If you work as a commercial property manager you will know that the job is very busy most days of the week. Normally you will have a large list of things to do such as:
Monitoring and negotiating upcoming rent reviews Communicating with tenants when issues occur Negotiation of leases with new and existing tenants Inspecting the property to keep on top of property maintenance Recovery of rent Checking critical dates in leases and tenancy matters Checking on the payment of arrears Meeting with tenants on a regular basis Getting reports to landlords updating them on current issues Payment of invoices relating to the running of the property Getting approval from the landlord on expense and daily events that need attention Processing insurance matters and claims in the property Closing off the monthly income and expenditure Reporting to the owners of the property in the format that they require Keeping on top of the property business plan Monitoring the budget for the building Finding new properties to manage
The list goes on and on. If you work as a property manager I have just hit on your average working day and week. The observation here is that if you are to do your job correctly and accurately, you will have to be very good at the essential business processes and skills such as time management, communication, computer skills, and negotiation.
The commercial and retail property management industry is specialised to a high level. It takes time for you to understand how to run the biggest and best buildings around. Do not be put off by this; rise to the challenge and specialise your skills. Pretty soon you can become the property manager of choice in your area; at that time the better buildings and properties will be yours for the taking.
The best property managers working in commercial or retail real estate are some of the highest paid people in the industry and they normally manage some of the finest property around; that being the largest and best office towers, retail shopping malls, shopping centres, and industrial parks.
The simple formula for success in commercial or retail property management is this:
Know what makes the properties you manage improve and function well for the landlord. Know what the landlord wants and keep them up to date. Be prepared to work close to and with your landlords to help them achieve their property outcomes. Know your tenants and their needs before they have to take action and upset the tenancy mix or property performance. Communicate with the tenants in your properties on a very regular basis to prevent some other property manager taking your key tenants or anchor tenants to another property. Negotiate every lease, rent review, option of lease, and tenancy matter with the landlord’s instructions and outcomes in mind. Communicate well and document every observation, decision and direction that you come across or have to make. Keep ahead of your building activity so you are proactive and not reactive. There is nothing worse than trying to play catch up in the job. Provide strategy and ideas to the landlord about key issues such as tenant mix, income opportunity, expenditure control, and budget performance.
You have chosen a great part of the industry in which to work. These eight points above will help you move to the top of the industry as a leading property manager.
- Looking For Office Space to Rent in London Despite the Credit Crunch?
- Water Entry in Crawl Spaces and Basements