These days, being a commercial real estate landlord is tough. As business gets more diverse, it’s not easy to upkeep, manage and overlook commercial properties and their tenants. Whether you own a multifamily, office, or retail property, perfecting the role as a landlord can elevate your asset to a whole new level.
Fortunately, there are strategies that can help overcome the industry’s prominent pain points and boost the CRE landlord workflows.
If you’re ready to improve and upgrade your commercial landlord skills, check out these 5 winning tips:
Get Tech Savvy
Technology is here, and at this point, there’s really no way around it.
Commercial landlords need to embrace the latest cutting-edge technologies that are dominating the field and reshaping the industry as a whole. Not only will it make the day-to-day tasks easier, but it will also appeal to contemporary tenants who expect tech to be a part of their landlord’s process.
Don’t lag behind – fuel your commercial property with the tools necessary to succeed in today’s competitive marketplace. Smart technologies, IoT and data analysis servers are all great ways to bring your landlord workflow into the present.
Check-In With Tenants
Communication is key. Today’s tenants want to feel understood, respected, and most of all – heard. Landlords can benefit greatly by opening up a channel of communication between the tenants and property management.
Consider sending a bi-weekly or monthly email to touch base with your tenants, cover any pressing topics, and ensure that everything is going well. Remember, you don’t want to be overwhelming – but you don’t want to seem absent, either.
Consider Going Paperless
Making the decision to go paperless can save landlords time, money, and energy – especially when it comes to commercial properties. Going paperless is a great way to stay organized and consolidate all of the piles of paper into one neat and easy-to-access gateway. Plus, you’ll be doing something positive for the environment by cutting down on consuming paper products – the majority of which gets wasted the very same day.
Create a Community Around the Property
In today’s world, it’s all about community.
Commercial landlords can go beyond a mere property-based module by creating a community around their assets. Since many commercial properties, such as multifamily or office, are home to multiple tenants; everyone can benefit from cultivating feelings of togetherness and solidarity.
Happy tenants usually mean a happy landlord, so it never hurts to go out of your way to improve the tenant experience. Establish a community culture around your properties to boost tenant enthusiasm and engagement.
Keep it Simple
Sometimes, it’s the simple things that yield the best results. When it comes to being a commercial landlord, don’t over-complicate things.
At the end of the day, the most important point is to ensure that the property is running smoothly, the tenants are satisfied, and you’re not overwhelmed by the workload. In today’s world, commercial property owners can greatly benefit from being flexible, patient, and understanding. Employing these strategies will help commercial landlords remain current amidst the changing tides of contemporary business.
