So, how do you go about organizing property maintenance? Commercial development is a complex and layered field, requiring the combined skill sets of many people to function smoothly in the day-to-day. Property analysis is essential to determine the financial relevance of any given commercial property, for example, while property management services provide entrepreneurs and property owners alike the resources they need. If you work in the field of real estate or are considering becoming the property owner of any given commercial space, look below to learn a little more about commercial property management and why it’s one of the fastest growing career fields.
Real Estate In America
How is the real estate market faring in the United States, anyway? As of 2012, there are nearly 300,000 Americans working as property, community association and real estate managers across the country. The revenue of property management has hit a significant high as of recent years, estimated at almost $70 billion and not expected to slow down anytime soon. Whether it’s apartment complexes or individual homes, commercial property is a booming market with a plethora of options for the savvy entrepreneur and consumer alike.
Commercial Property
There are many different forms of commercial property, from apartments to retirement homes to community centers. Each one has its own rising and dipping trends according to the needs of the public and it’s essential to stay on top of what the average customer needs and wants in any given time frame. Office rents have been studied extensively and are expected to see a rise of 3.4% in the next few years. Industrial rents, on the other hand, will experience a 3.1% gain. This is due to investment sales for commercial properties in markets picking up speed, rising 11% year-over-year in 2015 and setting the speed for others to come. It’s not enough to be up-to-date on market trends and widespread interests, however, as property maintenance requires a steady eye and consistent dedication toward quality.
Common Pitfalls
While quality property maintenance isn’t a one-size-fits-all, there are a few common pitfalls you can avoid. Remember that smoke alarms have a useful life of around 10 years — if you hear them beeping, that’s a sign the battery is either dead or starting to drain! Fire safety is a hot button issue throughout the country due to the increased tendency of commercial properties like motels and apartments to experience small to large-scale fires. Some properties and tenants are a breeze to manage, fitting your personality and schedule like a hand does a glove. However, you should still be prepared to deal with three to five minor issues every year — these can range from leaks to complications with pets. Taking these elements into account now will go a long way in determining the relevance of your chosen field.
Choosing A Commercial Property
So, which career field is right for you? It all depends on your prior expertise, unique skills and individual personality. If you’re a people person who loves the unexpected, you may want to consider heading an apartment complex or retirement home. You’ll find yourself working with people and papers alike, all the better to create a comfortable and secure living experience for your tenants. If you’re more comfortable with numbers and marketing statistics, the real estate field may be the one you’re looking for. No matter the field you choose to spend your time in, property maintenance is a vital tool in your arsenal.