How To Manage Your Commercial Property Portfolio
Optimise your property investments with professional advice and commercial property software
Commercial property investment can be lucrative, but only when managed correctly. As your commercial property portfolio grows, you will come to realise that your responsibilities increase with every additional property. There are steps you can take and property portfolio software you can use to make your life as an investor easier.
Try to keep your investments local
Investing locally makes sense. Should there be an emergency, you won’t have to travel. You will be able to stop by to keep an eye on your investment and your knowledge of the local area will be an advantage. As Arnold Cheung, estate agency director, states: “I’m a big believer in always sticking to what you know. You know the values, you know what you like, what will rent well and what’s likely to sell”.
Keep up-to-date with your ongoing responsibilities as a commercial property investor
Commercial property investment comes with a range of responsibilities that you will have to deal with to maximise your returns.
You will need to collect rent, deal with defaulting renters and organise deposits and service charges. You will also need to organise insurance, health and safety certificates and schedule rent reviews. These are just a few of the responsibilities that you will be taking on as a commercial property owner. The more property you invest in, the heavier your workload will become.
Consider hiring a commercial property manager
It might be wise to consider hiring a commercial property manager. A commercial property manager handles the day-to-day management and operational functions of commercial property.
A commercial property manager’s responsibilities cover everything from dealing with tenants to dealing with the financial aspects (such as preparing the annual budget). They will keep an eye on repairs, maintenance and landscaping, while also dealing with tenant complaints. A good commercial property manager is available at any time of the day. If a task presents itself that they are unable to deal with personally, they take charge and delegate the task to an appropriate contractor. As the owner, you will receive an automated property performance report to keep your mind at ease.
Make use of property portfolio software
Anyone working with a commercial property portfolio should consider purchasing high-quality property portfolio software, such as LogiPro. Commercial property software contains features that improve the lives of property owners, property managers and property management companies.
Property portfolio software contains effective accounting functionality that keeps track of all expenses and receipts from both tenants and suppliers. The software is then able to distribute this payment when necessary. The software can be used to manage and pay contractors while redistributing relevant service charges to tenants.
Property management software can be integrated with electronic banking to reconcile payment records and upload BACS files. On top of all this, property management software provided by Logican can detail whether a property is currently profitable by tracking property inventories and producing relevant reports.
Many professionals have replaced their old-fashioned paper-based systems with property management software. This has reduced their workload and means that they have important documents at their fingertips at all times. As electronic records are stored centrally, users can access the data wherever they are working from, across a range of devices.
Property management involves plenty of administration, document creation and calendar tracking. The software offers powerful document creation and distribution. It can automatically generate informative spreadsheets and reports to keep you apprised on your current properties. If tenants are late with their payments, the system automatically registers this and produces and sends notifications to both you and your tenant via text message or email.
The best software is customisable. At Logican, we are happy to work with you and personalise the software to ensure that you are happy with the product you have purchased and your business needs are met.