Washington, D.C., has one of the hottest commercial real estate markets in the country. This is great for investors and property owners, but it also means stiff competition.
That translates to doing everything you can to ensure units get and stay rented--an arduous task. This boils down to effective lease management.
This article provides some tools and best practices for streamlining rental management. Keep reading to find out how to get the most out of your commercial real estate investment.
Cultivate Solid Tenant Relationships
One of the simplest but most effective things you can do for commercial lease management is to maintain healthy relationships with renters. This can be easier said than done. After all, commercial leases are business, not friendship.
However, like other business relationships, maintaining communication can go a long way. It allows you to better understand the needs and goals of tenants and their businesses.
It lets them know that you are involved as well. This helps when you have issues to discuss with them, or changes you need to make. Examples include lease renewal or rent deadlines.
Another way to improve relationships with tenants is to not delay in addressing issues. You don't have to neglect your budget or other responsibilities to solve a problem. However, letting clients know it is a priority will help reduce tenant turnover.
Conduct Regular Inspections and Audits
Carrying out regular inspections is another important aspect of lease management. It allows you to assess the condition of the property and address any concerns. These include repairs, upgrades, or pest control issues, for example.
This is a balancing act, because you do not want to interfere with an already time-strapped business owner. The key is working with them to schedule a suitable time that is convenient for both of you.
Do the same for your rental lease agreements and financial records. You can review lease terms on a regular basis to see if there are changes that could benefit you or your tenants.
Track and review income and expenses associated with each client. Keeping meticulous records can help you double-check compliance with lease terms.
Use Lease Management Software
Rental management software is a must in today's fast-paced world. It can help with many different aspects of lease management mentioned above.
It can help foster communication and collaboration with tenants. It often includes online portals where you can share and e-sign documents. Many programs have integrated payment processing capabilities.
Lease management software also helps give you valuable data analytics. It can help you optimize rent and lease terms--including renewals--based on real-time market trends.
Get Further Commercial Landlord Assistance
Now that you have some tools and strategies for streamlining lease management, you can operate with confidence. A rental property management company can provide you with the services described above, along with other benefits.
PMI EXPerience is a full-service property management company serving the Maryland suburbs surrounding Washington. We offer both residential and commercial real estate services, including lease management.
Reach out to us today for a free consultation or to discuss your real estate needs.
