5 Habits for Success in Commercial Real Estate

Real Estate

Commercial real estate management requires a talented individual with a strong work ethic at the helm in order to be successful. For those looking for a handful of pointers, the following five habits are essential for communicating well with the businesses who rent your workspaces, making money from in industry and growing as an investor.

●      Always Establish Goals

As in any walk of life, establishing goals early will help secure success. It is always easier to work towards prosperity and rewards if steppingstones are set for you and your investments to reach, so, lay these out before you spend large sums of money.

There are plenty of resources online about how to set business goals, but in the end the ambitions set must be your own. Establish goals but do not make them unrealistic – if you are expecting to expand your commercial real estate into a second city within your first year you may only be setting yourself up for disappointment.

●      Keep in Contact with Businesses

Always stay in contact and communicate with the businesses who are renting the space you own. Being friendly and accommodating with your tenants will encourage them to pay rent on time and look after your property, as they have a solid rapport with you and respect your business.

This will also enable you to easily understand when they might be having difficulty. You clearly do not want tenants who are not going to pay rent and bills, but you equally want to be an ethical real estate owner. Communication is key to understanding needs on both sides of the renting relationship, just as it is for any type of partnership.

●      Seek Financial Loans

If you are in need of hard money loans, seek them out from reliable, honest and experienced lenders. This will ensure that the loans you take out are tailored to your needs and aligned to your specific business goals.

Using loans such as these is an incredibly useful tool for getting money on a short-term basis in order to cover the upfront costs of new investments or even construction costs.

●      Respond to Small Queries Quickly

This is a vitally important habit for anybody looking to make it in real estate. Getting into the swing of replying to even the smallest of queries or complaints quickly will put you in the mindset that no issue is too small for your attention. This will make your tenants feel valued and encourage them to stay loyal to you for longer.

●      Find Reliable Tenants

Finding reliable tenants isn’t always easy, but this is where your networking skills and contacts as a top-quality commercial real estate manager come in. When a potential tenant contacts you about renting some office or sales space, attempt to find out if you know anybody who has rented to them before. This is a clever way of gaining information on their potential reliability.

If you cannot do this, create some tests such as an initial trial period to ascertain their trustworthiness.