The new year brings a fresh start and endless opportunities in the commercial real estate industry. For property managers, now is a great time to prepare your property for the year ahead and get a jumpstart on management practices. There are various ways to prepare your commercial property for the year ahead, so continue reading to find out how!
Set Goals
One of the most important steps to take at the beginning of the year is establishing your goals! This can include your budget, marketing plan, maintenance plan, or any other details that will help you manage your property smoothly throughout the year. Review your goals from last year and add on any that you didn’t complete yet. Evaluate your budget and make plans for how you will manage your business expenses this year.
It is also a good idea to read up on the local market statistics and make note of how these might affect your goals. This leads us into our next point.
Know Your Space and the Industry
The commercial real estate industry is quite different from the residential industry. Which is why it is important for you to make sure you are up to date on knowledge about your properties and the local markets. Make sure you understand the different needs and requirements of commercial properties such as offices, industrial buildings, restaurants and other use type properties. There might be changes to restaurant regulations or safety rules in offices. Listen to the experts in your field and stay up-to-date with what they are saying about the industry both nationally and locally.
Additionally, you also want to make sure you are checking in on your physical properties. Make note of any upgrades or maintenance they need and fit that into your schedule and budget. Many renters and buyers today are looking for modern upgrades. Looking at things such as lighting, appliances and even paint can make a difference when talking to prospects.
Follow Up With Leads
Now is the time to follow up with any leads that were looking to buy or sell after the new year. You can also check in with sellers who were looking to sell during the CRE busy season this spring, it’s never too early. Lastly, it is also smart to reach out to your mailing list to wish them a happy new year and update them on any important news or company updates.
We hope these tips help you prepare your commercial property as you enter 2022! If you need help with any of them or would like more information, give us a call! And if you are a property owner, and need someone to manage your commercial property, we offer property management services. You can find more information on our website!