The fundamental ideology of commercial property management is no longer the maintenance of a building in today’s mercurial and ever-advancing market. The meaning has broadened to include maintaining and effectively handling of business as-well. The building must offer an intellectual and green establishment, that complies with the requirements of the renters.
Commercial Property Management – Boosting Revenue and Market Value
In this blog, we shall briefly outline five tips to proliferate profits and revenue in commercial property management.
1. Exceptional Maintenance
A commercial property might be considered smart if it is equipped with state-of-the-art technology, but the appearance of the infrastructure is also becoming equally paramount. A consistent check on roofing, glass and signage, landscaping and paint are necessary to keep the outward appearances catchy. Walls, flooring and plumbing should also be focused on to keep the internals in check.
2. Effective Accounting and Management Reporting
The Accounting department is one of the most crucial components in managing a commercial business. This branch is responsible for the upkeep of all finances and transactions, as-well-as monetary decisions that benefit the company. Managing commercial property expenses and keeping all bills in control is extremely necessary for the company to thrive and investigate the hotspots that are consuming the most funding in managing the property. A separate branch for Commercial Property Management Reporting must be set up that would help the managers by providing adequate intel regarding the spheres that need investment and areas of improvement in terms of technological advancements or the outward appearance.
3. Modern Technology
Installing the latest technology in buildings elevates the client satisfaction rate. However, trained personnel must be present at all times to troubleshoot and tackle situations involving anomalies. Property Managers must have a thorough understanding of the technology used in the mega infrastructure so that they can render immediate relief to the clients from any distress in case of a technical problem.
4. Prioritizing Sustainability
Commercial properties must be constructed to be highly cost-effective and energy-efficient. An eco-friendly construction shall go a long way in promoting success and better client satisfaction. Switching to renewable sources of energy is being regarded more convenient when it comes to taking the edge off of those hefty bills, and they also leave a good impression on your clients.
5. Effective Communication Bridge
Every effort to maintain, upgrade and beautify the building will be left redundant if you fail to establish a proper communication bridge with the client. Times of crisis can erupt at any given moment, and you need to have people who excel in communication and crisis management ready at your disposal, who can tackle the most hostile of scenarios – subtly with a breeze of calmness. The staff needs to be approachable and flexible to facilitate a smooth operation of events, regardless of the deterrents encountered.
Commercial property management is not just about maintaining a building and as it can no longer boost revenue figures or business statistics because numerous other factors are at play. You need effective teams and personnel to deal with various areas of expertise like accounting and management, technological implementations, and sustainable growth, on top of it all, is regarded as the game-changer. However, anomalies and glitches are inevitable, and thereby, one also needs an effective communication team to handle the clients effectively. When all of these factors are considered, your business shall thrive with exuberance.
OHI is a thirteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 75000 units across clients.
We invite you to experience finance and accounting outsourcing through us.