2 Critical Steps to Bring Joy to Your Commercial Property

We’re going to dive into two critical steps to bring joy to your commercial property but first let’s see what Paul Pearsall says about joy, “True joy results when we become aware of our connectedness to everything.” I’m sure commercial property wasn’t on Paul Pearsall’s mind, but his quote has some truth behind it regarding your investment. Let’s start with this, why did you buy a commercial property? Did you have extra cash? Were you rolling the dice to play Monopoly? Did you buy it for fun? Whatever your reason, the thing that will make or break your property is a simple three-letter word: JOY.

Step 1 to bring joy to your commercial property

A commercial property has many parts that must work together correctly to achieve that amazing joy Mr. Pearsall is talking about. Allow me to reiterate: many parts working together…correctly. Remember, you’re taking a risk to house businesses that provide for the business owners and their customers; this is a big deal and you should feel good about it. Bringing the joy back into your commercial property is easier than you might think. Let’s jump into it.

Step 1: Understand where the gaps are that are causing disarray. Your property is the foundation and everyone else builds upon that foundation. You are giving them a platform to stand on. When there are gaps the foundation gets weaker. These gaps might be in rent collection, getting along with tenants, a stubborn leaky roof, constant maintenance issues, not understanding your balance sheet, poor communication between partners and vendors, or simply a lack of time. The first step in anything is to understand what’s going on. With an understanding, we can then move forward to solve the root problem.

Understand who is involved.

There are a lot of people involved in making this joy happen in commercial property ownership: the property owner, the tenant, the patrons of the community, and the management. Don’t forget about your spouse, investment partner, and the city.

We all need to be on the same page to make this work. What’s that page? The page of cash flow. We aim for a strong ROI (Return On Investment); yet to get to the root of it, we simply want the joy of owning a commercial property that works!

How to move forward in making your commercial property work for you

When everything works together, when we are all connected and aiming for our goals, joy ignites. In referencing our last post, we think we have the time to do it ourselves; maybe you do have the time to manage maintenance, mediate tenant issues, talk to the city, run reports, take care of the legal stuff, collect rent, renew leases, and get quotes on a new roof or parking lot to name a few. These are all things that are a part of the equation in making your commercial property work for you, work for the tenant, and the people of the community. That’s a lot of balls to juggle.

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Step 2 for finding joy in owning a commercial property

The second step in achieving joy in owning a commercial property is to fill the gaps. Remember the first step was to understand the gaps. What does filling the gaps look like? First and foremost, whatever you fill the gaps with, it MUST work! If you’re a DIY person this means putting in extra hours and sweat equity to fill that gap. Going through a learning curve on generating reports or figuring out software to show you what works and what does not, is going to take some time.

On the flip side, filling the gaps might mean for you to get out of the way and allow someone who specializes in management to do it… like excite Commercial Management. At excite Commercial Management we can do all those things listed above, so you can focus on other priorities. We fill the gaps, we give you your free time back, and you experience joy in owning a commercial property. We have the connections and relationships with people you need to fix your roof, resurface your parking lot or paint new lines, and so forth. We have processes in place to show us where the losses are and software to keep you on track. Our systems work. With excite Commercial Management we can customize our services to meet your needs.

Peace of mind goes a long way

When you know your commercial property is being watched and managed for besides just you, it relieves a bit of anxiety. When you have someone else on your “team” who has your back when it comes to tenant issues, maintenance, or other problems, it’s relieving to know you have that support in place.

Let’s understand where you are, what needs attention, and how excite Commercial Management can get you excited about your property. Connect with us today through email or a call.

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