Managing Member (CEO) of Landwin, LLC

Starting out in the real estate business can seem daunting, especially so when you consider tackling a client as big as a business. Owning a commercial property does not have to be overwhelming. By following just a little bit of advice, you will be navigating the world of commercial real estate with ease in no time!

Tip #1: Do Your Research

You could own the best property in town, but it does not really help you much if you buy a place in the middle of nowhere. Most big businesses want to set up in a place that will bring in a lot of new customers. It’s reasonable, given that it is the entire point of having a business at all. If you want their success to become yours, buy a property that is in a busy area with a good market for whatever it is your potential client may be selling. Urban areas are more likely to bring you long term success.

Tip #2: Make Necessary Improvements

Sometimes, you need to spend a little money to get a lot more later. Anything that will make the property more valuable is worth doing initially. Something as simple as landscaping can increase the financial value of the land, justifying charging more for rent. It also brings more revenue to the business and keeps them paying you on time every month.

Tip #3: Maintain Your Property

The biggest thing you need to remember is that ugly properties do not sell. Neither do broken ones. You will have to do less later if you make sure everything is working well in the beginning. Replace anything that will be outdated within a year or two, pave the parking lot so it does not cause problems later, and ensure that everything is up to code. This puts you a step ahead of your competition. If you want to bring in a reputable and upstanding business as your tenant, you have to show them that you are just as serious about doing your job as they are about doing theirs. A functional and beautiful property makes all the difference in the world.

Tip #4: Offer Something Special

What will make your property better than anything else on the market? When it comes to commercial business, your place should have something functional that ups the value significantly. Does your building have up-to-date technological capabilities? For example, your building may offer USB ports on the electrical outlets for charging newer devices like Mac laptops, or it could be in an area where fiber-optic internet is available. These are both attractive qualities to a client who is thinking about setting up an office space.

Tip #5: Keep an Open Line of Communication Between Yourself and the Client

The communication needed between you and your client does not end when they sign a lease. As the owner of the property, you are responsible for taking care of any building-related emergencies and seeing to it that your place is in good shape. If your client can’t get in touch with you when they need to, any issues they have will not be fixed. That is the quickest way to lose them in the future. If you want your cash flow to remain steady, keep your client happy.

Tip #6: Hire Helpers

Hiring a reputable property manager will take a load of weight off of your shoulders. Property managers deal with Commercial Property Contract the more tedious things like collecting rent, showing off your property to prospective clients, budgeting, taking tenant complaints, and making sure maintenance runs smoothly. You can’t always be there on site when your tenant needs something, so you should hire someone who can be. This keeps everyone happy, and it keeps your wallet padded nicely with no problems.

Knowing how to properly own and manage a commercial property is not quite as hard as it initially seemed, is it? As long as you pick a good spot, make an offer they can’t refuse, and keep your client happy, you have nothing to worry about. Your hard work will pay off, and your property manager or management team will handle all of the gritty details with minimal input from you once things are up and running.

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