Starting your new position as a property owner will require a gameplan, which relates to how you plan on utilizing the property and what your future objectives are. If buying a couple of strip malls seems like a wise real estate investment and you plan on leasing the property to a variety of business owners, having a property management team to aid in maintaining the two malls, collecting rental payments, and handling repairs and upgrades will protect your investment and strengthen the relationship between you and your tenants.
Forge A Relationship
Soon after you purchase real estate, interview some potential candidates for the property management positions that you are offering and hire a couple of individuals who have plenty of experience in this field. Beginning your reign as a business owner doesn't need to consist of mass confusion and being unable to handle your clients' requests.
By having a commercial property management team by your side from the start, you will be able to provide an in-depth analysis of your business plan and show the strip malls to your managers so that they are familiar with how you would like things to be operated. You can even walk through the rental spaces and determine which upgrades you would like to be performed, prior to or shortly after leasing each unit to a business owner.
During your walkthrough ask your new managers how they would handle the proposed changes. Are the managers willing to tackle a diverse group of projects, and are they willing to go the extra mile, to make your clients happy and provide budget-friendly services that won't drastically affect your profits? Knowing that you have a solid team who will stand behind you and help fulfill your vision will be an asset that may ultimately help you achieve success as a business owner.
Perform An Inspection
It can be helpful to set aside one day each week in which you head out to the strip malls to see how things are shaping up. During these visits, inspect all of the repair work or upgrades that you assigned to your management team and stop by each business to greet your tenants.
Complete an overview of both the outdoor property and the inside of each business. Any issues that weren't previously noticed may become apparent, or maybe you will be inspired to have some additional upgrades performed, which will ultimately increase the value of your property or increase the odds that your current tenants will renew their leases.