People that choose to become commercial property managers should respect the need for specialised knowledge and control in the job. There are plenty of commercial property management things to learn over time and with all property types.
What are the things to think about here? It is a focused career of real estate opportunity and it is totally different from commercial property sales and leasing.
There are differences in property management work types and systems. In most cases, the character of a commercial salesperson is not ideal for commercial property management; the skill mix is very different.
Landlords need property managers that can analyse the property performance currently and then provide strategies to take the property forward. It is not unusual for a property to have its own business plan and for that document to be created by a property manager for the landlord.
Check out the latest Commercial Industrial and Retail Real Estate PROPERTY MANAGEMENT Skills Courses and Resources for Agents and Brokers Worldwide here.
Split Up Skills and Specialise in Property Management
In the basic sense, commercial property by type will be either that categorised as office, retail, or industrial.
Beyond that, there is a need to fully understand the variables of:
- Rent selection and optimisation
- Lease documentation and management
- Tenant Mix
- Tenant management
- Tenant communication
- Risk management and liabilities
- Lease performance with an investment property
- Income analysis
- Expenditure performance and budgeting for the property
- Building maintenance procedures
- Risk Management
- Workplace health and safety
- Essential safety measures
- Financial analysis of investment performance in property
- Planning regulations and controls
- Building improvements and standards
These skills can be learned and developed by the individual. That then allows the real estate business to be more diversified and supportive of property owners and investors that wish to move beyond the residential property investment type.