As a commercial property landlord, it would be ideal to have quality tenants occupying your rental properties for the long-term. However, the reality is that tenants may choose to move on, leading to a vacancy that can result in loss of income. Employing methods to lower your vacancy rate is crucial to reduce this loss and ensure the continued profitability of your investment.
One of the easiest ways to reduce your vacancy rate is to retain the tenants you already have. This can be achieved by good landlord/tenant communication, quickly addressing any maintenance issues, being responsive to tenant needs, upgrading your property, and proactively offering lease renewals.
If a tenant does decide to vacate, attracting the right replacement requires a deep understanding of the local market, a strong database of existing prospects, and a well-crafted marketing strategy.
Starting to look for a tenant at the right time is crucial to minimising downtime. Contacting tenants to discuss lease renewals in a timely manner will provide an opportunity to commence searching for a replacement as soon as possible.
Thorough screening of prospective tenants is crucial to minimising the risk of leasing to unreliable operators. We suggest conducting credit history checks and contacting previous landlords for references at a minimum, but strongly recommend more intensive investigation to gain a broader understanding of the applicant.
Staying on top of compliance and maintaining good records are critical to having immediate access to all necessary documentation required for new leases.
Employing an experienced property manager is the easiest way to ensure all these strategies are followed, and your commercial investment operates at peak performance.
The team at Ray White Commercial Bayside comprises experts in every aspect of commercial property management and administration. We offer the full spectrum of property management services, including lease administration and management, financial management, maintenance and asset protection, vacancy management, compliance, and tenant relations. Contact our award-winning team today to discuss a personalised plan to help minimise vacancy rates and maximise the potential of your commercial investment.