Owning a commercial space comes with its own unique challenges, so it’s a good idea to hire a property management company to help you with the tasks you’re not experienced with. It’s important to realize why this decision is necessary.
What Should I Look for in a Property Management Company?
There are a number of things you should consider, like the quality of service and reliability. Don’t rush into your decision when choosing a property management team for your commercial space. Consider these factors.
- Quality of service
- Commercial Space Experience
1) Quality of Service
As you decide which company will be the right fit for managing your commercial space, prepare a list of situations in which you know you will need to call upon your property manager for assistance. Ask them how they will work to smooth out a negative situation with the building that you might not be able to handle on your own. Write down their responses for later review.
ProTip: When making a decision on who is best to hire as your property manager for your commercial space, weigh the pros and cons of a few candidates on a whiteboard or spreadsheet to help you make the best choice.
In the case of an emergency, it’s important to be able to have the confidence that you can rely on your property manager to be available to you. When considering which manager is best to hire, take note if they provide a 24-hour phone number or support system to their clients. If they don’t, it’s alright to ask if they can explain why. Consider also, if there is any other system they have in place that demonstrates their reliability and availability.
3) Commercial Space Experience
You or someone on your team should research your prospects to learn if they manage any other commercial spaces. You want to relax by knowing that the property manager you hire knows about commercial real estate and how to best meet the needs of their clients. Check out their website to learn about their main clientele.
Be Sure You Feel Confident in Your Choice
When you’re ready to make your decision, be sure you haven’t felt rushed or pressured because that could cause problems in the long run. Come prepared with the right research. Be ready for each interview and assessment and take your time when considering all of your options
Join the conversation to learn more about what others find important when choosing the right property management team for a commercial space.
As this year draws to a close and the holiday season continues, it’s time to look toward 2021 with hopes for a better future. All of us at Tarantino send warm wishes for a happy, peaceful holiday season and a healthy, prosperous new year.
This past year was a successful year and we’re getting excited about what’s around the corner. Enjoy this holiday season with your loved ones, and we look forward to connecting in the near future!
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Managing or leasing a new retail commercial property can be a daunting task if you do not have someone who understands the intricacies involved behind running a shopping center. Your daily to-do list could suddenly explode from having to address simple property maintenance, to facilitating tenant improvements, or more extensively, having to oversee a total build out of a space when a new lease is signed. Utilizing the services of a shopping center specialist allows clients to ease the burden of these tasks while our team ensures the highest possible return on their investment. Our goal is to maximize your investment value by increasing the revenue and decreasing the expenses without sacrificing the integrity of the property.
A shopping center specialist has comprehensive market knowledge and is skilled in determining the position of the property and will know how to effectively market your commercial space to qualified tenants. The in-depth benefits of hiring a shopping center specialist proves to be invaluable by saving you time, cost, and risk to your asset.
Market to the Right Audience
How will prospective tenants find the new retail space? A Shopping center specialist will advertise your commercial property to the right target audience, network on your behalf and market the asset to find the ideal tenant mix and negotiate the most competitive rate for your retail center.
Hiring a shopping center specialist arms your property with someone who has extensive expertise in developing retail leasing programs and have access to detailed market analysis, area demographics, lease economic analysis, advertising strategies, and marketing programs while taking a hands-on approach to all lease negotiations.
Work with an Expert
Clients will receive the benefit of having access to someone with in-depth knowledge on how to effectively manage and market their asset utilizing the most up-to-date marketing and research technology strategies available, translating those results to maximum occupancy and increase return on investment.
Contact us to learn more benefits of working with a shopping center specialist.
Commercial real estate is a highly competitive industry. If you plan to invest in it, you must adopt the right commercial marketing strategies to make your property get noticed quickly by the target market. After all, an empty property isn’t making you any money.
You wouldn’t want to make losses when investing in commercial property. That’s why you ought to do everything possible to maximize your property’s potential to the fullest. If you do so, rest easy that you’ll improve your profit margin. Let’s take a look at a few marketing strategies that can help you reach out to prospective tenants.
Analyzing the Physical Location
Your property’s location can make it less or more appealing to the target clients. For instance, a business dependent on foot traffic (like a gift shop) likely wouldn’t be interested in renting a space with no nearby sidewalks or frequent commuter locations. Some businesses will pass up a property located in a less than ideal environment–for instance, a professional office won’t want to make employees or clients walk through tall grass to get inside. Finally, an area prone to severe weather may not appeal to many clients at all. Know the environment around your property and which businesses are likely to take interest or pass you up entirely.
Upgrading the Property
Upgrading your commercial property to suit the interests of your target clients can make it more appealing. So, what upgrades will increase the value of your commercial property? Consider the following options:
- Improve the building’s exterior to add curb appeal
- Install security systems like alarms, gates, and surveillance cameras
- Improve your parking space’s functionality and visual appeal
- Plant flowers or decorative flora outside
Pro Tip: You have to ensure that the upgrades you intend to do are legal. Find out the local zoning laws, building codes, and environmental regulations.
