The real estate market is constantly changing, so it’s important to stay on top of the latest trends. As a property owner, you may be wondering how you can maximize your space and keep up with all the changes in the industry. Luckily, there are plenty of strategies that will help you minimize vacant space among your properties! This blog post details four different ways that property owners can manage their properties more effectively.
Plan your Capital Expenses in Advance
One of the most important strategies for reducing vacant space involves planning your capital expenses. When you understand where and when your next capital expenses will be, you can schedule any related work to happen around that time. For example, if you know that a roof replacement is coming up in two years, start scheduling and planning that job now to be done simultaneously as other roof work.
Treat your Tenants as Partners
Many property managers have difficulty communicating with their tenants, but it’s an essential part of the job. Taking a few extra minutes every day to address any concerns or questions your tenants have will help you minimize vacant space and keep them from moving elsewhere. In addition, being on good terms with your tenants can lead to new referrals and a higher occupancy rate.
Complete Improvements that Match each Property’s Scope
When you are making improvements to your properties, make sure that they match the work scope required for each individual property. For instance, if you have a large apartment complex with over 100 units, it might be best to manage it as more than one property. If this is not feasible, you should split the complex into sections to complete capital expenses on a section-by-section basis.
Plan Capital Expenses with Respect to Your Properties ‘ Lifecycles
When you are planning your properties’ upcoming capital expenditures, it’s important to understand the lifecycle of each one. For example, if you have an office building that is ten years old, spending money on a major capital expense every five years might only be wise. If you make smaller improvements more often, you can increase the lifespan of your property and reduce vacancies. This strategy will also allow you to add value to your property while increasing its resale potential.
It is important to stay proactive when dealing with vacant properties, but it isn’t always easy. Luckily, the strategies mentioned above will help you minimize vacancies while keeping your tenants happy!