5 Common Commercial Property Tenant Issues
JMK Property Investment is a Miami Beach property management company. As a property investor, you will need a property management company to handle the day-to-day operations at your properties. Most property investors own multiple properties and are unable to take care of daily issues like repairs or late rental payments. A property management company will help you deal with any tenant issues and can get them solved immediately. Read on to learn about 5 common commercial property tenant issues and how they can be addressed.
Miami Beach Property Management Issue #1: Routine Maintenance
At commercial properties, routine maintenance is usually ongoing. From checking HVAC units to fixing leaks to resurfacing parking lots, there is always something that needs work. As your property management company, we not only make sure that all maintenance is taken care of, but we also ensure finding you the most affordable contractor rates. Affordable maintenance prices and timely responses are two of the main things we look for when hiring contractors. Annual bidding for routine services allows us to keep getting you competitive prices.
We also have experience working with many local Miami contractors so we can ensure that high-quality, dependable contractors will be working on your building. Our goal is to make sure that tenants feel their space is well-maintained. Having happy tenants means that they will re-sign leases, recommend the property to others, and be more pleasant to work with. By staying organized and up-to-date with routine maintenance, we keep tenants happy.
Repairs are another issue that pops up frequently at commercial buildings. Sometimes these repairs occur in common areas, while other times they occur inside a tenant’s office. Typically, commercial leases state that tenants are responsible for any repairs due to normal wear and tear. This includes things like replacing lights or broken fixtures in bathrooms. If the damage is more structural in nature, like electrical system damage or HVAC issues, the landlord is usually responsible. Repairs are a very common tenant issue. The tenant will report the damage to us, and we will determine if it falls under their lease or if it is something that the landlord is responsible for handling. If the landlord is responsible, we go through the same process we do with our routine maintenance. We collect bids and call in the best people possible to do the work. In addition, we make sure it gets done quickly. If something like the HVAC system isn’t working, it needs to be fixed ASAP. The quicker the repair, the happier the tenants will be.
Late Rent Payments
While landlords wish that every tenant paid their rent on time, this isn’t always the case. A common tenant issue at commercial properties is that rent payments are late. Whether it is an accident or an avoidance, a property management company makes rent collection one of their top priorities. Some of the ways the management company keeps track of rent are through monthly statements to the tenants and daily monitoring of cash receipts. We also handle late payment issues by following up with phone calls, demand letters, and visits to tenants who are late. If tenants still refuse to pay, the management company can take legal action as long as the owner approves. By handling late rent payments, a property management company takes a lot of the stress off the building owner’s shoulders. This is a tedious task but with organized documentation, records, and an automated process, it becomes seamless.
Vacancy is a fourth tenant (or lack of!) issue in commercial properties. Things happen, and tenants come and go. Especially with the current downturn in the economy, many small businesses are being forced to close their doors and back out of their leases early. This can place a huge financial burden on property investors. Each day that part of their property sits vacant, they are losing money. A property management company does two things to help improve vacancy rates:
1. We focus on excellent customer service to tenants to increase retention rate.
2. If there is a vacancy, we work to quickly fill it. By suggesting necessary renovations and maintenance and focusing on advertising the property, your space will be filled in no time.
Following up on the vacancy issue is how important tenant retention is in commercial buildings. A property management company ensures that current tenants remain happy so that they are more likely to renew their leases. The property management company almost becomes a concierge-type service that you would find at a fancy hotel. We run a 24-hour emergency answer service so that your tenants are never left high and dry. They can reach us and get help at any hour of the day or night. We also provide timely responses to any issues they may be having including repairs, routine maintenance, and more.
Let JMK Handle Your Miami Beach Property Management
When it comes to owning a commercial property, some of the most common tenant issues investors face are routine maintenance, repairs, late rent payments, vacancy, and establishing positive tenant relationships. But how can a property investor who owns different properties throughout Miami focus on each of these things at each of their properties? This is where a Miami Beach property management company, like JMK Property Investment, comes into play. We take care of any and all tenant issues for investors, while the investors focus on buying and selling more properties. Our goal is to make sure your tenants are satisfied and happy at all times and that you are receiving your rental payments on time. From responding to tenant requests for repairs to following up on late rent, we do it all. To learn more about what services we provide to commercial property owners, contact us today. We look forward to meeting you and learning all about your property!