Commercial landlords are saving money, and getting more out of their property portfolio
It is becoming hard to be a commercial property landlord. This is because working habits are changing, and tenants are looking for different contracts these days. Now they are looking for shorter lease periods and more flexible workspaces.
These changes don’t have a huge effect on the property landlords though, and they are still making sure that they are successful, even if the requirements, competition, and competitive marketplace are getting tougher. Here are some ways on how the commercial landlords are saving money and getting more out of their property portfolios.
Automation of procedures and administration
With the latest technology improving by the day administration can become more automatic. This means that everything can be done on computers and that there isn’t a need for too many administrators anymore.
From everyday administration tasks, to sending out bills and notifications about late payments, it is done in an instant. A couple of years ago it was a long process that did take a lot of time and money to get it done. Now the manager can do it quickly and without any problems.
The benefits of automating procedures and administration is cutting down admin time by about 75%. It is also ensuring that there is less human error with administration, and with the sending of invoices and notifications. At the end of the day they are not working harder to make profit, they are just starting to work smarter.
Communication between tenants and commercial landlords is getting easier. This is because of the different communication options available today. This communication could be about maintenance, rent, or any other problems that the tenant may have.
One great way of communicating between tenant and landlord is through an app. This way there is easy and direct access to each other. This also makes communication cheaper and easier for both parties.
An example of how this app works: There is a serious maintenance issue at the building; it could be plumbing, water damage, or even weather damage. All the tenant needs to do is add the problem to the tenant-facing app and the landlord gets the notification immediately. This can ensure that the problem is solved a lot faster and more easily. This makes sure that the tenants are happy to rent in the building knowing that problems get repaired immediately.
Using cloud software instead of paper
All kinds of businesses are going paperless. This means that they are making use of cloud software to communicate with tenants.
This is a much cheaper and more effective way to communicate to each other. Cloud service is always available which means the landlord can access any documents and paperwork on the cloud anytime, no matter when or where they are working from, which saves time and money.
Lease management is essential for commercial landlords and property managers. It is important to make sure that all of the property is leased to its fullest capacity. In order to do this one should consider lease management. The moment you don’t have enough tenants you are going start losing money, which can also mean that existing tenants may look for another building to rent.
Managers or landlords are managing the tenant’s portfolios a lot closer now. They are making sure that the tenant is going to renew the lease before the existing lease expires. Done this way there will always be enough time to find a new tenant to lease in the building when an existing tenant doesn’t want to renew. By the time the tenant’s contract ends there will already be a new tenant signing the lease contract. Ensuring a good flow of tenants and not having any empty space means the landlord is not losing money.
With commercial landlords there is a competitive market that is going to make it harder to be successful as a landlord. With all the new technology and improvements available it is easier to manage properties these days. If the tenants are happy the landlord will have the property fully rented and making a profit.