Commercial real estate tends to be more predictable for investors than alternatives. Long leases, higher rent, and higher returns are all draws of these properties.
Unfortunately, lease management can be challenging, but expert property management services can make it manageable. Read on to learn how Sugar Hill, Georgia landlords can boost their tenant lease agreements with expert help!
The Basics of Commercial Lease Management
Lease management is a series of actions that allow landlords to draft and enforce lease agreements. Commercial property owners outline rental terms to business owners and managers before they sign.
After leasing the building out to tenants, the lease serves as a set of guidelines for behavior on the property, rental payments, and the length of time the tenant is required to remain in the building.
Good lease management strategies mean drafting up ironclad legal agreements. You need to negotiate with tenants and come to mutually agreeable terms before incorporating them into a lease to sign.
This lease should be accessible to both you and your tenants so that everyone has transparent access to its terms and wording. It also needs to be clear about penalties for breaking the lease.
Without a good management strategy, lease administration will be challenging, disorganized, and nearly impossible.
Tools, Tips, and Tricks
Lease management software comes in many shapes and sizes with lease drafting templates being one of the most important.
Expert-created leases will already have all technicalities taken care of to protect you if a lawsuit or breach happens. Lease signing within an integrated all-in-one dashboard also keeps you organized, and the dashboard makes the lease easily accessible on both landlord and tenant mobile devices.
Automated renewal tracking and notifications also make it easy for you to offer new leases to commercial tenants whose previous agreements are about to expire. This makes tenant retention easy and decreases vacancy rates.
How Can An Expert Help With Tenant Lease Agreements?
Buying technology like AppFolio or Yardi may sound tempting, but you would need to manage it all on your own. The technology costs an unnecessary amount of money and learning it is both stressful and challenging. Plus, you likely don't have the legal knowledge necessary to draft up such an important ironclad agreement for businesses.
That's where Sugar Hill property managers come in!
We help you connect with Georgia businesses by using high-quality marketing techniques. We have our own expert-made software for drafting leases, and there's a pre-existing dashboard where both you and your tenants can access it.
We can also help you include arbitration clauses, stay up to date on lease-related regulations, and create a document that incorporates an understanding of Georgia-specific tenant rights and eviction laws.
We also help with rent-related aspects of lease enforcement with rent calculation and competitive rates. This ensures that you generate the highest possible passive income without worrying about vacancies.
Streamline Lease Management for Your Sugar Hill, Georgia Property
Now that you know some lease management tips for your Sugar Hill commercial rental property, it's time to begin drafting up leases with professional help.
PMI Northeast Atlanta is excited to talk about your individual needs and help you grow as a landlord. Reach out to PMI Northeast Atlanta to learn how much you can realistically make on your commercial rental property!
