While much of Arizona saw a big jump in commercial leasing activity after the pandemic, that activity has now slowed to a trickle. In fact, leasing is now down 12% year-on-year, as businesses scale back and offices downsize to accommodate a flexible workforce.
As a commercial landlord, this means that you need to work harder to generate the same returns as before. This is where expert lease administration services can come in handy.
By outsourcing the administration of your commercial lease, you can create a more efficient portfolio and protect your bottom line in challenging times. Here's what you need to know about how lease admin services can help you.
Risk & Compliance
As a commercial property owner, you have legions of liabilities. This is especially the case if you have a large property portfolio spanning different property types.
It is essential that you keep track of every penny coming in and out of your portfolio. It is essential that you remain fully compliant with Arizona's increasingly strict laws, zoning rules, and regulations around property. It is essential that both tenant and landlord know and adhere to their respective responsibilities, as stated in the lease.
For all of these things, lease administration services can take the worry off your hands. You can rest easy knowing that real estate professionals are working on your behalf to ensure full compliance and reduced risk of lawsuits, across your portfolio.
Better Tenant Relationships
A profitable commercial portfolio rests on good tenant relationships. You want lease negotiations to be smooth, favorable, and conducted in good faith.
You can lease renewals to run smoothly, consistently, and on time. By hiring expert lease administrators, you can build the positive tenant relationships you need to achieve these. We can ensure all requests and maintenance issues are dealt with on time and to a high standard.
We can ensure constant communication with tenants, and flag up issues before they arise. Tenant relationships are hard work, and are best left to full-time professionals.
Efficient Portfolio Management
Perhaps most importantly, lease administrators ensure that your property portfolio works for you.
They will look at how each of the properties is performing, where there is room for improvement, and how to achieve that improvement. They will monitor lease terms and constantly look for ways to update them in ways that will improve the robustness of your portfolio over time.
They will keep an eye out for new opportunities for investment, and help you take your portfolio to the next level. If this all sounds appealing to you, it's time to hire professional lease administrators.
Expert Lease Administration in Prescott, AZ
It's a challenging time for the commercial real estate market. However, with the right approach to tenants, compliance, and portfolio management, you can thrive in even the most difficult conditions.
With our professional lease administration services, you can get more out of your portfolio, for less. To find out exactly how we can help, feel free to get in touch with the PMI Northern Arizona team today. We look forward to your call.