It's a sad fact that commercial real estate investments have dropped by 52% since 2012. It's true that since the pandemic certain commercial real estate areas, like office buildings, have taken a serious hit.
However, there will always still be a need for certain businesses to have commercial real estate. As such, this type of real estate can still be a lucrative opportunity for commercial property owners. At the end of the day, the success of your investment comes down to how you manage it.
So what things should you consider when managing your Indianapolis properties? In this guide, we'll answer this question so you can get the most return on investment from your property.
Do Some Market Research
The market conditions in Indianapolis change quite frequently. To properly plan your investment management, you need to be privy to these changing conditions.
Things like the occupancy rates, average rent prices, and building supply in these areas will dictate how popular your investment properties are.
If your building is in an area with not a lot of demand you will likely need to engage in marketing strategies to promote it.
Build Relationships With Your Tenants
Once you have tenants you'll find that managing them is much easier if you build relationships first. For one thing, tenants you know on a first-name basis are more likely to treat your property respectfully.
However, more importantly, a good relationship with your tenants will improve your communication. Because many small businesses are struggling to pay rent, there's a good chance that your tenants might miss a payment or two.
With good communication, your tenants can let you know of this possibility well in advance. This will give you time to plan and prepare for it.
Prioritize Maintenance
You want to make sure to complete regular maintenance planning when managing your rental properties. Catching potential problems early on will save you a lot of money.
The best way to catch these problems is to schedule regular rental inspections. This will also allow you to make sure the tenant is taking care of the property.
Hire a Commercial Property Manager
If you only have one investment property, you might have the time and energy to manage it yourself. However, if you start expanding you'll likely quickly find yourself overwhelmed.
In these situations, we recommend hiring a commercial property management company to take over all of the busy work that management requires, from financial management to rent collection.
That way, you can focus on expanding your commercial property investments.
PMI Meridian Management Can Help Commercial Property Owners
We hope this guide helped commercial property owners learn more about managing their properties. Here at PMI Meridian Management, we know that investors often get slowed down by managing their properties.
That's why we're here to devote our extensive expertise to helping you. One great thing about working with us is we can provide you with as many or as few of our services as your needs require.
So if you're ready to get the flexible help you deserve, get in touch with us today.
