When you start work as a commercial or retail property manager, the task can be confusing and challenging. This is particularly the case if you are migrating from residential property management. Commercial and retail property requires a different and more strategic focus; it’s not just a matter of collecting the rent and inspecting the properties once every 3 months. Here are some tips from our recent Newsletter.
Perhaps this is a biased statement, however I will say that commercial and retail property management is one of the most specialised parts of the property industry. When you do it well you can move anywhere and get a good appointment on complex and large properties. It is a fact that experienced managers in this part of the industry are hard to find. The same can be said for retail shopping centres and the relevant managers.
So, if you are new to the retail or commercial property management side of the industry and do not yet know what is going on, stick at it and build your experience and knowledge. Over time you will rise to the level of property expert.
Here are some tips to help you with that momentum and control.
- Know the landlords requirements for each property. Every landlord will have specific ways that things should be done. Learn those facts and follow them to the tee. If you neglect the landlord, they will soon drop you and find another manager that they can relate to. The landlord is priority number one.
- Review the income and expenditure factors in the property. Income will be driven by the tenants and the leases. For that reason a complete lease review is required and all leases should be closely monitored as to critical dates and tenant requirements. The expenditure in the property should be managed in keeping with the landlord’s requirements and instructions. Set up a budget for the property at the beginning of the financial year and get the landlord to approve it. Over time you can then track your progress.
- Understand the properties that you manage. If you manage a lot of properties that can then be a difficult task. The landlords that you work for expect you to know what you are doing and how the property is going.
- Stay close to the tenants at all times in your properties. Build the relationships with tenants so they can contact you with problems. Over time they will need help with lease situations, expansion, contraction, and relocation. It is better that they talk to you than someone else.
- Maintenance requirements in properties will change from location to location and the age of each property will have an impact on the size and type of maintenance. Get to know your contactors and their response methods. Understand the building and safety codes as they apply to the properties under management. Compliance to all codes is really important.
The list of tasks and points of focus does not stop here, but it goes on into many other issues and events. Keep organised and keep learning. Over time you will build your career in the best part of the industry.
You can get more tips on this in our Newsletter.