New Jersey has faced a tough economic climate in recent years. However, some green shoots of recovery are showing, with 30% of businesses in a recent poll stating New Jersey was a good or very good place to open new or expand business premises. If you own commercial South Jersey real estate, it's important to harness this positive outlook to maximize the return on your investment.
In this article, we'll consider some of the key commercial real estate skills you need to navigate this tricky climate successfully. We'll also explore how working with a South Jersey property management company could benefit your bottom line.
Keep Your Tenants Happy
One of the most important landlord skills is keeping tenants happy and extending their contracts year after year. Here are three common tenant complaints and what you can do to minimize them:
- Lack of maintenance
- Cleanliness problems
- Heating and cooling breakdowns
To prevent maintenance issues from piling up, create a schedule for seasonal maintenance. Also, have a team on hand to deal with emergency issues.
To keep the premises spotless, recruit, train, and manage a dedicated team of janitors. Finally, schedule regular maintenance of your HVAC system to help minimize complaints that the office is too hot or too cold.
It takes a lot of time and energy to keep tenants happy. You may have a lot of South Jersey real estate in your portfolio or juggle your landlord responsibilities with a regular job. Either way, property management services can organize all of the above and take the stress of managing tenants off your hands.
Legal Compliance
Do you have the commercial real estate skills to navigate New Jersey's laws? It takes local knowledge and experience to ensure that your commercial property meets all its legal obligations. South Jersey real estate management services can help you stay compliant.
Understand Local Market Dynamics
To maintain a steady return on investment, you need to keep your finger on the pulse of the local market. This requires a keen understanding of the economic factors affecting local business. It can help you upgrade and adapt your commercial property to meet the current and future needs of businesses.
Knowledge of locally available incentives to support small businesses could also help you attract new tenants. The Small Business Lease Grant could help you find exciting new startups to lease commercial premises that may grow into long-term clients.
Property management services know what is happening locally and can help you adapt to the current climate. They can also help you reach new tenants who have the potential to grow on your premises and contribute to the local economy.
Choose the Right Property Management Company
The right property management company can help you find and retain great tenants and keep your commercial real estate in great condition. At South Jersey PMI, our brand promise includes honesty, effective communication, accurate accounting, and availability.
We can leverage our South Jersey knowledge to your advantage. To find out what we can do for you, click here to get an overview of our commercial property services, and contact us for a bespoke quotation today!
