Owning commercial property will take some upkeep if you want to capitalize on your investment. Because of this, you have some work cut out for you as it pertains to getting all that you can out of this process. The more that you follow the tips explained below, the more you will be able to keep the property up to par, well managed, and insured with a plan that protects your interests. Consider these tips and contact the appropriate professionals who can serve you in this regard.
Find And Hire Certified Property Managers
It is one thing to own a property and another entirely to be involved in the day-to-day management of it. If you would like to remain hands off in this regard, it will be necessary for you to bring in a commercial property management team. Research the best property managers in your city who handle businesses or business districts that are relevant to the property that you own. Make sure to meet with them in person and also ask them for the rates that they will charge you. In a lot of situations, commercial property managers will charge somewhere between 8% and 12% of the monthly rent that you collect from tenants.
Take Care of the Exterior Property
The worst thing you would want is for the exterior of the commercial property to not live up to standards. People will be hesitant to do business if landscaping and parking lots are not well kept. In terms of parking lots, this also becomes a liability issue if you have potholes and other issues that can damage property or allow accidents. Be sure that you seal the parking lot, so that moisture and other issues do not tear away at it. Sealing the parking lot will cost you between $.60 and $1 per square foot in most situations.
Insure The Property Accordingly
Finally, it is also very important for you to maintain an insurance plan that will take care of the commercial property. Shop between various commercial insurance companies and take in estimates so that you can find the right plan for you. This will involve some specific information about the property and the nature of the business that will operate within it. A general liability commercial property insurance plan should be secured at the very minimum.
Consider all of these tips so that you can get the most from your commercial property ownership.
