Commercial Property Management – The 10 Key Skills That You Must Have

Commercial Property Management - The 10 Key Skills That You Must HaveIn commercial property management the skills required to be efficient and successful at the job are quite specific. The commercial property manager has to bring a solid set of skills to the management task because investment property of this nature usually has significant cash flow; the tenants are business people that know how to negotiate, and the landlords need responsive and quality management support.

So this requires a real estate person of above average real estate business skill and capability. The clear set of personal attributes would include these 10 most important must have skills:

High level documentary skill to be shown and utilised in reports, recommendations, records of events, and ongoing property performance analysis. Negotiation and closing ability for leases and occupancy issues with tenants of all levels and backgrounds Time management skills so the complexity of work is carried out each day with efficiency Good communication skills to be used with tenants, landlords, contractors, engineers, and solicitors. Motivation to do the job no matter how tough things get and how much pressure evolves from the tasks. Understanding of maintenance processes and tasks that apply to large properties and complex sites. Financial and spread sheet skills at a reasonably advanced level to analyse and display property performance Comprehensive computer use and software understandings that allow the implementation and accurate input of property income and expenditure data; plus tenant and lease records. Personal presentation and communication of a business type that complements the tenants, contractors, and landlords that must be worked with on a regular daily basis. Awareness of matters relating to risk, environment, energy, heritage, and essential services as they relate to the operation of a commercial property.

So where can you get such a skilled person? In one complete package they are rare to find outright, but providing they have at least 50% of skills in the above list, and they are what we call intelligent committed people, they will be able to learn the other skills that they lack.

Make no mistake, a skilled commercial property manager is a major asset to a real estate business; they can support a management portfolio of high cash flow and complex occupancy property across industrial, office, and retail premises. They make landlords happy and keep tenants happy.

Landlords at the commercial investment level need a property manager that really understands the bigger picture and complex nature of that investment; and how to then make it work.