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The Ultimate Checklist for Successful Retail Property Management


Checklist for successful retail property management


Here’s a set of guidelines to help you in successful retail property management:


1. Educate yourself about documentation:

A CRE consultant can help you become acquainted with all aspects of the lease and the documents involved. As you may not be able to understand every legal clause, your property consultant can research the facts and processes and inform you.


2. Manage tenant communication:

It is essential to keep communication open with the tenant at all times. A commercial property consultant can help you enforce the terms of a lease, while acting as a liaison between you and the tenant.


3. Manage vendors:

You must keep a tab on vendors and ensure that building maintenance, landscaping and other regular duties are performed on time. A commercial property advisor can help you by monitoring the frequency and quality of vendor services.


4. Stay on top of maintenance:

The condition of your property is a key factor in attracting customers and its financial success. A CRE consultant can meticulously look into all aspects of maintenance such as building exterior, HVAC systems, parking, etc.


5. Income and expenditure budgets:

Keep a tab on the rental income and expenditure of your retail space. Design a budget by considering the tenancy mix, the vacancy factors and property market conditions.


6. Distinguish between rent types:

Understand the difference between gross and net rent and value per unit for properties in your region. This will help you keep a tab on your commercial property’s income and bottom lines.


7. Understand all Types of Income from Tenant:

These may include rent, parking charges, storage rentals, signage rentals, and licensed areas.


8. Determine Services and Amenities:

Understand what services and amenities tenants require before designing the lease agreement. Your commercial property consultant can help determine what services are being provided by competing properties in the area.


Handpicked Related Content: HOW TO ADD VALUE TO A COMMERCIAL PROPERTY

A well-managed and properly maintained retail space with the right tenant mix and competitive rents is considered an investment goldmine. Property investors are more than willing to pay above the market price for properties that fit these criteria. Moreover, an efficiently-managed retail space is profitable in the long term and will help you maximize your returns.


At Citadel, we can help you find and manage a retail space. Get in touch with us today!

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