One of the greatest ways to increase the value of commercial real estate is through good property management. While buying a property at the right price is critical, what you do with it after the purchase is often more important. It is very important to keep your tenants happy. Unlike residential properties, it is very difficult and expensive to find new tenants for commercial properties. It can take several months to find a tenant. A leasing commission isn’t due until you sign the lease, however, often you have to spend money on the space to make it leasable. Therefore, the best way to maintain your income is to keep existing tenants from leaving.
Maintaining a positive tenant relationship involves regular communication, anticipating their needs, and being proactive.
Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.
