When you work as a commercial property manager, it is essential that you really understand the demands of the job and of your clients.
Commercial and Retail property management is a specialist task. Shortcuts are not possible if you really want to make your mark as a really good manager of investment property.
The Tasks of Managing Commercial Property
So exactly what does a commercial property manager do? Many things is the simple answer; here is a list of some of the main ones to help you understand the property management job and your opportunities:
- Market and lease the vacant space in a commercial property
- Establish a plan to optimise the tenant mix in the property so that the vacancies are minimised and tenant property integration works towards the greater good of sales and rental
- Manage the tenants in the property in accordance with the terms of the leases in the property
- Report to the landlord on current lease and tenant issues. Reports will cover lease, tenant, financial, maintenance, arrears, and risk management.
- Manage the income and the expenditure on the property so budgets are maintained to the approved plan of property performance
- Monitor risk management issues and the performance of the essential services in the property
- Ensure that the property is compliant with legislation and building codes that apply to the property and the precinct.
- Monitor energy consumption, environmental matters, heritage exposures and compliance, plus any other building-related compliance and controls.
- Meet with local planning authorities on any outstanding building matters that impact occupancy or use of the property.
- Control the marketing of any vacant space through conjunction listing agents in the local area.
- Tender and implement maintenance contracts for the property in accordance with the type of plant and equipment in the property.
- Liaise with contractors on current property maintenance issues.
- Provide the landlord client with clear recommendations and strategic control.
A commercial property manager is, in reality, a well-rounded property professional that understands many complex parts of property performance.