How to Reduce Stress as a Commercial Real Estate Landlord
As a landlord, you have many responsibilities to ensure your property and tenants are cared for. Sometimes these tasks can be overwhelming. Here are a few tips to reduce stress as a commercial real estate landlord.
Screen tenants properly
By properly screening commercial tenants, you will more likely select tenants who will pay their rent on time and treat your property with respect. As part of your screening process, you should interview potential tenants and evaluate credit reports, financial statements, background checks and references.
Set aside an emergency fund
Ideally, your property expenses will be covered by the rent you bring in each month. However, sometimes unexpected repairs are needed, so you benefit from having savings set aside. Your emergency fund can also assist in the case of an unexpected vacancy or other complication with your property.
Create a team of professionals
You can reduce stress as a commercial real estate landlord by asking for help. You should assemble a team of trusted professionals to assist with repairs, compliance and other important tasks. Your team may include your lawyer, accountant, commercial real estate broker, landscaper, plumber, electrician and more.
Hire an experienced property management company
One of the best steps you can take to reduce stress as a landlord is to hire an experienced property management company. A commercial property manager can take over rent collection, building repairs, tenant screening and other day-to-day tasks. Your property manager will also have a vast network of people they can refer to you.