When you convert a new commercial property management client to your real estate brokerage, it is time to provide a ‘listing kit’ to help the client understand all the important factors of your professional service, your people, and your upcoming property management interaction.
The ‘property management listing kit’ can sell the differences and professionalism in your commercial or retail real estate services. Most agencies don’t do it, simply because they overlook the process and don’t understand the advantages that come with it; when they have converted a client, they get on with the business of managing. Wouldn’t it be better to strengthen the bonds through a highly relevant ‘listing kit’? Small differences mean a lot in our industry.
So what does the ‘kit’ look like in property management? Given the specialties of the tasks, it will be nothing like a standard ‘sales’ or ‘leasing’ kit. Here are some ideas to help you:
- Thank the client for selecting your agency to help them with their property needs. A covering letter will do the trick, suitably written and signed by the Brokerage Principal or Head of Department.
- Give full details of the Property Manager to be put in charge of the client’s property including experience and qualifications. Include with that the contact numbers and email details for 24/7 access for the client.
- With larger properties it pays to put a private client access portal on your website so the client can get online access to all supplied reports and monthly financials. You can load these to your site in pdf format. It is a good way to provide that extra bit of convenience and accountability.
- Take a selection of photographs in and around the property to record current layout and presentation issues. The photographs can be loaded to your ‘client portal’ in jpeg format. On a 6 monthly basis those photographs can be added to with updates taken in and around special areas of the property, the tenancy mix, or current issues needing record keeping.
- Provide the client with a selection of ‘standard reports’ from your financial property management system and lease tracking systems. They can then choose the report layouts that are most useful to them in understanding the facts of income and expenditure activity as well as property changes coming up.
- In some cases with larger properties you will need to undertake and provide a tenant mix report and lease document update. What you do is identify all upcoming critical dates from the leases and the tenants in occupancy. You look for the strengths and weaknesses in lease occupation.
- Give the client a Gantt chart to summarise your actions and focus for the next 6 months. They will then know what you are doing and why when it comes to property control and asset performance. With some properties it takes a good 4 months to get many things under control.
- Provide the client with a sample of a ‘dummy’ end of month ‘property management report’, ‘maintenance reports‘, and end of year ‘building performance report’. They can then see the report layouts and give you any feedback for any required personalisation with their property.
- After a week or so, follow up the introductory letter and kit sent to the client with a telephone call from the Brokerage Principal or Head of Department. The personal contact process is very valuable in our industry.
From these simple things the client has a solid foundation of understanding as to what you will be doing with managing their property and why. They can also give you valuable feedback to get your services off to a good start.