Since over 861,000 enterprises operate in New Jersey, commercial landlords have a wide range of leasing opportunities. Lease management can be a challenge, though, making a property manager a much-needed investment.
Read on to learn how you can streamline the process of dealing with rental property leases in Morristown.
Understand Your Local Real Estate Market
Research how much rent other landlords in your area are collecting. Look into the terms of those leases including their length, renewal periods, and rules.
If you have pre-existing lease management software you're looking to upgrade, see if it has any reporting and analytics abilities. If it does, look into them and record your findings. You can show this to new leasing professionals so they understand how your portfolio is performing and what your current occupancy is.
Without enlisting a property manager to help with this, your lease won't accurately reflect current information about your property. You won't have the most competitive rent out there and could deal with vacancy rates. Knowledge is the key to success as a landlord.
Use Top Lease Management Software
Property management companies tend to be those with the best lease management software. Working with property managers can make your rental property easier to contend with.
Talk about the lease-specific features offered by a property manager. A lease data repository, automated renewal and expiration tracking, and integrated rent calculation are important.
Outsourcing lease management to experts is less stressful and time-consuming for you. It also ensures that the lease meets all legal requirements so you aren't open to legal issues.
Make sure that experts integrate lease management services with other activities. They should co-exist with tenant screening services, maintenance portals, and rent payment processors. This makes it easier for both landlords and tenants to manage leases and ensure that all terms are met.
Make Lease Renewal Easy
A commercial property lease usually lasts between three and five years. Some can last as long as ten years, but this is becoming increasingly rare as demand for space changes.
At the end of this period, it's likely that your tenants will want to renew their leases. No one wants to move all of their business operations, hardware, paperwork, and employees to a new location unless it's absolutely necessary.
Integrated dashboards where both landlords and tenants can see lease-related paperwork can make this process smoother. Landlords can upload the lease expertly drafted by their property manager. Tenants can access it and sign it within this portal.
This keeps everything organized and makes the renewal process fast and efficient.
Work With Lease Management Professionals in Morristown
Now that you know how to streamline lease management for your commercial property, it's time to learn how to make the most of your real estate investment.
PMI Prime Property is committed to helping landlords in Morristown, New Jersey make as much passive income as possible. Get a free rental analysis from our team to learn how much your unit could make (and how you can get as much money as possible.)
