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, a commercial salesperson is not ideal for commercial property management; the skill mix is very different between sales and property management.
Property Manager Service Focus?
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.
Skills 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 for the property manager to know and track the variables of:
- Rent selection and optimisation
- Lease documentation and management
- Vacancy reduction
- 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 a property manager.
Some properties are more complex than others when you consider these things and property management today. Establish services and fees based on the property and the workload.
A quality property management service allows the real estate business to be more diversified and supportive. From that, they can build a client list for repeat business.
That diversification and opportunity is of property owners and investors that wish to move beyond the basic residential property investment type. The buying and selling cycle starts.