Steps to manage retail property

Written By Steps To Faculty Published June 29th, 2010

Building property management is an important task as your retail business depends upon it. Ensuring that the commercial property meets the federal and state building code guidelines and can pass any safety regulation at any given point in time requires constant work and full time devotion. If you have retail property, then you will soon learn that such property is not always about selling, but mainly about maintaining the property. Property managers can help your retail real estate in more ways than one. Find out how.

Step 1 Increase the value of the retail property

By investing in a reliable property manager, you can increase the value of your retail real estate. Property managers oversee and organize the general operation of the property to prevent decay or dereliction. Over time, this can not only save you money, but also can increase property value as the retail real estate is worth more to another investor should you want to sell at a later date.

Step 2 Increase your income

Remember in addition to your basic retail store, your property generates income for you also. Suppose you have several vendors who also sell on your property. Then these vendors pay you rent. If your property is not maintained, then vendors will not want to do business on your property. Your customers will not want to buy good from you if they believe the property is in disarray.

Step 3 Get your bills paid

Property managers also ensure that all maintenance bills are paid on time and they also can handle your rent or mortgage payments and even insurance premium payments. If you are busy running your retail business, then you may not have the time to address these issues, which are vital.

Step 4 Get a vendor on your site quickly

Suppose you have retail rental property that houses several stores on site. If for some reason one of these vendors vacates, the property manager is responsible for advertising and finding new vendors for the empty space. This saves you time and money.

Step 5 Know the value of your property

Finally, the property manager usually gets an appraisal on a regular annual basis and provides appraisal information to you.

Remember retail real estate is a long-term investment that requires constant upkeep.


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

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