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The average landlord in Albany, New York makes over $62,000 annually. Commercial property owners tend to make more money than their residential counterparts. Leases are longer and rent is higher for businesses.
Here, we're going to talk about:
- Financial management
- Understanding the real estate market
- Accommodating more tenants
- Quality maintenance and cleaning
- Enlisting professional assistance
Read on to make the most passive income possible.
Manage Finances Effectively
Being a landlord means being your own boss. However, despite this freedom, you're still an entrepreneur aiming to turn the highest profit possible.
Effective money management needs to be a priority for Albany landlords.
You should:
- Consistently track cash flow
- Know how much you're bringing in vs how much you're spending
- Set aside money for taxes you're responsible for
- Evaluate operating costs and see where you can cut expenses
- Build financial reserves for major future expenses (renovations and new investments)
- Set aside money in case of an emergency (legal trouble, natural disasters, etc)
Using automated rent collection systems in an integrated dashboard can help you effectively manage money. Professional property managers provide easy-to-use app interfaces for both landlords and tenants.
Get Professional Help
Albany property managers can help you save money in several ways:
- Researching the rental market
- Evaluating the worth of your commercial property
- Determining fair but lucrative rental rates
- Finding quality tenants to care for your property
- Managing rent payments
- Communicating with tenants about rent
- Collecting security deposits
- Budgeting for future expenses
Since you only pay them a portion of your monthly rental income, you'll always bring in more than you make.
Know the Albany, NY Market
Real estate management professionals are intimately familiar with the local rental market. They stay up-to-date on:
- The best commercial property locations
- What office and warehouse features are in demand
- How you can upgrade your property to be more competitive
- What rental rates you can expect
- Property investment strategies for portfolio diversification
- Other opportunities for investment in the local area
You can make smarter investments and decrease vacancy rates.
Parse Out Your Space
Dividing your commercial property into various units is one of the best property management tips we can offer.
Commercial real estate is larger than residential spaces. It's easy to parse up into multiple offices or retail shops.
Commercial property owners can add to their income by reconfiguring layouts to create more areas for lease. This might mean subdividing floors and larger office spaces to accommodate more tenants.
Letting more businesses operate within your space means higher occupancy. More people will pay rent, which means that you'll collect more passive income than you would in a smaller space.
Beyond Tips for Commercial Property Owners
Now that you know how commercial property owners can boost their ROI, it's time to start making bank. PMI Capital District is committed to maximizing rental income for property owners in Albany, New York.
We'll determine how much your rental property is worth and how you can turn the highest passive income possible. Get a free rental analysis to learn how much you can make!
