Commercial real estate brings lots of opportunity for potential shopping center tenants. Retail centers are full of a variety of demographics to put into consideration. When well-thought-out and planned accordingly, it’s entirely manageable to get the ball rolling to find the perfect tenants for your shopping center.
In order to attract and retain tenants for your shopping center, your property management company must have a sound understanding of the shopper demographics, develop a strong strategy for consideration, and maintain an engaging relationship with new and existing tenants.
Scout the Area
Visit other similar stores nearby as if you were a regular customer and take note of their products, prices, location, and customer base. What product demand are other stores already meeting? How much do they charge for it? What kind of people shop there? Be sure to have a good understanding of what your tenant mix will likely be.
Use the SWOT Analysis Method
SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, can help you determine if a particular store location appeals to your tenants. For instance, consider applying this method to a fast food restaurant interested in renting from you.
- Strengths: Your property might be located on a busy street, leading many customers to the restaurant.
- Weaknesses: Your property may not have a highly visible entry point and could be missed if customers are distracted.
- Opportunities: A new gift shop just opened nearby and could attract more foot traffic.
- Threats: A rival chain is negotiating its own property a mile away.
Maintain Your Property
A clean, nice-looking property leaves a great impression. On the other hand, trash and dirt are painfully obvious. While an office building will have a good system for staying neat and organized, a shopping center will need a little more work put into its maintenance agenda. Keep your property in top condition by working with a shopping center specialist. Remember to maintain your property’s condition even when no one is renting it. Potential customers will leave with a good impression and be more likely to rent from you.
Pro Tip: Shopping centers are easier to manage when you have a good understanding of what your tenants have in store for their businesses. Stay connected with them and don’t lose sight of long term goals.
Don’t lose focus on the shopping center tenants that you have in mind. Analyze your retail space and take into consideration what your shopping center includes. It’s good to stay on top of changes being made to your shopping center and keep up-to-date with your tenants and their long term business goals.
Join the conversation for more information on shopping center tenants and commercial property management.
Managing a property dedicated to the comfort of students can be challenging unless you choose the right company to work with. Real estate management companies should have a firm grasp on what industry they’re working for and what requirements are necessary to do the job correctly.
When selecting what property management company is best for your needs and the expectations of your residents, take the time to explore all options and weigh the pros and cons next to each other so you can make the right choice. It helps to visually see all of your options.
Research the Ratings of Other Student Housing Facilities
If you’re not sure where to begin when choosing a property management company, it’s a good idea to check other housing facilities to see what resident’s don’t prefer. If you find that there are multiple complaints about a particular student housing location, pay attention to the specific details that have made residents unsatisfied. If you understand what expectations are, you can make a better selection when finding a team to help run the building smoothly.
Interview a Number of Property Management Prospects
Always keep your options open. You’ll be working with a property management company for a good while, and it won’t look good to your residents if you switch partners frequently. Working with a reliable team is imperative to running your building efficiently, so don’t rush into a decision too quickly.
ProTip: When you’re looking for a property management team for your student housing facility, it can save time to make a list of candidates to research, and narrow them down to three or four companies so you can easily compare.
Ask Your Property Management Candidates Questions
Ultimately, you should already have questions (and the correct answers) in mind when you’re making your decision on who will be most useful to you when managing your student housing facility.
- Does this company have experience in maintaining a building designed for students?
- Are they going to be available at all hours of the day to help with a maintenance emergency?
- Do they have any examples to provide that will show you what situations they’ve helped other clients within the past?
Confidence is Key
While you don’t want to spend too much time considering all your options, it’s crucial to keep in mind the importance of feeling confident in the team you decide to work with. You will need to depend on them for tasks that they should be experienced in and you should feel good about relying on them to respond to your needs in a timely manner.
Join the discussion to speak with our property management experts about choosing the best student housing property manager for you!
College is an exciting transition in a young professional’s life. You go from living at home with rules and curfew to living on your own with no one to make sure you get to bed or eat your breakfast. While moving out of your parents’ house is a new adventure, you want to make sure you choose the best residence for your individual needs.
You most likely won’t find your college home quickly. It’s a process that takes a lot of research and commitment. You browse the market and browse some more.
Start the Search in Advance
To choose student housing, you want to start searching as far as six months in advance. There are a lot of options, but in big college cities, these options can quickly become full. While many universities require freshmen year students to live on campus for the first year, you may want to consider other living options after your freshman year.
On or Off Campus?
You have to make the choice between on or off campus. If you’re attending a four-year university, you probably have a good idea if you want to continue living in a residence hall or consider other living spaces. On campus, living provides many opportunities to be social and make college friends. However, it’s typically more expensive than off-campus housing and has more distractions. An off-campus housing option is great for students that are easily distracted, and have no problems with being independent.
Roommates or Alone?
Next, you’ll want to decide if you want to save money by having a few roommates or live alone. Many universities have online roommate finders to help you easily find a compatible roommate. Furthermore, many on and off campus housing options have the option to rent an apartment by a room and they’ll pair you up with other students.
