One of the biggest challenges of owning a commercial investment property is finding good tenants. The next biggest challenge is keeping them.
It goes without saying that you won't bring in any rental income from vacant units. So, the same things you do to attract quality tenants are the same things you should do to encourage them to renew their leases.
Do you know what things you should do to hold onto great tenants?
Continue reading to learn about leasing management principles to put into practice so that quality tenants stick around.
Find Quality Tenants
Before you can keep great tenants, you need to find them. That's one reason it pays to hire a property management firm. These professionals have processes designed to find the best tenants for your commercial rental property.
Trying to accomplish this task on your own will be a hit-or-miss affair. It's best to retain a service provider that has a proven track record of identifying tenants who are unlikely to cause you any problems.
It's also vital to consider that a property manager will know how to screen applicants in a way that doesn't break the law. You should definitely rely on a service provider that will screen applicants responsibly.
Provide Good Customer Service
When investing in a rental property and enjoying the rental income, one of the most important things to consider is landlord-tenant relations. Customer service can't be an afterthought. It needs to be a core part of your business.
If you want tenants to renew their leases at the end of their terms, you need to demonstrate that you care about more than just the rent they pay. You need to maintain the grounds, make timely repairs, and respond to any complaints.
You'll see a high turnover rate with tenant leases if you wait until leases are nearing their end before rolling out the red carpet. Tenants want to feel appreciated and respected by their landlords.
A property manager can provide a high level of customer service so that your tenants are well taken care of. Your tenants will be more satisfied.
Ensure Proper Maintenance and Repairs
One way to encourage tenants to renew their leases is to ensure your commercial rental property is in good shape. That means staying on top of preventative maintenance and conducting needed repairs.
If the interior or exterior of your commercial investment property is lacking, tenants won't be thrilled about sticking around any longer than they have to.
One of the best landlord tips for anyone involved in real estate investing is to hire a property manager. The service provider will take care of maintenance and repairs so that your commercial rental property is properly cared for.
Do You Need Help With Leasing Management?
If you own one or more commercial rental properties and don't have a property manager, it pays to consider the benefits of partnering with the right one.
At Bullhead City Property Management, we're a full-service property management firm serving clients in the Bullhead City, Arizona and Nevada areas. Get in touch to learn more about leasing management and more.