different skill sets in order to boost revenues. Also, they attract different clients and customers. You would need to understand these aspects, too, in order to come up with a good plan of action.
New York's Commercial Property Managers
Prime Realty Corp. has years of experience managing commercial properties across New York. We can help you get the most out of your commercial property with our trusted and reliable services. Our property managers will work closely with you to ensure we are all on the same page. If you are interested in our any of our services, please contact us today. The number to call for our office is 1 (844) 774-6388. We look forward to helping you with whatever questions or concerns you may have on the matter.