In managing and leasing a Retail Shopping Center there are many things to monitor and think about. When you know the facts about property performance then you have the best chance of improving the property for the landlord.
Shopping Center Staffing Structure
Depending on the size of the property and the variations to the tenant mix, the work load of the property management team can be large. That is why they have specific people in the roles of:
- Tenant Services Manager
- Lease Administrator
- Maintenance Manager
- Marketing Manager
- Rent and Financial Manager
- Shopping Center Manager
- Office Manager
- Leasing Manager
- Concierge Desk
- Customer Services
So when you add up these people and put them into a retail property, the salary costs for the group of people can be large. Those salaries are normally written back into the operating costs budget for the property, in addition to the charged property management fee.
Shopping Center Reporting Structure
It should be noted that the Shopping Center Manager is the person in charge and ultimately the person that brings all of the property performance issues together. Input from all members in the property management team would come in weekly in written form to be collated into a Landlord Update Report. That document would be split into the important sections of reporting such as:
- Budget Performance
- Maintenance and Repairs
- Lease Documentation
- Arrears Collections and Update
- Legal and Lease Documentation
- Vacancy Update
- Marketing and Promotions
- Tenant Mix Changes and Updates
- Sales Summaries for Retail Categories
- Tenant Meetings
- Traffic Numbers
- Risk Management
- Market update for rents, competing properties, and vacancies
- Landlord Instructions and Notes
Some landlords may have other issues to incorporate into the list. Importantly the list and report layout should document all current issues and lay a clear path of decisions relating to property performance.
The management and leasing of a large retail shopping center is not something to be taken lightly. Experienced people and specific business systems are required to move the property forward for the landlord. The property manager will ultimately be responsible for all events and decisions in the property, so the interaction between the center manager and the overall team is really important.
It is worthwhile noting that a comprehensive property report will help in setting the path to excellence in retail shopping center management. Historic reports should be kept to track important issues, and also to be used in the case of tenant or property dispute. In a larger retail property those disputes are quite common.