Pro Tip: New college students, If you feel like you’re easily distracted and need the alone time for studies, then you may want to consider a studio or 1 bedroom student apartment.
Sadly, there are a ton of real estate scams out there, and they will take advantage of young students. A good rule is that if an apartment or house seems too good to be true online, then it probably is. Before paying a deposit, make sure you visit the property in person, meet the landlord and sign a lease. It’s better to go through an agency or management team than an individual. This way you know the lease is legal and secure.
Finding the Best Residence
Your college experience is where you’ll make some unforgettable memories. You’ll want a residence that is comfortable and perfect for you.
We understand the struggles that college students have when making student housing feel like home. Join us on Facebook to learn how we encourage our on-site team to create a sense of community students seek.
Whether you own a shopping center, apartment building, or any other commercial property, your investment can benefit from working with a property management team. A professional property management service s equipped to facilitate all aspects of your commercial property from accounting services to construction management and daily building maintenance. They are there to help streamline your operation and maximize profit.
How Can Your Company Benefit From Property Management Services?
From accounting services to construction management and daily building maintenance, utilizing a commercial property management team can help you streamline your operation to maximize profit. Here are five ways your commercial property can thrive by using a property management service.
- Leasing Services
- Facility Management
- Accounting Services
- Shopping Center Specialist
- Construction Management
1) Leasing Services
One of the top reasons to utilize a commercial property management service is so you can attract and keep more tenants in your property. With a knowledgable team on your side, they can help you target qualified prospects and also assist in advertising, lease negotiations and document preparation, as well as overseeing leasehold improvements.
2) Facility Management
A professional facility management team can help you develop strategic management plans that will assist you in maximizing profit, improving the overall aesthetic appeal of the property, control operating costs, oversee daily operations, and increasing productivity.
ProTip: By leveraging specialized facility management techniques, you can advance the effectiveness, profitability, and success of your business.
3) Accounting Services
There are so many aspects of running and maintaining a commercial property and accounting plays a large role. Don’t let this tedious tasks take you away from other important roles and let accounting experts take care of all financial transactions related to your multifamily or commercial property. Receive timely and accurate financial reports with clear descriptions and detailed spreadsheets each month to provide you with the status of your investment performance.
4) Shopping Center Specialist
If owning a shopping center is part of your commercial investment portfolio, hiring a successful retail management team supports you with detailed market analysis, area demographics, lease economic analysis, advertising, marketing programs, and hands-on lease negotiations.
5) Construction Management
When it comes to updating or making improvements to your commercial investment, superior construction management is critical to the success of commercial and multifamily projects. Let a professional group supervise and support you in every step of the design and construction process to ensure that it meets your specifications, budget and scheduling expectations.
Commercial Property Management: The Key to Continued Success
No two property owners or commercial properties are identical, that’s why using a knowledgable property manager is imperative to help you succeed. With the right group, you can custom tailor property management solutions to suit your unique needs.
Join the conversation to speak with our team about our commercial property management solutions.
If you own a commercial property, you understand that it is a full-time endeavor. Between managing employees, keeping financials in order, meeting with clients, coordinating contractors, and everything else that needs to be juggled, sometimes it can be beneficial to outsource your leasing services to help free up some of your time.
How Can Outsourcing Leasing Services Benefit Your Commercial Property?
Outsourcing your leasing services can help your commercial property attract and retain quality tenants, free up your time to focus on more pressing matters and can help your bottom dollar. If you are considering hiring a leasing service to manage your commercial investment, these five reasons show you how outsourcing can help keep your business running and growing.
- Attract More Tenants
- Retain Quality Tenants
- Free Up TIme
- Save Money
- Leasing Experts On Your Side
1) Attract More Tenants
When you outsource your commercial leasing services with a high-quality company, you can expect to attract more tenants to your commercial property. Through marketing analysis and advertising plans, property management services attract qualified lease prospects, as well as handle lease negotiations and lease document preparation.
2) Retain Quality Tenants
Along with attracting more tenants, hiring a leasing service for your commercial property can help your investment retains quality tenants, as well, by overseeing lease renewals, collecting rent, and improving leaseholds.
3) Free Up Time
When you hire a property management group to handle the leasing services at your commercial investment, you open up valuable time to spend on other income generating ventures.
ProTip: One of the best reasons to outsource your commercial property leasing services is because it frees up your time to focus on other pressing matters.
4) Save Money
It does cost money to outsource your leasing services, but a seasoned property management company can help save you money in the long run. With their expertise, along with the advertising, marketing, and other services they provide, you can be sure to maximize your rental income.
5) Leasing Experts On Your Side
Outsourcing your leasing services ensures that you have experts on your side to help your investments grow. This can be especially useful if you are new to property management. They offer you informed advice and know-how and help you in all aspects of commercial leasing investing.
Outsourcing Leasing Services: The Best Choice for Your Commercial Property
Choosing a leasing team to help manage your commercial property is an ideal way to boost your investment and make sure it is correctly handled while you focus on other business.
Contact us to learn more reasons why outsourcing leasing services is the best solution for your commercial property.