If you specialise in commercial or retail property management then you should have a listing kit with you to use at any time with clients and prospects. Some of the kit can be in hard copy and the balance of the kit should be in the ‘cloud’ for ‘drawing down’ when you are talking to investment clients of particular types. Preparation is then the key to winning new business in property management. (NB – you can get plenty of ideas to help build your property management services here in ‘Snapshot’ – it’s free)
So how can you do this? Your tablet computer and or your laptop can be used to access the online ‘cloud-based’ listing kit material with clients of different types. Google drive is a great way to store those special documents for the times when you need them.
Preparation is the key to winning new property managements; the listing kit ‘logic’ is part of that strategy. Know the different types of tools that you use and will require with working the three different property types of office, industrial, and retail. Allow your tools to show the client that you and your team are real specialists in property management services for your location.
Engage your client’s attention directly into your property management services and investment ideas. That’s the rule. There is no point in being ‘ordinary’ in your service provision; there are too many ‘ordinary’ and ‘substandard’ managers out there in the commercial property industry. Here are some ideas and ‘tools’ to help with that special focus:
- FINANCIALS: Samples of financial and end of month reporting to clients are useful. You will very likely have a special type of property management software program for use on managed sites. Set up a ‘dummy’ building with that software so you can show a client the wide variation of reports available across income, expenditure, and lease reporting. Look at all the reports and match the reports to the types of properties managed. A large shopping center, for example, will have special financial formats and controls in reporting. Use your report formats for the comprehensive nature of clients and properties.
- FORMS: Property listing forms that suit the ‘legalities’ of your location and property services are important. Many clients don’t understand the legal elements of property activity in our industry. Help them see how you can fit into the ‘legalities’ and move them through special things such as marketing, compliance, vacancy management, and lease negotiations.
- IMAGES: Photos of buildings that you have managed and or are now managing should be used. Photos engage the attention of the client and will tell a client so many things. You can use photos to show special elements of management and property control. With property management, your photos can cover maintenance, mall management, landscaping, examples of marketing, and many more similar special processes.
- TENANT PLACEMENT: Tenant retention plans are part of providing property strategy. Take your ideas of tenant management and optimisation into a planning process that the client can see and understand. The visual process works well so use graphs and images as you talk about tenants. The most valuable window of time to focus on in such a graph or program is usually the next 18 months to 2 years. You can apply that logic to your client’s property and the tenant mix.
- CASH FLOW: Property forecasting models are used on complex buildings. Start to look at creating a forecast of property performance for your clients, the bias can be specific, depending on the asset and the client’s investment plans. The bias can be towards income, maintenance costs, vacancy planning, or tenant mix change. You can show the new client examples charts of what you are predicting in any or each of the preferences.
- LEASE DOCUMENTATION: Lease review models are essential. With this idea, you can work with the probability of lease reviews and tenant change or relocation. Look at all the variables. Property performance planning involves a good degree of lease review and modelling
- IMPROVEMENT MAINTENANCE: Maintenance strategy plans and forecasts are useful on major assets. In most managed properties, there will be matters relating to maintenance and capital works. The timing of maintenance is a strategic process in any commercial or retail property. Tenant movements and vacancy factors will also impact the property performance and maintenance strategy. Works are undertaken where time and cash availability permits. Manage the net cash flow from the property with a consideration for maintenance.
- CHECKLISTS: Create handover checklists for the different property types. You can have ‘handover’ processes that are formulated for the property type and the location. Show your clients how your checklists can comprehensively capture all the facts of a property to be managed and or leased.
So, there are plenty of things for you to use here with your property management listing kit. Use the strategy comprehensively for the specific property types when you are working with clients and prospects. Show the clients and prospects that you work with that you have a comprehensive way of investigating, listing, and managing any property.