There are 1,501,626 active businesses in Georgia. Landlords have their pick of potential renters. Of course, attracting and keeping these tenants requires good lease management.
Lease management refers to duties related to maintaining rental agreements. Some of this work is administrative while other parts deal with property upkeep.
What does this have to do with renters in Georgia? Landlords have their pick of renters but must work to maintain their rental agreements. Below are some tools and best practices for commercial leasing.
Understand the Local Market
Competitive prices are key in lease negotiations. You should check how much rent other landlords in your area collect.
Tenants will seek cheaper commercial rentals if you're charging more than other landlords. Research the terms of their leases and include renewal periods, rental length, and rules in your search.
Use lease marketing software with reporting and analytics tools to note your findings. Hand it over to property management experts so they understand how your portfolio is doing.
Giving the data to a professional is important. You'll need their help to stay competitive and keep your investment property data current.
Know the Rules of Renting
There are a lot of legalities involved in running an investment property. You can't write rental agreements that impose unfair restrictions on your renters.
At best, you can expect your tenants to refuse a lease renewal. The worst consequence you may suffer is getting in trouble with the local authorities.
Learn how commercial renting works. Research what's allowed and have a property manager or legal expert verify you've written a legitimate contract.
Streamline Your Lease Renewal Process
The average commercial lease agreement lasts three to five years. Whether your tenants want to renew their lease depends on your relationship and administrative process throughout the rental.
Consider an integrated dashboard where you and your tenants can view lease paperwork. It also helps to create a template for your rental leases.
Most of your tenants will have the same terms so it's sensible to have a reusable template. You can change it for clients with special circumstances, but having a base to work off of can simplify the process.
You can have your property manager draft a lease and modify the lease as necessary. They can upload it to the portal where tenants can sign it online.
Make sure the dashboard allows notifications. This will help tenants keep up with the important announcements you make.
Lease Management Should Be Less Hassle
Lease management takes a lot of work. Be willing to research rental rates and set yours competitively. Don't invest in commercial property without knowing the rules.
Make the lease renewal process easier with an online portal. Most importantly, be willing to work with professionals.
Luckily, a property management company can help make lease management easier. PMI Savannah Metro is locally owned and willing to assist with marketing, finding tenants, and maintaining the building and grounds.
We're a full-service real estate management company that's worked in the industry for nearly 20 years. Contact us and let's get started on improving your lease management methods.
