How to Maximize Profit on Your Commercial Rental Property
Why does anyone choose to be a landlord? Most likely, it is because it can be a good investment. However, owning and managing a commercial property isn’t easy. The work isn’t done when you buy the property. If you don’t properly run or market your property, you will lose money.
Our commercial real estate experts at HOWE Real Estate want to share with some tips on how to maximize profit on your commercial property. We provide commercial real estate brokerage, real estate development and consulting services across all market segment. We know how to help you find the property best for you.
Our highly experienced team of brokers offer comprehensive support from the first step to the last. We ensure that each investor can make their capital work harder. With that said, for landlords to maximize in their profits, they’ve got to live a little to get back. You need to invest in your investment so other people will too.
How Landlords Can Get the Most Out of a Commercial Rental Property
Make Sure Your Commercial Property is in Good Shape – Keep your property updated, cleaned, and fixed. If you keep the property in good condition, your tenants will follow your lead. A building in good condition also is safer, which means less accidents and lawsuits will occur. From replacing lightbulbs and painting to upgrading technology and old flooring, you will get more value if you provide more value.
Be Competitive with Rent – Keep your space competitive with other commercial spaces like yours in the area. You want to attract tenants while also paying the bills. If you continue to upgrade the building, you can afford to up the rent, as well.
Enforce Rules – If a tenant is late with rent, follow through with a late fee charge. You need payments on time to pay the mortgage, repairs, utilities, etc. You don’t want to lose money.
Screen tenants – A bad tenant can cost you if they refuse to pay rent or destroy the property.
When looking for good tenants, provide a rental application, credit report, background check, and talk to previous landlords and employers.
Make It Easy to Pay Rent – The easier it is to pay rent, the faster you’ll get your money. Collecting rent via the web or a mobile app is the easiest way for tenants to pay.
Purchase landlord insurance – This type of insurance will protect your property. You need this in addition to homeowner’s insurance.
Work Hard to Keep Good Tenants – Good tenants pay rent on time and care for your property.
If you invest in your property and the right tenants, you can maximize the profit on your property. Every decision you make with your building will determine if you help your profit or hurt it.
Interested in Commercial Real Estate in Louisville?
At HOWE Real Estate, our team of brokers can offer you comprehensive support from the first conversation to the last in your property-buying process. We offer location scouting to help you find the best commercial space in Louisville that is right for you.
If you are a busy person and are unable to properly keep up with the building, we can do it for it to help you maximize your profits. You don’t want to fall behind on missing rents, repairs, and vacancies.
Our team at HOWE Real Estate provides commercial real estate brokerage, real estate development, and consulting in retail, industrial, office, mixed use properties, development, land, multifamily, and investments.
Right now, in Louisville, there are many commercial property options available from retail and office space to industrial and mixed-use.
Let our team of professionals at HOWE Real Estate help you get started on looking for commercial real estate in Louisville. We work with buyers, sellers, lessors and lessees across all property types in and around Louisville. We can also help you manage the property to maximize profits. To contact us, send us an email or call 502-890-4475.