When it comes to attracting and retaining commercial tenants, it can take up to two years to find the right replacement. Because commercial vacancies take so much longer to fill, finding long-term, quality tenants is priority one. Depending on where your property is located, attracting and retaining the best commercial tenants may be very different.
The Happiness Factor
Naturally you want to protect your investment. That goes without saying. But the fact is happy tenants will attract more business and other tenants more than anything else.
Happy tenants are a result of good communication skills on the part of the landlord or property owner/manager. Responding to your tenants quickly and efficiently will build a positive relationship.
Above and Beyond Property Maintenance
Your tenants will be keenly aware of the extra care you take managing the property. Investing time and money in maintaining a Class A property will bring rewards. Being proactive to prevent problems before they even come up will save you money and create respect from your tenants. By inspecting your property often, you can stay ahead of maintenance issues and control how your money is being spent.
Ongoing Property Improvements
Improvements are not the same as maintenance. Upgrade because it’s the smart thing to do and it will return value to you. Go ahead — exceed your tenants’ expectations. They will love you for it and probably stick around longer.
Become an Integral Part of the Area
You’ve invested in the area so get to know the local businesses, properties, tenants, and residential areas. You’ll be able to make better informed decisions by doing so. Hire a top-notch local property management company which already has ties to the area and your wise choice will be duly rewarded. Remember, treat your tenants like respected friends, and your investment will be a joy with many happy returns.
Contact Cousin James Management today to learn how we can help you maximize the return on your investment. You have questions? We have answers. Let us help you with all your commercial property management decisions.