1st-time commercial landlord is wondering...
Soon, I plan to be taking on my first commercial property to manage (tenant placement, rent collection, repairs, turnovers, etc).
Since the person I am taking over for (the building's original owner, now 69 yrs-old) is a little antiquated and has no real systems in place, I'm wondering: what are some quick wins that would update and modernize how the property gets managed?
Some thoughts of what to do right away:
- See if the property is earning the market rate for rents (current owner says she does not know the market and has never checked).
- Find out if having the four tenants pay their rent online is an option.
- Track the leases (current owner has lost track of who is month-to-month, who is due for a rent increase, etc).
- Shop the insurance to see if they're overpaying.
Since I'm new to this realm, I wondered: what else can a new commercial prop. manager do to quickly add value for their clients?
What would you suggest?
Brian in Mauldin, SC