By Soniya Gaonkar on Dec 8, 2022 12:11:44 PM
As the owner of a commercial real estate property in Pune, you will have various responsibilities on your part. Property management is one of them. The way you manage your property directly impacts its value in the long run. Thus, you cannot merely buy a property and leave it to its destiny, expecting it to generate value for you. Nurturing it appropriately and maintaining its competence are necessary to help it deliver the returns you expect on your investment. Here’s how you manage your property the right way.
1. Timely Upgrades
Upgrades demand investments. But you cannot delay or ignore them as they are necessary to maintain the property’s competence. Upgrades could include fixture enhancements, aesthetic uplifts, furniture modifications, integrating smart features, improving layout, etc. to ensure the property remains appealing to prospective tenants. They contribute to the overall value of the property making it look more contemporary!
2. Maintain Your Property Proactively
Maintenance is another significant factor to look at. Proactive maintenance helps keep various problems at bay and avoid inconvenience. Besides, it ensures safety and keeps the property functioning efficiently for a longer time.
Some factors that require proactive maintenance include plumbing systems, ventilation systems, electrical systems, landscaping, AC, repairs and replacements, etc.
Frequent maintenance issues could annoy your tenants. So, don’t let them surface. Ensure proactive maintenance to deliver the best value for the fee they pay.
3. Keep a Diverse Tenant Base
This one is for people who own the entire building or have bought the maximum number of shops in a particular complex. But what does this mean and why is it necessary?
Maintaining a diverse tenant base refers to leasing or renting out the space to various types of businesses. It holds relevance especially in the case of B2C businesses.
For instance, you must avoid letting too many readymade clothing stores flock in your commercial complex. It will increase competition and affect your tenant’s revenue. Consequently, they may have to leave the space and look for another one.
Having diverse tenants helps, as they do not compete with each other. Everyone has their business to look at and manage.
4. Interact with Your Tenants
Your tenants are your clients via whom you earn revenue and returns on your property. You must meet them regularly, interact with them and try to understand challenges, if any, to resolve them promptly. It is about investing time and earning goodwill by maintaining cordial relations and retaining tenants.
5. Hire a Commercial Property Manager
If you think managing your commercial property could be overwhelming for you, given your existing commitments, hire a commercial property manager. These are professionals, who ensure end-to-end management from managing maintenance to ensuring proper upkeep and maintaining tenant relationships.
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Spread across a vast area of nine acres, KWT features five towers of 12 floors each and several multi-sized office spaces, amenities and an amazing connectivity. Call +91 20 6764 1818 to talk with KWT’s sales team and know more about the project.