Managing a commercial property is a very tough task. In fact, not all property management companies in Santa Monica will agree to manage a commercial property. Most of them prefer the management of residential properties to commercial properties because of the requirements of the later.
Managing commercial properties require a lot of work. Since most people are going to lease or rent these properties for their business, they need it to be in top condition every time. You will probably receive lots of complaints from renters when things are not going well. Moreover, you will need to ensure that you make them happy and keep the property occupied at times. No doubt, you will definitely need the help of a property management company if you want to efficiently manage any commercial property in Santa Monica and the surrounding environs.
Whether as a property manager, a landlord or property owner in Santa Monica, we’ve listed 5 things you must know if you want to get the best from your property:
5 Things Every Commercial Properties Manager in Santa Monica Must Know:
- Develop a Solid Team
Perhaps, this is one of the reasons why it is best to hand over the management of your commercial properties in Santa Monica to a property management company. You will need to develop a dependable and responsive team if you want to efficiently manage any property. Like we mentioned above, renters of commercial properties want things fixed as soon as they are damaged. Thus, you will be inundated with complaints from renters.
The only way you can keep them happy is to be on top of the situation. An efficient team of plumbers, a skilled electrician, painters, carpenters, and more will help you keep your tenants happy.
- Be Consistent
You need to have a routine, a process that you follow and you must ensure that every potential tenant understands this process before moving into the commercial property. You should train them to pay their rents/lease in a timely fashion and let them know that early payment is in their favor. Let them know when and how to make their complaints and what to expect after each complaint.
- Develop a Solid Paperwork Trail
Managing commercial properties is very different from managing few homes. This is purely business and you need to ensure that you have everything in writing. Note that there is a saying that goes “if it’s not in writing, it didn’t happen”. All the agreements you have with your tenants, property owners, and even contractors must be put in writing and properly documented. You will need them in the future when something goes wrong. A properly documented paperwork can save you a lot of trouble in the future. Note that tenants in Santa Monica aren’t afraid of going to court with you, your only chances of winning your case lies in having proper paperwork.
- Don’t Just Manage, Build Relationships
You can make your tenants happy by learning more about them and even becoming friends with them. This is important to keep them satisfied. When tenants are happy in your commercial property, they will tend to retain their tenancy, which is better than looking for new tenants or having vacancies and low turnover. Moreover, when you make your tenants happy, they will spread a word about your service. If you are a property manager, you will find out that more property owners in Santa Monica will be looking for your service. If you are a property owner, more people will take up tenancy in your property.
- Track and Automate with Management Software
When you are managing a lot of commercial properties, you can lose track of some tenants or even some properties you are managing. Even if you have a large staff, you can still make things better and easier for your team by using management software. These apps save time and energy. They can let you know when a tenant’s rent is due and can even remind the tenant about upcoming rent/lease without you doing anything. Most management software comes with a lot of useful functionalities.
Where to Get A Commercial Property Manager in Santa Monica
Los Angeles Property Management Group is a well-known residential and commercial management company in Santa Monica and its environment. We can ensure that your property is always in top condition, and there are no vacancies to stop your income flow from your property. We are always ready to help when you are looking for a reputable property manager in Santa Monica.