Commercial real estate transactions totaled $1.14 trillion in 2022. You can make a lot of money as a commercial property investor, but you need to be sure that you do a great job of caring for your property and your tenants.
You need to be a proactive landlord to make the most of your commercial New Orleans property. Paying attention to maintenance, choosing the right tenants, and following other strategies can help you maximize your revenue.
Here are the top 4 management tips that all New Orleans commercial property owners should follow.
1. Choose Tenants Wisely
When managing commercial properties in New Orleans, choose your tenants wisely. You'll want to have a thorough screening process in place. You should carefully consider whether a tenant is the right choice for your property or not.
Conducting a background check on a tenant and meeting with them in person is essential. Always be sure to screen them well before signing a contract with them.
2. Create a Strong Lease Agreement
If you want to ensure that your relationship with a tenant is stress-free, be sure to create solid commercial lease agreements. Your lease agreement should do a great job of outlining your relationship with a tenant. It should cover costs and anything that may come up including maintenance and other issues.
The clearer you can make your lease agreement, the fewer headaches you'll experience as a commercial property owner.
3. Maintain Your Property
When managing a commercial property, pay attention to upkeep. If you want to find and keep great commercial property tenants, you need to be sure that you're keeping your building looking presentable and that you're maintaining it well.
Be proactive, and don't neglect any maintenance that is required in your building. You should also be sure to make regular property upgrades if you want to ensure that you'll stay profitable.
Letting your property deteriorate can sink your commercial property business. It can make it difficult to retain great tenants.
4. Improve Tenant Communication
Make sure that you're a personable landlord and that you're putting effort into building a relationship with your tenants. You should be listening to their concerns and taking steps to make them as happy as possible.
Communicate with your tenants regularly to ensure that you're on the same page with issues. Properly caring for your tenants will help you keep them around for longer and reduce your headaches and vacancies as a commercial landlord.
Following These Tips for Commercial Property Owners
If you want to successfully manage a commercial property in New Orleans, be sure to follow the tips listed here. Commercial property owners who choose tenants carefully, create strong lease agreements, and keep a great relationship with tenants are much more likely to succeed.
PMI Integrity Properties provides professional property management and real estate brokerage services to the New Orleans area. We're part of a large franchise that has been perfecting the property management industry for over 20 years.
Ready to learn more? Contact us today to learn more about how we can help with commercial property management.