Helpful Resources for Managing a Mixed-Use Property

Mixed-used properties have their upsides and downsides. When a property has more than one use, such as residential and commercial, it’s easier to reduce long-term maintenance costs and attract a variety of tenants.

However, there are also parking problems and other challenges—noise transfer between commercial and residential areas is a common one—that can make mixed-use property management more tricky, as noted by Luckily, there are some resources you can tap into to make managing your mixed-use property more seamless.

The tenants themselves

Forging relationships with tenants in a mixed-use situation is crucial, especially when you’ve got a residential area. Your tenants will become your ambassadors and help you rent out empty spaces, but only if you have a good rapport with them. They’ll also give you helpful feedback about your property, management and practices if the communication lines are open.

Encourage the tenants to mix with each other. One way to help keep everyone cooperative and to act as a connector for your bigger tenants is by throwing the occasional tenant event and getting everyone to foster relationships.

A firm parking policy

One of the bigger challenges in a mixed-use property is parking, and not having an enforced parking policy in place can cause unnecessary problems and even cost you valuable tenants. If you have a residential-commercial development, for example, and the residential tenants frequently see their “Resident Only” spot taken by a car from a guest at a business on your property, you’re going to lose residential tenants over time.

You need to have separate parking and a strict enforcement policy for it. Parking rules should be enforced by your own security team or through cooperation with the local police department.

The right advance services

A little extra money now toward the right services can save you trouble down the road. For example, if you’re bringing in a commercial tenant who may add to the noise of your property, such as a bustling restaurant, hire an acoustical consultant for expert suggestions on how to reduce the clatter the eatery will generate.

Have engineers review plans for any commercial tenant who may bring strong smells into your development to confirm that proper ventilation measures are planned. If you identify any potential disruption from a prospective tenant involving sight, sound or smell, take the time to consult with an expert in that area to ensure the disruption is minimized as much as possible.

Managing a mixed-use property does pose its own unique challenges, but by being open with your tenants, having enforced policies and planning ahead, you can make your property run efficiently and profitably.

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Theresa Bradley-Banta writes about investing in real estate while avoiding the pitfalls that plague many new investors. She is a 2017 PropTech Top 100 Influencer and winner of 14 American and International real estate awards for her website and real estate investing programs. As featured on: The Equifax Finance Blog, AOL’s Daily Finance, Scotsman Guide, The Best Real Estate Investing Advice Ever Show, Stevie Awards Blog, Rental Housing Journal, and Investors Beat among others.

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