Are you thinking of investing in Lafayette real estate? Many first-time investors start with residential real estate, but commercial real estate can be just as promising.
In fact, commercial real estate tends to come with longer-term leases and more stability. However, commercial real estate also requires unique skills and market knowledge. That's where commercial property management comes in.
At PMI Integrity Properties, we've helped countless commercial property owners manage and grow their portfolio. Read on to learn how.
Knowledge of Commercial Real Estate Law
Chances are, you didn't expect that you'd need any legal expertise to own property. The truth is that commercial tenant rights are only the tip of the iceberg. Commercial property managers will ensure that you stay compliant as a property owner.
For example, what do you know about zoning? Local zoning determines how you can use your property. This will impact who you can market your property to and how tenants can use it.
Commercial Property Marketing Savvy
Once you decide how you're going to use your property, it's time to find the right tenants. In a slow commercial real estate market, it can take some serious creativity to secure good tenants.
Experienced commercial property managers can put you on the map using the best listing services and listing tactics. They know what language to use to optimize your marketing tools. As local real estate experts, they may even know agents with clients looking for a property just like yours.
Commercial Property Maintenance Needs
As we mentioned earlier, commercial real estate can yield longer leases and more reliable tenants. However, commercial properties need serious maintenance. Even if you've managed a residential property, you may not have the experience needed to keep up with commercial HVAC systems, plumbing, and more.
Commercial property management duties always include maintenance management. Property managers build a reliable team of local contractors with quality services and great prices. They also provide inspections to schedule preventative services and keep costs low.
Commercial Leasing Expertise
One of the most important property manager essential skills is to create a strong lease. In commercial real estate, a strong lease is equally beneficial to the landlord and the tenant. It should include:
- Lease start and end dates
- Price of rent and rent due date
- Tenant requirements
- Consequences for lease violations
Property managers will also know when to build additional incentives into a commercial lease agreement. This can include things like rent abatement and improvement allowances.
Get Commercial Property Management from PMI Integrity
Residential real estate isn't the only option available to investors. There are plenty of pros to commercial real estate, but it does take a special set of skills and expertise. Commercial property management duties range from staying on top of relevant legal changes to keeping up with market trends.
The property managers at PMI Integrity have years of experience with Lafayette rental properties, both residential and commercial. We use methods tested across the nation but catered to our local needs. Contact us to access expert property management.
