It can take months to find the right tenant for a commercial property, so it is important to manage and retain quality tenants successfully. To successfully manage commercial tenants, you need to have a plan in place.
#1: Fully Understand Each Lease
First, you need to ensure you fully understand each lease on the property. You need to make sure you know the permitted uses for each property. You need to know the tenant covenants and landlord covenants, which are responsible for what comes to the property. The better you understand each of the leases for each tenant, the better you will be able to serve the tenants.
#2: Document All Communications
Second, it is essential to document all interactions with tenants, regardless of if the interactions are formal or informal. That includes all interactions between the property management company and the tenant and between the landlord and the tenant. Documenting all interactions will help if an issue ever arises with a tenant; you can always refer to your records.
These records should include the date and time of the interaction, who was involved in the interaction, the form of communication used for the interaction (phone, email, in-person, etc.), and what was said.
#3: Meet Monthly With the Tenants
With a commercial property, you want to be in communication with the tenants regularly. This will help alert you to issues with the property as soon as they arise and will allow you to fix issues in a timely manner. Set-up a monthly phone or in-person check-in with each of your tenants so that all issues can be addressed and you can keep your tenants satisfied with their lease.
#4: Formally Inspect the Premise
Next, you are going to want to set-up formal inspections of the premise regularly as well. For a formal inspection, you will need to provide written notice to the tenants about the inspection in advance, following your state's rules. This will allow you to access all areas of the property. A formal inspection is not about getting the tenants in trouble; it is about making sure the building is properly taken care of and identifying any issues as soon as they arise to be handled promptly.
It is all about regular communication with commercial tenants and making sure the tenants are happy with the service they are getting. Having tenants brings the landlord money, pays for the property management bills, and helps increase the property's value. That is why you need to either have a detailed plan for managing commercial tenants or hire a commercial property management team with a plan for managing the tenants.
Contact a commercial property management service near you to learn more.