Commercial Asset Management is a specialised process. It is not just a matter of collecting the rent and keeping the property full, there are many other strategies to bring into play.
A professional management service can add considerable stability and opportunity to an investment property; such service can also be a valuable ‘pipeline’ in brokerage to good clients and repeat business in sales and leasing.
Property Service Linkages
Everything is linked in the commercial property industry; make those linkages work for you in your brokerage. Commissions and listings will be a lot easier to attract when you understand the ‘bigger picture’ and the alternatives of a professional service provider in the industry.
So what are the elements that can make this work successfully for a brokerage? Try some of these for starters:
- Good people – There are certain skills that come with the role. Those skills take time to learn and can be property type specific. So good people are required to build a top quality property management service and support it over time. Select the best people for your team that understand the unique requirements of the role.
- Strategies – Every property should have specific strategies that apply to performance and those strategies should be matched to the client targets. That interaction and focus will include those issues relating to tenant choices, leasing, vacancy control, risk management, and cash flow.
- Differences – There are major investment strategies that apply to retail, industrial, and office property. All of those strategies are different and property specific. The larger and more complex the property, the greater the issue of control and focus. Different market and regional conditions will apply to the specific property type. Understanding local property supply and demand will be a big help in property performance tracking and control.
- Reporting – When you manage the rent, expenditure, and leases in a major asset, there are many issues to watch. A good computer program designed for the process is essential. That being said, there are many different types of property management software programs. At the basic end the costs of software are not high; at the top end the costs are significant, although the controls that come with the high end programs are ideal for a complex tenancy mix, and major asset. If you aspire to the larger managements and properties in your town or city, you should get the best property management software program that you can afford.
So you can see that client services in this part of the industry are special. Consider the different client types, the local properties, and the services that you will have to offer to be competitive or to hold a top ranking position in the industry. As part of that, look at the competing agents in the location. How can you stand out as the best property management business locally?
Specific answers and strategies are required to make things work correctly and successfully in commercial asset management. Are you ready for a professional challenge?
You can get more Commercial Property Management tips in our eCourse ‘Snapshot’ right here.