Investing in commercial real estate in Massachusetts is a unique way to add to your assets. With the right strategies and great tenants, your investment can yield a sizeable and rewarding profit.
One challenge you may face sometimes is periods of time when your building lies vacant. The risks of a vacant property can hurt your profits and create stress for you. Knowing how to reduce the risks of vacancies may incentivize you to do what it takes to retain reliable tenants.
Invest in security
A security system can help you monitor the activity in and around your property You can verify that your tenants continually observe the conditions of the lease agreement, as well as keep an eye out for suspicious activity. According to the Office of Policy Development and Research, vacant buildings often have a direct link to crime. A security system may improve the comfort and satisfaction of your tenants and discourage criminal conduct.
Communication plays a critical role in building rapport and sustainable relationships with your tenants. Your effort to learn about your tenant’s business, check in on them periodically and show gratitude for their compliance with your rules can all show that you genuinely care. Having a good relationship with your tenants may make them less likely to leave.
Make proactive moves
Staying updated on what happens in and around your building can help you make proactive moves to prevent vacancies. For example, if your tenants report maintenance or repairs that need your attention, respond immediately. You may even consider implementing a maintenance schedule to prevent problems before they happen.
If you ever catch wind of a tenant leaving, start thinking about marketing your property and screening potential tenants. Procrastinating this process may leave you without a tenant for one day too long. Working with an attorney can help you secure your property through effective contracts and agreements.