Promoting to Your Target Audience
Once you’ve upgraded your commercial property, adopt the most effective marketing campaigns to penetrate your target market. Obtain listings that are exclusive by type, for a specific term of approximately six months. Reach out to your target audience and emphasize the property features that are relevant to them. Use professionally created physical and online marketing materials to get your property in front of potential clients. Know who you’re selling to and focus on them.
Implementing these commercial property marketing strategies will help you get qualified prospects. Evaluate your target market needs and incorporate them in your commercial property. By doing so, you’ll make the property more appealing to the target demographic.
Contact us to learn more commercial property marketing strategies.
Real estate marketing photography is an indispensable tool in the property management sector. Every prospective tenant viewing property listings on the internet would want to see photos before closing a deal. As a marketer, you need to capture the buyers’ attention by posting high-quality photos.
Posting professional photos is the best marketing strategy in the real estate sector. It helps to attract thousands of potential buyers and increase the number of inquiries. You’ll also earn more clicks on online listings. That’s why hiring a professional photographer is essential in real estate marketing. Here are just a few ways to make your pictures look as appealing as possible.
What Not to Do
When taking real estate marketing photos, you need to minimize photography errors. Do your best to avoid these mistakes:
- Taking photographs that make your property look smaller than its actual size
- Posting real estate photographs of cluttered, dirty spaces
- Taking tilted pictures that make the property appear lopsided
- Setting up improper lighting and photographing dark spaces
- Taking blurry pictures
Thankfully, these mistakes are easily corrected with a few extra minutes of work. Check your pictures before leaving the property and retake any that didn’t turn out well.
Pro Tip: Potential tenants want to see property photos before renting from you, and they want to know they’re getting a high-quality property. Blurry or poorly lit photos can turn people off and make it harder to rent your space out.
Now that we’ve covered what not to do, it’s time to look at a few excellent photography strategies to ensure you get the best pictures possible:
- Identify the spots you’ll need to capture. Consider making a pre-photography checklist to ensure you don’t forget certain areas.
- Declutter the area and clean up: dust, vacuum, etc. Remove any item that can lower photo quality.
- Use natural light coming from the windows when shooting the house interiors. In areas with low natural light, use artificial light strategically to prevent color washing out.
- Avoid taking exterior photos in the middle of the day when there is too much sunlight. Shadows might compromise the quality of your photos.
- Take photos of the property from different angles. If possible, you can also take the images at different times of the day.
Posting Your Photos
Once you’ve taken all the photos, you should carefully select the ones to use for real estate marketing. Put yourself in the potential buyers’ shoes and choose the pictures that intrigue your interest. Then it’s time to edit. Use special photo editing software to touch up your photographs wherever necessary. Correct color, sharpen the image, straighten tilted photos, play with the contrast or lighting, and even edit out clutter. Once your pictures look their best, it’s time to post them and wait for interested buyers to contact you.
Show Off Your Properties!
Excellent photography work and regular online listings both contribute to higher interest in your properties. Don’t hesitate to invest in tools that can boost the quality of your photos too. Displaying appealing photos will intrigue potential renters and help you get your property filled that much faster.
Contact us to learn more about real estate marketing photography.
Has your property entered the receivership stage? This transition can be difficult and worrying. But don’t confuse your receivership process with liquidation, a much more serious affair that spells the end of your business.
Receivership and liquidation are two very separate processes. Even if certain aspects are comparable, the two procedures involve different end goals and overall different strategies. Let’s take a closer look at both to highlight the differences.
When a company enters receivership, that’s a sign that the business has a lot of debt and is struggling to repay its creditors. However, the process of receivership is designed to eventually guide the company back to former glory if possible. A receiver is appointed by the company’s creditors to manage the company’s assets, sell certain portions to repay all debts, and keep the business running as much as possible in the meantime. For properties, this typically means the receiver handles tasks like collecting rent and communicating with tenants. The owner still maintains a limited role in the company, but the creditor- or court-appointed receiver handles the majority of the work. If and when the company’s debts are finally repaid, the receiver leaves and the owner retakes control of the business.
Pro Tip: When a property enters receivership, your duties as a manager will change. Discuss your new, limited responsibilities with your receiver agent for more details.
Liquidation is a horse of a different color. While receivership is designed to get a business back on its feet, liquidation is designed to dissolve a business that has no chance of recovery. A liquidator is always appointed by a court to divide up and sell every asset of the company to repay its creditors as much as possible. Every employee, including the owner, forfeits their position in the business. When the entire business has been dissolved, the company ceases to exist.
What They Have in Common
While the end goals of the two processes differ significantly, several aspects are strikingly similar. Both a liquidator and a receiver act on behalf of creditors and prioritize repaying them, especially creditors that appointed them or initiated the process, above virtually all else They will also file periodic reports on their progress. The owner of the company is always required to step aside, in whole or in part, as another party takes over.
Most importantly, both receivership and liquidation show that a company is heavily in debt. The process of receivership simply means you have a chance of recovery, while liquidation is a last resort.
Keeping Your Property Afloat
In the vast majority of cases, receivership is designed to get your property back on its feet. You only have to worry about liquidation in particularly bad circumstances. Do your best to work with the receiver as much as you can to help things get back to normal.
Connect with us for more information on our receivership services.