The Essentials of Tenant and Occupancy Management

In the commercial real estate segment, maintenance of higher occupancy rate and tenancy are imperative to ensure an enhanced ROI. There are many aspects of proper tenancy management that include repairs and maintenance apart from other effective practices. A failure on these fronts may cost the landlords a huge sum of money and the property management firm may have to bear the brunt of this as well. Hence, it is crucial to streamline the entire process of managing commercial real estate property for lease with the following time-tested measures:

Proper Rent Collection Procedure:The tenancy management in a commercial property largely depends on a proper rent collection regime. You must clearly brief the tenants about the various aspects of rent collection. These include the due date of rent, penalties to be imposed for a late payment, mode of rent payment, etc. These rules must be clearly stated and communicated to every tenant and you must enforce them rigorously to ensure a timely collection of rent. This task is mostly entrusted upon the property management companies having a sufficient experience of settlement and collection of rent.

Resolving Tenant Complaints Pertaining To Repairs and Maintenance:Often, the tenants have multiple complaints regarding the maintenance and upkeep of the property. In this context, commercial property managers are required to coordinate with the tenants, communicate their concerns to the landlord, inspect the unit, and resolve the issues with agility. However, it also requires the tenants to know how and when they should ask for these services. Once the problem is located, the managers can call in the repair vendors for resolving any problem within the shortest timeframe. You should follow this practice for preventative as well as ongoing maintenance and emergency repairs.

Maintain Consistency in Lease and Its Regulations:When you have all the terms, conditions, and regulations written in the lease agreement, you must follow them as they are. Too much of clemency can prove to be fatal for your tenant management programs. Never try to exercise favoritism among your tenants because it may lead to distrust and loss of confidence. The conditions may worsen specifically in the wake of a legal suit being filed in relation to the tenancy or occupancy of your commercial property.

Be In Regular Touch with the Tenants:The consistency and effectiveness of your tenant and occupancy management depends on efficient communication. You must remain in touch with your tenants either directly or through the property managers. Maintain regular correspondence via emails, phone calls, or even social media if it suits you. If you have hired the best property management company for the task, you must remain updated regarding the status of occupancy in the form of monthly or weekly reports.These are some of the essential requisites for maintaining high level of occupancy in commercial real estate property for lease. If you fail to follow any of these points, it may result in disappointment among the tenants and a lower occupancy rate. So, update the services, become more tech-friendly, and never drop the ball when it comes to tenant management.

If you are seeking rental property management service, the author of this article recommends Madison Properties.

Madison’s Property Management approach is such that they help you reach your revenue goals.