3 Challenges Landlords Face With Commercial Property Rentals
Posted on: 28 October 2020
Managing residential rental properties is challenging, but managing commercial properties can be even more complicated. If you own commercial rental properties and manage them yourself, you might face some challenges. While property owners can face many challenges, landlords face three primary challenges with commercial property rentals.
Screening Tenants
Commercial property is generally larger and costlier to rent than residential property. As a result, it is not always easy to find tenants. If you do not have a lot of interest in your commercial properties, you might choose a tenant even if they are not exactly the right tenant. When you have trouble finding tenants for a property, you might bypass all your usual screening procedures simply to have someone occupying a building. The downside to this is that having a bad tenant can lead to problems. If you face this challenge, you might want to hire a property management firm that specializes in commercial properties. They can help you find great tenants through advertising, connections, and effective screening techniques.
Tenant Retention
The second challenge commercial rental property owners face is retaining tenants. Once you find good tenants, the goal should be to keep them. You might not understand why you have trouble keeping good tenants, as this can be hard to determine. Hiring a commercial property manager can help you succeed with this goal. They can find the best tenants for you and find ways to keep them in the units.
Maintenance and Repairs
The third challenge you might face is handling the repairs and maintenance your commercial properties need. It is not uncommon for tenants to be responsible for the maintenance their properties need, but this does not always occur. It often depends on your lease. What does your lease say? If it states that the tenants must handle their own maintenance, do you have ways to hold them accountable for the tasks? Knowing how to word a lease is challenging, but convincing your tenants to handle their responsibilities is also difficult. Hiring a company to take over your management duties can make a huge difference with this challenge and others.
If you experience challenges with these areas or others, have you considered hiring a company to help? You can hire a commercial property management firm to assist you with your duties, and they can take over all the duties or some of them. Contact a commercial property management company for more information.
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