Property management is something special in commercial and retail property brokerage services. Most brokerages want to have a reliable and professional property management team, given that many listings and client relationships are achieved from that.
Where do you start with this? The people in the property management group, the services, the portfolio, and the management processes are a unique dynamic. It is a formula that requires special implementation and care in ongoing operations.
What’s the Formula?
What are the facts here? The process of selling services and solutions in property management should not be ordinary in any way. You can be specific and specialized in what you say and do about the property, the cash flow, the performance of the tenant mix, and the future of the asset. How can you achieve that?
A Mix of Professional Attributes
It takes a skilled person and the entire property management team working together with all these things:
● Good property knowledge for the area and property type
● Expertise in real estate documentation and report creation and keeping
● Negotiation skills and professionalism
● Communication accuracy and aptitude
● Sound financial skills and analysis across property rents, income streams, expenditure, and budgets
● Intelligence in risk and property maintenance controls
● Mastery of lease and asset management documentation
● Cleverness in looking ahead for strengths, weaknesses, and opportunities in property performance
● An organization in undertaking real estate business
● Comprehensive skills in property management, and
● Strategic approach’ to helping clients.
How does that sound? Is that you? The client, the property, and the local market of properties require understanding. There is a skill mix there.
Location Specific Skills
Your city and the investment elements are unique. A good property manager is a person of skill and professionalism that understands the property market locally and how to go about things with tenants, contractors, local government authorities, and planning related people.
There are some weaknesses here to acknowledge. It is a known fact that most property managers are very busy most of the time. They have plenty to do each working day, and the workload doesn’t go away.
A Difficult Balance
As the portfolio, the properties, and client business grows, it gets harder to service all of the requirements of a property and a client.
- Some properties take a lot more control than others.
- Some clients receive a lot more service and communication than others.
- The tenant mix in a property can be complicated and broad, and the tenants can be demanding.
- Property maintenance is complex
- Risk management matters are ever-present
Through all of these relationships, there are factors of communication, control, and cash flow.
Size Matters in Commercial and Retail Property Management
The more extensive the property portfolio, the higher the pressure on the property manager. I go back to the point that personal organization is a big part of property managers daily work control and activities, and that is an everyday event.
Stress in all this can also be high without some proven management and business processes. Watch that balance.
What about portfolio growth? So how can you sell yourself and your property management services when you are so busy most of the time? