28 Jan 4 Easy Tips to Help Newbie Commercial Landlords
4 Easy Tips to Help Newbie Commercial Landlords
A great way to jump-start your income earning potential as a newbie commercial investor is leasing. But just like any real estate endeavor, there are a few basics you want to remember to avoid expensive pitfalls. Here are a few tips to get you started.
Install Electronic Locks: as your tenants come and go, the cost of replacing your building’s locks can add up and quick. This upgrade will save you money and time, as well as eliminate phone calls from tenants who got locked out. It will also save you fees on those tenants who skip out on their lease.
Get a Professional Cleaning Service: To attract a good quality tenant, you need to make sure your property looks good. A professional cleaning service will come by on a regular schedule and keep up on the general cleaning and alert you of maintenance issues. They will also help with a clean out after a tenant vacates.
Hire a Property Manager: if you are like most new investors, property manage is not your day job. To ensure that problems are taken care of quickly and professionally, you will want to hire a property management company. It will come with a monthly expense, but one that is worth it so that you don’t have to deal with day-to-day tenant challenges.
Accept Online Rental Payments: the biggest challenge commercial landlords face is collecting rent – on time. The best and easiest way to solve this issue (and avoid tenant excuses) is to accept online rental payments. You can include the cost of online payment portals into the cost of rent, and you will never have to worry about collecting check or late fees. And the more regular, timing money flowing in, the more money you will end up making.
For more than forty years, Knipp Contracting has been helping homeowners and investors like you maximize their property values, while creating a beautiful space that you can enjoy for years to come. Whether you are looking to renovate your existing commercial building or break ground on a new commercial real estate project, our team of experienced experts are ready to help you with all your construction and real estate development needs in 2020. We look forward to hearing from you soon!