If you made an investment in some commercial property, and you plan on seeing a return on that investment, you have to create a commercial property management checklist. Because if any money is going to come from this venture, you need to have all your ducks in a row. And with all the things you need to keep in mind, it will be impossible to stay organized without a proper checklist.
To help you take your newly-purchased commercial property and turning it into a small goldmine, here are some tips on how to create an effective commercial property management checklist. And in the spirit of staying organized, it is recommended to break down the tasks into groups.
Tips on How to Create a Commercial Property Management Checklist:
1. Getting Tenants
The first points on your checklist should be based on getting tenants into the building. But the type of tenants you’ll attract depends on the type of commercial property you have. Here are some examples of checklist points to cover:
– Establish early on what your renting rates are going to be
– Create ads that stand out from the crowd and really grab attention
– Get high-quality photos of the property
– Send out flyers with all the necessary information and contact details
– Go online and offline in terms of advertising and marketing (don’t limit yourself)
– Schedule open house appointments to attract tenants
Screening The Tenants
Just like it’s important to attract new tenants, you shouldn’t forget about screening them. The last thing you want is to take in renters that have no intention of paying you. Here are some suggestions:
– Do a phone screening before showing the potential tenant the plot, office or apartment
– Show the plot, office or apartment to the potential tenant
– Pay attention to the parties that show interest
– Do a background check for criminal records/ credit, and make them fill out an application form
– Call their references
– Keep a record of the tenants you decline during your screening process
Now that you have attracted a few tenants and they have passed the screening process, the commercial property checklist has to extend to the rules the tenant needs to follow. They should include:
– Tenant orientation and providing them with rules
– Get all their contact information
– Make the rule on pets very clear
– Establish rules if parties are going to be held
Keeping Tenants Happy
Just like you expect the tenants to follow your rules, you are expected to keep them happy as well. This part of the checklist should be for maintenance, repairs, and renewing contracts.
– Follow up on complaints
– Fix reported problems
– Keep up your part of the contract in terms of cleaning the surrounding area
When you sit down to create your commercial property management checklist, don’t be scared to go into the details. And once you have everything in front of you, it becomes much easier to gain perspective on where to start. Visit http://www.liveloveathome.com/ for more information.