They may call it the "quiet side of the Tetons," but there's nothing dull about the Teton Valley commercial property market! The area is booming, with the population of Driggs increasing by 12% between 2020 and 2022! The Wall Street Journal is even tipping this Teton Valley landmark as the next Jackson Hole.
Successful commercial property asset management in this happening corner of Idaho centers around recognizing this shifting dynamic. Let's explore four key areas you should consider when weighing up property investment strategies.
Strategic Commercial Property Asset Management
The commercial property market in Teton Valley is small. It will never be a hotspot for global corporations, but it is becoming a magnet for tourists. Therefore, effective commercial property asset management in this tranquil location requires a keen understanding of the local area.
Increasing visitor numbers means a greater need for office buildings and warehouses. Search out locations that are well-positioned for local transport links. Focus on those that serve local attractions, such as the Grand Targhee Resort, which is only accessible through Driggs.
Prioritize Tenant Relationships
Security long-term occupancy is the key to thriving Teton Valley commercial properties. Due to the small local population, there is not a large group of potential local tenants. Therefore, it's important to nurture strong relationships with the tenants you already have.
Foster these strong bonds through:
- Consistent communication
- Responsiveness to queries and concerns
- Making periodic improvements
- Maintaining a high standard of property maintenance
These strategies and long-term contracts can help secure tenants who stay and pay. This can also help you avoid the expense of finding new tenants, which can dent profits.
Monitor Financial Performance
It's vital to keep your finger on the property's pulse. Asset management services can help with this process, but ultimately, you must make the important decisions. If your Teton Valley property is not performing as expected, try to drill down to the reason why.
If expenses are rising, you may need to undertake a new rental analysis. If the area continues to boom as predicted, you may need to adjust your rent to reflect the area's increased desirability.
Effective Property Management
Property management is essential to retain tenants, find new ones, and maintain the value of your investments. However, it can be a full-time job. Whether being a commercial landlord is your main job or not, one of the best commercial real estate tips is to work with a property management company.
Property management companies can handle the following:
- Property maintenance
- Compliance with local laws
- Rent collection
- Accounting and reporting
They take the headache out of managing your assets. They can keep tenants happy and your rental income flowing in.
Talk to PMI Grand Tetons Today
With the population increasing and opportunities growing, now could be the right time to invest in Teton Valley commercial property. Get your commercial property asset management strategy right, and it could yield rich rewards for years to come. Working with PMI Grand Tetons - your local property management specialists- is crucial.
Find out more about our commercial property management services and schedule a consult today!
