The dynamics for commercial real estate can vary depending on many factors. However, there are numerous ways you can improve your current portfolio without adding more properties. As a commercial landlord in Burbank, the main goal for you, above everything else, should be to maximize your rental income. As daunting as it may seem, all you have to do is make a few small adjustments to unlock the true income potential of your rental property.
Here are 3 tried and tested strategies that you can utilize to up your game and start earning a bigger profit margin from your rental property:
- Improve Tenant Relationships:
In an ever-competitive market, good tenants are very hard to come by! Tenants will choose to stay in a building where they are treated with professionalism, respect and most of all, where they feel safe. As a commercial real estate owner, it is your duty to cultivate a safe and friendly environment for all of your tenants.
Make sure you deal with all of your tenants with utmost proficiency, no matter what the matter at hand is. Once your tenants feel like their concerns are valued and worked on, they are most likely to be with you for a long time! If you fail to hone tenant relationships, your expenses for getting a new tenant will increase; this includes vacancy, turnover costs, ads and more. These factors are further discussed below.
To Be Continued…