One way to earn money is through commercial real estate investment, a unique way to add to one’s assets and repertoire. The right tenants and strategies can make all of the difference between a flop and a profitable venture.
Vacancies prove one of the hardest periods for commercial real estate owners, though. Vacant properties can hurt profit, which makes a reduction of vacancies an important thing to look into.
Keeping up rapport
The Office of Policy Development and Research looks into the link between crime and vacant buildings. Investing in a security system is thus a good idea. This allows you to monitor the activities inside and outside of the building, ensuring everyone observes the lease agreement. It also lets you keep an eye out for suspicious activity.
Keep up a good repertoire with the tenants, too. Build rapport and sustainable relationships. Learn about their business, check in on them and make sure that you show gratitude for those who comply with your rules. This connection will reduce the number of tenants who move.
Proactive prevention of vacancies
You can also act in proactive ways when it comes to reducing tenant loss. As an example, do not simply let maintenance requests sit and wait. Respond immediately. Perhaps even consider implementing maintenance checks to catch and fix problems before they ever happen.
Additionally, move fast when you hear about a tenant potentially leaving. Market property and screen potential tenants well in advance rather than sitting and procrastinating. All waiting does is keep a room unoccupied for even just one day longer than it otherwise would be, so you should work to avoid that outcome.