Best Practices and Tools for Strategic Property Management
When you manage a commercial or retail property, there are many things that you can do that will take you to another level with client services and agent performance. Potentially then winning more real estate clients or business.
Don’t just collect the rent on a multi-tenanted property and talk to the tenants monthly. Go further into the strategic parts of property management, occupancy, and property investment. Look to the future, predict, and then manage the variables.
Think about those property management variables in:
- Lease documentation
- Upcoming vacancies
- Tenant placements
- Maintenance costs and routines
- Risk management
What steps would you take, or could you take to improve the services provided by the property management company?
Providing Value-Added Services
If you group the standard categories of asset management services, you will soon find some unique value-added approaches to real estate investment and controls, such as those below:
- Third income streams for net income improvement
- Strategic changes to occupancy costs and property operations to suit
- Casual leasing of known and expected vacancies
- Tenant mix changes for occupancy improvement
- Standard lease strategies that underpin investment plans
- Capital works programs to improve property presentation and occupancy
To maintain a professional and predictive level of detail in property management, specific procedures must be followed with all the items mentioned. More specifically, this is where the property management responsibility should be located. That is where the property manager should focus.
Primary Property Management Focus
What’s it all about? A focus like this helps the clients with their property, so it improves over time; that should be the primary focus.
Consider your real estate clients now. Know all your clients and their investment goals and requirements, then shape the managed properties for that outcome.
Be recognised as a property management company that provides outstanding service and always maintains a forward-looking perspective on managed properties. Shape and enhance the occupancy groups, the leases, and the income streams.
Rent Collection and Income Stability
The process of collecting rent will change throughout the year depending on the property’s specifics, the tenants’ composition, the state of the economy, and the terms and conditions of the lease.
Therefore, it is essential to work towards the known and expected rent changes as they apply to and within any lease documentation, occupancy, and repositioning issues in the tenancy mix.
Know the pressures of the business economy on property performance. It is easy to see how a shift in business sentiment can impact property investors and their assets in occupants and income.
Maintaining Control
Maintain current awareness of all the changes to the property. Be aware of the pressures on the rent and how the documentation can affect those pressures.
Consider the property’s future and make predictions about change factors. When it comes to the property management services of more significant buildings, this is where a budget will be of great assistance.
