Owning commercial property in Long Island isn't always all it's cracked up to be.
According to a recent report, the number of commercial buildings in New York with vacancies continues to grow. As a property owner, you must pull out all the stops in 2024 to secure great tenants and keep your property profitable during these difficult times.
One of the ways you can do that is by hiring commercial property management. Today, we'll explain some of the responsibilities and skills of commercial rental property managers. Keep reading and see how these services can benefit you and your property this year.
Marketing and Tenant Screening
Marketing is essential in a competitive marketplace where many commercial property owners are trying to appeal to a few renters. Your property manager will show your commercial property in the best light and make sure that it's being shown to the right people.
It starts with professional-quality photographs and a thorough description of the property. They'll use SEO and other digital marketing practices in the description to try and stick out among the other properties.
With a strong marketing push, you should have a good pool of applicants. Your property manager will screen those applicants by looking into their businesses, as well as the people running them. In the end, the screening ensures you have a stable rental income.
Tenant Management
Tenant screening is the difference between success and failure for commercial landlords. Good tenants pay rent on time and care for your property, while bad ones take a toll on your rental unit and cause unnecessary landlord stress.
Your property manager will secure you a great tenant, but that's just the beginning of their work. They'll work tirelessly to maintain tenant happiness and boost tenant retention. Tenant retention is the key to long-term stability for commercial landlords.
Tenant management involves collecting rent, responding to maintenance requests, and negotiating lease agreements. A professional property manager will streamline these processes to make your tenants' lives easier.
Accounting and Reporting
Your property manager will also manage the finances for your building. You'll get regular financial reports indicating the building's financial health. These metrics are important for you to be able to adjust and maximize ROI on your investment.
They'll also take care of taxes. Business property taxes can be complicated, so it helps to have a professional on your side. Your property manager will prepare and file your tax returns on time.
In the end, they'll help you understand your finances better. For a rental property to be successful, finances must be monitored.
Property Maintenance
Commercial properties deal with a lot of wear and tear. Even with great tenants, you need to perform regular maintenance to keep it in good shape.
Your property manager will perform many of the maintenance tasks themselves. Whatever they can't do, they'll have a local vendor come in and take care of it.
Get the Best Commercial Property Management in Long Island
These are a few of the main responsibilities of commercial property management. If you want the best property manager in Long Island, PMI Gold Coast Properties has you covered.
We offer comprehensive property management services, including everything discussed here. Contact us today to learn how we can help you earn more passive income on your rentals.
