Tips for Effectively Managing Multiple Commercial Properties

Handling multiple commercial properties can feel like a juggling act as you work to satisfy tenants, investors and contractors. Getting organized from the jump can make it a little easier to wear multiple hats. It can also improve staff and tenant relationships.

Whether you manage industrial real estate, retail stores, storage units, office buildings or a combination of those properties, there are steps you can take to make your operations run smoothly.

Use Software and Automation

Rent payments, maintenance expenses, turnover rate, federal regulations – all that information should go somewhere. Using property management software can save you the headache of organizing receipts, documents and other paperwork. A reliable software program helps streamline the process of managing the complexities of different commercial properties.

Tracking maintenance, inspections and tenant screenings allows you to record and monitor property operations and identify potential issues. You also won’t have to worry about organizing or misplacing records. Having that data at your fingertips can help you make informed decisions when managing multiple commercial properties.

Popular property management software includes:

• Propertyware
• SimplifyEm
• Buildium
• Yardi

Create a Proactive Maintenance Plan

Managing multiple commercial properties may feel like you can’t get your head above water in the ocean of upkeep tasks. Creating a proactive maintenance plan allows you to protect each property's value, address emergencies promptly and keep your tenants happy.

Proactive maintenance allows you and your staff to identify small issues and repairs before they become costly problems that could affect tenants. A consistent maintenance routine also provides opportunities to spot security risks and implement safety measures.

Schedule inspections for:

• Plumbing
• Electrical
• HVAC
• Wear and tear
• Pest control
• Landscaping
• Building infrastructure

Assess Property Needs

That’s crucial if your portfolio includes different types of commercial property. Assess each property to determine the inner workings of the space and plan for regular inspections and maintenance. You’ll also need to account for different types of tenants and how their needs will affect your approach.

You’ll need to review the property use and maintenance history to determine if any tasks have been neglected and require immediate attention. Your commercial properties may fall under different zoning laws and building codes dictating how you allocate your resources to keep them compliant.

Knowing each property inside and out also supports risk management, so you can protect your tenants and investment. That includes looking for signs of environmental hazards, security concerns and structural issues.

Upgrade When Possible

A space with updated appliances, office equipment and maybe even a TV in the lobby is more attractive than a cookie-cutter property with last decade’s fixtures. You don’t have to fork over chunks of cash to enhance your commercial properties. Making small upgrades over time can increase property values and improve tenant satisfaction.

Simple renovations like adding new light fixtures, smoke detectors and landscaping. Improving your commercial properties boosts their marketability and can help draw potential tenants. A good-looking, modern commercial space also contributes to tenant satisfaction and retention.

Consider the cost savings you could gain by making property upgrades, too. Installing energy-efficient lighting, updating HVAC systems and low-flow water fixtures can reduce the cost of utilities that can add up across several properties.

Here are simple upgrades that can make a big impact on your property:

• Outdoor seating areas
• Smart lighting systems
• Contemporary furniture
• Restriping parking lots
• Accessibility features, including ramps and automatic doors
• Interior and exterior signage

Maintain Staff Relationships

It takes a team to manage multiple commercial properties effectively. That’s especially true if you don’t live close to those locations and must rely on your staff to monitor them. It’s important to provide your team with adequate training so they can adapt to different property needs and address issues quickly. Consistent communication is the key to keeping tabs on multiple commercial properties. Staying in touch with your team allows you to respond to tenant inquiries, maintenance requests and emergencies quickly and efficiently.

Conclusion

While you can’t be everywhere at once, you can put safeguards in place to optimize your commercial properties. Utilizing software, staying on top of maintenance and working with your onsite staff can simplify the process.

DRK and Company specializes in commercial property management in and around Columbus, Ohio. Our expert team will work with you to create a custom solution for handling multiple office, flex space, industrial and retail properties. Contact us to learn more about our services and schedule a consultation.

Until next time,

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