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Before going on to the details of commercial real estate management one should be very clear about what are the properties that can be called commercial properties. Generally there are five major types of properties which can be called commercial properties. They are office, industry, retail, mini storage and self-contained residential units. The reason for calling them commercial is because people invest in such properties for earning revenues from them. Except for the dwelling units all the other properties are related to some sort of business activities and managing them is quite different from managing residential properties. Hotels and restaurants also fall under this category. For simplicity all those properties where commercial activities are carried out may be termed commercial properties.
If you happen to own a commercial property then you must be wondering how to manage it and what the areas that need special importance are. The days when managing the property just meant collecting rent and doing the occasional maintenance works are gone. These days there are number of things that are related to commercial real estate management including the objects related to the financial matters. So it is best to use the services of a management agency. These are agencies that look after every things related to management of a property starting from advertising the property, to selection of the tenants and then taking care of the property as well as the tenant satisfaction. In fact, these are the professionals who charge fees for serving you better and the good ones can get you a benefit that you can never think of.
You can appoint an agency for your commercial real estate management but do not go into it blindfolded. You should know that you have appointed an agency either to stay away from the hassles involved in managing a property or to maintain your anonymity or both. But they must not dictate the terms and conditions and the way you try to book your profit. Just oversee their performance but maintain a good distance from them and do not interfere in their daily activities. Make sure that you clear the air about who the owner is.
There are some things that form the basics of commercial real estate management . First of all make sure that you do not mix up business with personal relations and find the right kind of people as your tenant. Also make sure that you have all the points of agreement and terms and conditions in black and white. No verbal promises hold good in the court of law. See to it that you do not have any personal property or assets attached to the property because in case of dispute these may also be dragged into consideration and you might end up losing your own place of residence. Your management agency will take care that maximum revenue is generated from your property but you should also keep a watch on the market, its ups and downs and the demand.
If your tenants flee the property then you are doomed. So tenant satisfaction is the other pillar of successful commercial real estate management . Make sure that they enjoy the premises in complete peace and also let you live in peace. The agency you appoint must not only look after the property and tenant satisfaction but also report the goings on the property on a regular basis. This will help you to have a close watch and keep you satisfied.