One of the hottest markets for commercial real estate in 2023 is Richmond, VA. It's a great city that's attracting entrepreneurs and professionals alike, and it's likely that this trend will continue.
However, managing a commercial property is quite a challenge. If you're not careful, you can lose money even if you're sitting on a great investment. So, what's the solution to this?
You have to understand the fundamentals of commercial property asset management.
This guide will show you how to succeed in handling your commercial real estate investments.
Property Management
The first step is the management aspect of handling your assets. You want to hire personnel to keep an eye on your commercial real estate at all times.
Property managers look after your property during vacant periods and when you have tenants. They'll also handle any issue that arises on your behalf. As your property portfolio grows, this is an essential service you don't want to miss out on.
Property managers can also help you hire other personnel. For example, they can hire contractors such as roofers, electricians, and plumbers. They can also help you find lawyers who'll ensure that you're being compliant at all times.
Maintenance
The next step is to maintain your commercial property. This is an ongoing task during vacant periods and when you have a tenant.
You should always have at least two property inspections each year. With these inspections, you'll see if your properties are compliant with local guidelines, building codes, etc.
It also indicates if you need to make any repairs or renovations to your property. Regular maintenance ensures that your property is always suitable for new tenants.
Make sure you also hire a professional cleaning company. During vacant periods, the cleaning staff should come twice per month to clean your property.
When you've rented out your property, insist that your tenants clean the property or hire the same cleaning staff.
Marketing Your Commercial Properties
The final step is to market your commercial properties to potential renters and buyers.
You can use local property listing websites for promotion. Another route is to reach out to potential tenants directly. You can also reach out to leasing management companies to handle tenants.
Before promoting your properties, make sure you study the market. This will help you determine how much to charge.
You want to charge enough to earn a decent profit. However, you can't charge too much above the market rate. You'll need to have additional features to justify raising your price.
Succeed With Commercial Property Asset Management
Now you know the steps to succeed with commercial property management for your Richmond real estate.
You should have personnel to manage your property. They'll deal with your tenants, hire contractors, and find legal experts.
The next step is to ensure continued maintenance of your properties. You'll have to get regular property inspections. You must also hire professionals to clean the property often.
Marketing your commercial real estate is the final step to finding the best tenants. Of course, you can't do all this alone.
With over 20 years of experience, PMI Presidential is here to help you!
