According to the locally-owned magazine Greenville Post, commercial real estate in the area is experiencing steady growth as the young and growing population increases. Without proper commercial property asset management, however, your property could sit vacant. You'll miss an opportunity to generate ongoing revenue.
Before that happens, apply our effective asset management strategies. Ensure your success in today's competitive market with these tips for a stronger ROI!
Enhancing Property ROI
To boost your property's return on investment, complete a rental analysis. Compare your commercial property to others in Greenville. Consider upgrading the property to improve the property value and make it more attractive to tenants.
Track current market trends, including effective commercial property upgrades like:
- Rooftop gardens
- Upgraded landscaping
- New flooring
- Fresh paint
- New security systems
- Smart locks
- High-speed internet
- Small ponds/fountains
- Outdoor seating areas
- Energy-efficient upgrades
Think about each tenant's needs. For example, perhaps commercial tenants are looking for ways to save money. Prioritize applying energy-efficient upgrades over creating a rooftop garden.
Appealing to your target audience's current needs will help you attract applicants. It can also encourage existing tenants to stay. Gaining and retaining tenants will boost your occupancy rate and ROI.
Screen Applicants
Before choosing tenants, develop a thorough screening process. Screening applicants will help you avoid tenants with a history of deviant behavior. A thorough tenant screening report should include:
- Criminal background checks
- Credit checks
- References
- Eviction histories
- Commercial rental histories
You can outsource this task to a Greenville property management company. Outsourcing will save you time and money while ensuring you gather accurate information. A property manager can help you make an informed decision when selecting tenants.
Improve Tenant Relations
Keeping tenants happy can lead to more lease renewals. To improve tenant relations:
- Outline your expectations/rules
- Respond promptly to inquiries
- Maintain the rental property
Consider offering incentives to encourage more lease renewals. Retaining tenants will improve your occupancy rate and earning potential.
Remain Compliant
Keep track of local, state, and federal laws to remain compliant. Otherwise, you could face lawsuits or fines. Consult your property manager to ensure ongoing regulatory compliance.
Technology for Effective Asset Management
Use property management software to operate more efficiently. This software can streamline:
- Rent collection
- Tenant inquiries
- Maintenance requests
- Accounting
Outsource Greenville Property Management
Instead of applying these property investment tips alone, outsource. Partner with a full-service property management company that offers:
- Rent collection
- Tenant screening
- Property marketing
- Accounting/financial reporting
- Evictions
- Inspections and maintenance
Relying on professional services will help you operate more efficiently. You can save time and money while maximizing your profitability. Rely on their industry expertise to gain a competitive advantage.
Improve Your Commercial Property Asset Management
Proper commercial property asset management can ensure your success in a competitive market. Use these strategies to gain an advantage. Remember, you can always ask for help.
PMI Southern States uses state-of-the-art technology that allows owners to track how their properties perform in real-time. Trust our award-winning services, proven strategies, and professional guarantees. Contact us now for a free rental analysis.
