Friday, October 23, 2009

Avoiding Lawsuits

Avoiding lawsuits is extremely important. Especially since it reflects poorly on you to the property owner. Security is of paramount concern. Safety follows as a strong second. Making sure that everything is well-lit is not the only thing you should consider. You should be on the lookout for hazards on a regular basis. You’ll also want to make sure that your lease is are airtight in order to avoid a lawsuit. There should be stipulations in the lease that disallow discriminatory behavior on the premises. This extends to use staff and subcontractors. However, you should also have language in your lease pertaining to natural disasters. This is often the case in areas that are not well known for natural disasters.

Extending Good Service To The Tenants

Commercial property management means that the tenant is more than satisfied with the service that you get them. Any dissatisfaction with the tenet should be of paramount concern to you. After all, if the tenant is not happy, they will choose to leave. Having tenants always leave means that you have more expenses. You will also be passing those expenses onto the property owner and that is generally unacceptable. The worst thing that can happen is that you do not communicate with the tenant enough and they choose to contact the property owner. Most issues with tenants can be resolved quickly by listening.

Making Proper Service Records

You will do yourself a favor if you keep extremely accurate records of all the services you provide for a property owner. You should also keep documents that verify the services. For example, any subcontractor receipts or employee staffing logs. You should always make a report every month when you send in the rent check. You should also make an annual report for each property owner in case they have lost any of the monthly reports. You can show them exactly how you’re helping them and includes several pictures and graphs that show net profit or loss.

A Good Commercial Property Management Business Chooses Customers Wisely

If you selected tenant simply to fill a vacancy, you will live to regret it. Filling a vacancy is more about a long-term profit been a short term one. You may have a lot of pressure on you buy the property owner to fill the vacancy as soon as possible to anyone who is interested. However, there’s so many factors involved in the selection process that can mean a long-term success. Or, alternatively it can be a short term failure with long-term results. Besides a background check, you’re also looking for reputation. If a tenant does not have a good reputation with their previous landlords, you can assure yourself that you are not the only commercial property management business that will say no to them.

Setting Personal Standards As A Commercial Property Management Business

As a commercial property management business, you have total trust with your property owner. They’re looking to you to take care of all the fine details and turn a profit for them. Some of the ideals that a property owner has for you are:
• Handling all legal concerns
• Handling accounting and taxation
• Providing services and benefits for the tenants
• Advertising and marketing the space
• Collecting rent
• Being on their side
• Making the tenants happy