The property market has always been a great investment opportunity, and although there has been some debate as to what the great resignation will mean for those who own and manage inner-city and business properties, it is still a solid endeavor. Here are a few aspects of such investing that you need to make sure that you have in place if you intend to make profits on commercial property.
The right property in the right place
Location, location, location… if you intend to make money on a commercial property, then you need to have made sure that it’s in the right area. Before you consider purchasing or leasing a commercial property to then re-let or rent out, you need to have done your research and ensure that there is demand for offices and commercial space in the area.
Professional marketing
Unless the appropriate businesses are alerted as to the availability of your property or building, then you aren’t likely to fill the space. It is advised that any commercial lets and lease opportunities are advertised by the professionals. They have the network to ensure that the property is occupied and will also do all the checks and background assessments of all possible tenants.
Facility management software
Keeping the building or facility in tip-top condition and fit for purpose must again be overseen by the professionals. You need a company that uses professional software to ensure that any building maintenance and service issues are dealt with as seamlessly and professionally as possible; visit Facilitron to learn more about the type of services you need to have to manage the building and provide a great commercial space for your tenants.
Great customer service
You may have the most suitable property in the best location with state-of-the-art facilities management, yet if you don’t have the highest levels of customer service, then potential tenants and rental profits will go elsewhere. Whether it’s the building manager or the leasing agent, whoever is on the front line representing your property business must have the ability to put people before profits.
Have regular valuations done by professional agents
Arrange with the tenants to allow for regular valuations and re-evaluations by a professional letting and building management company. You need to know what the professional would suggest for improvements and what they think you would achieve from your rentals or even a sale if the price is right. This way, you will always have the building insured at the right amount as well as ensure that your rentals and costs are set at the right level.
Making a profit on commercial rentals is a tricky game to play at the moment, and you will have to be at the top of your game to compete. The must-haves cited here are essential and have been scoured from the lists and advice forums for commercial real estate professionals from around the internet.
