How commercial real estate management firms can maintain a healthy landlord-tenant relationship
A sound relationship between the landlord and the tenant is of utmost importance to sustain the profitability of a commercial property. A strained association between the two, however small, might grow in proportion and take the form of legal disputes, which is detrimental to both parties in terms of time, money and reputation. Hence, both parties need to be responsible enough to maintain the cordiality of their professional relationship.
Property managers play a very significant role in this scenario. Property managers, acting like a bridge between the owner and the tenant of a commercial property need to manage a few issues in order to avoid any disputes. Some of these crucial issues supervised by property managers are as follows:
1. Transparency in documents Property managers need to ensure transparency and surety in all the documentation required for a deal or contract related to commercial property. Valid and updated documents reduce the chances of legal problems and build trust between the related parties.
2. On-time transaction The most important aspect of rental property management is ensuring full payment of rent within the stipulated time every month. Property managers must remind the tenants when payments are due and if the tenant is facing a genuine financial difficulty, take alternate provisions to maintain the trust of the landlord regarding the intention of the tenant to pay as soon as the situation is resolved.
3. Pertinent property information from landlord to tenant Property managers ought to convey all relevant information about the property and any other related requirements to the tenants. They must make sure that all information regarding the limitations of usage and expectations of maintenance from the owner’s side are comprehensively expressed to the tenant. A responsible commercial real estate management firm persistently seeks to isolate and resolve any mis-communication between all parties involved that may result in misunderstandings.
4. Grievance communication from tenant to landlord To maintain open and effective channels of communication between property owners and the tenant, property managers must convey all complaints made by the tenant to the landlord on time. Property managers must ensure that all issues faced by the tenant like damage or lack of facilities in the property are duly taken up with the owner and any required actions are taken. Concealed information about grievances or a delay in conveying them only worsens the problem and must be avoided.
5. Emergency conflict resolution Property managers, acting as the link between the owner and the tenant also need to actively resolve any conflict that may arise between the two parties. If the two parties fall out on any issue, the property managers must explain to both parties that this conflict may have dire consequences that might best be avoided and help them negotiate and resolve any issues.
Property managers not only look after commercial property but also the relationship between the associated parties. Property managers like Madison Management have gained their reputation because of their experience and expertise in maintaining a strong relationship between their clients and tenants.