Did you know that Irvine, CA is one of the most desirable places to live? It boasts a robust job market, plentiful options for housing, and many other amenities.
Have you thought about entering the commercial property space in Irvine? Here are some key industry secrets from commercial property managers that will lead you to success.
Outsource Your Workload
Managing multiple commercial properties can take up a lot of your time, energy, and resources. You may be reluctant to expand your portfolio or acquire any more investments.
One of the best property management tips is to hire a property management company.
This company can take care of all of your tasks for a flat fee. Your property managers will screen potential tenants, take care of maintenance, and perform inspections, among other things.
Stay in Communication
Communication is a staple in your commercial property guide. When you respond quickly to your tenants, it shows that you are a reliable landlord.
Give your tenants multiple methods of contact. Provide your email address, phone number, or the tenant portal information if you have one.
Find Top-Tier Tenants
The best tenants take care of your property and pay their bills on time. In today's uncertain landscape, it can be more difficult than ever to find reliable people or companies to rent your commercial space.
If you work with a property management company, they can put in the legwork to find great tenants for your property. Through marketing and screening, they will be sure to find a good fit.
Offer Lease Renewal Incentives
It may seem counterintuitive to offer your commercial real estate at a reduced price, but it can save you money in the long run.
When you find good tenants, you need to hold onto them. It is a safer investment to have reliable tenants who will not damage your property or skip out on payments.
This is where lease renewal incentives come into play. Try to entice your tenants with a reduced rate for a longer lease contract.
Rather than spending money on finding new tenants and making upgrades every year, you might be able to keep the same tenants for several years at a time.
Track Your Finances
Evaluate your finances at least once every quarter to see what you're spending and what you're bringing in. This will help you make adjustments and stay in the black.
A great way to view your finances is through financial statements. Look at statements such as your statement of cash flow, statement of owner's equity, and balance sheet.
Use These Strategies From Commercial Property Managers
If you're new to the world of commercial property managers, you don't need to worry about finding your footing. Use these industry expert secrets to maximize profit from your commercial real estate.
PMI Orange County is the property management resource that real estate owners can rely on in Irvine, CA. With over two decades in the real estate space, we're fully equipped to help you with all of your property management needs.
Ready to get started? Reach out to us today to schedule a consultation.
