In today’s economic times, good property management is more important than ever. With falling rents, higher vacancy rates and fewer tenants looking for space, building owners must take every opportunity to makes their properties memorable in the eyes of prospective tenants. From the grounds to the lobby, no detail should escape attention.
With less capital to operate, property owners need to keep a close watch on expenses. Every expense need to be scrutinized to determine if cost saving measures need to be employed or which capital improvements will return the biggest bang for the buck. All expenses need to be analyzed to insure that can be legally passed through to tenant is billed. Maximum revenue can only be achieved if these steps are taken.
In addition, a strong rapport with existing tenants will become extremely important. Landlords will need to stay informed of the needs of its tenants and should be willing to work with tenants in these volatile times.
If you are interested in learning more about this or other commercial real estate topics, please contact Summit Commercial Properties, Inc. at (843) 884-7773 or via e-mail to LBSafford@comast.net
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