From big box stores to mixed-use developments to mom-and-pop restaurants, retail property management can encompass a wide range of businesses. Ruane Property Management, a premier commercial property management veteran in Westborough and throughout Central MA, offers this quick primer on retail property management issues to consider.
First, keep your retail tenants happy. Happy tenants are long-term tenants, maximizing your retail occupancy and rental income. Unlike residential tenants, retail tenants in Westborough or Worcester can take longer to find so it pays to minimize vacancies. Ruane Property Management has found that an effective retail property management strategy fosters good communication with tenants. Be proactive about identifying tenant issues and encourage them to share concerns with the building manager.
Likewise, know your local retail market. Whether in Northborough or Westborough or elsewhere in Central MA, the retail property market can be volatile. Efficient retail property management professionals study the local market trends and will be ready to fill a storefront vacancy promptly using their marketing and lease negotiation expertise.
Finally, keep that building looking great. Westborough shoppers are a fickle bunch, so a storefront or restaurant has to be in tip-top shape to attract and hold customers. And don’t neglect the long-term: Ruane’s retail property management approach always looks at lifetime maintenance issues and upkeep in addition to the day-to-day fixes.
Handling commercial properties in Westborough and throughout the Worcester area ranging from over 100,000 square feet on down to smaller buildings, Ruane Property Management has the experience and knowledge for your retail property management. Contact us today for a free property survey and property management proposal.