Owning commercial rental property can be lucrative. But do you know how to determine lease terms that will keep tenants happy? After all, the last thing you want is an extended vacancy.
Fortunately, you've come to the right place. Read on to learn the best practices for streamlining lease management in Des Moines!
Know the Best Practices
Owning a commercial rental property in Des Moines means adhering to certain best practices in the real estate industry. For instance, you'll need to be diligent about conducting property inspections. This ensures that your property is in good shape and maintaining its value.
With commercial property leases, you'll want to prioritize communication. This means letting tenants know if there are essential maintenance needs. It also means responding promptly to any concerns.
Failing to address tenant requests makes them feel overlooked. Plus, if there's a plumbing problem or other significant need, their business could suffer. Consequently, they might start shopping around for another place to rent.
You'll want to stay on top of financial management, too. Move monthly or quarterly record-keeping updates to the top of your to-do list. You can find places to trim costs or be more efficient to improve your income.
Turn to the Best Tools
Use lease management software to streamline processes with rental properties. You'll present a more professional front to tenants that might just help nudge them to renew their leases.
Using software provides a more efficient way to collect monthly payments. You can use software to communicate with tenants and receive maintenance requests.
Additionally, the software makes tracking financial records and determining your bottom line easier. Gather payments, contractor invoices, and other key documents to see if you're making the most of your Des Moines commercial property investments.
You can turn to a professional property management company, too. They'll have the established processes to do the job well. They'll also have the legal knowledge to make sure that you're always compliant with changing requirements as a property owner.
Determine Lease Renewal Strategies
Finally, know that strategies and incentives can go a long way toward encouraging renewals in Des Moines. Sweetening lease terms, for instance, can help long-term tenants feel valued in commercial properties.
You'll be more likely to get signed lease agreements if you offer incentives like temporary rent reductions. Other options include covering utilities for a few months or providing a space upgrade.
Remember that people leasing commercial properties have tight budgets. Their business plans might not have room for rent rate hikes, so they'll look elsewhere if your space becomes too expensive. That's why it can pay to keep your rent increases to a minimum.
Streamline Lease Management
Lease management doesn't have to be a burden. With the help of software and an organized approach, you can keep your commercial property in good shape - and occupied. Use lease renewal strategies to retain your best tenants.
At PMI Central Iowa, we can make tenant management easier in Des Moines. With over two decades of experience, we can help you navigate the commercial property management landscape. Reach out to us today to learn more!
