Commercial real estate offers more consistent returns than residential units or vacation rentals. There's a lot of growth potential with long leases, and it's easy to maximize passive income.
Lease management is an important first step toward increasing your returns. Read on to learn some commercial lease management tools and strategies that can make you a better landlord.
Using Lease Management Tools
You may have heard of technologies like Accruent, Appfolio, and iLease Management. While buying them yourself can be expensive and learning them can be challenging, they're useful tools that professionals leverage.
Working with a property management company means getting access to this software. It can track who has signed leases at your commercial property and when they need to renew them. It can also automate rental calculations, help you draft up leases that incorporate new figures, and track payments.
Leveraging Online Portals
An online portal means an integrated all-in-one dashboard for both tenants and landlords. It's accessible online or through a smartphone app.
Generally, these platforms let tenants communicate with landlords and property managers. You'll get notifications when they need something at your property. Management experts will see the requests as well, take care of them, and notify you that the issue is resolved.
Online portals also make it easier for landlords and managers to share documents with commercial tenants. Everyone will be able to access the lease and review its terms for full transparency. Plus, lease renewal has never been easier with integrated technology for e-signing legal documents.
Communicating Regularly With Tenants
Keeping tenants happy is the best way to get them to renew. Lease renewal is the best way to manage your commercial property since it retains renters and decreases the risk of vacancy. Plus, building tenant trust means that you can communicate about leases and their terms more easily.
Send out frequent updates about lease terms, especially if you're changing them before it's time to renew. Maintenance schedules also can easily go out, which is more likely to lead to re-signing.
Enlisting Expert Assistance
All of these tasks may sound challenging, especially for companies looking for efficient lease management with multiple commercial tenants. It's a lot to juggle. However, a property management company can sort these problems out easily with tools they already have optimized and understood.
Virginia professionals are already familiar with property management best practices. They know what they need to implement and have the tools and resources to do so effectively.
This is a great way to decrease stress as a landlord and optimize your leases. Plus, professionals know how to set fair and competitive rent, work it into the terms of your lease, and get you the most passive income possible.
Optimize Your Commercial Property in Northern Virginia
While less management can be a challenge, professional help makes it much simpler and more efficient. PMI Loudoun's team has the tools and resources needed to streamline commercial lease management and maximize your income. Ask for a free rental analysis to learn how much you could be profiting off your commercial investment!
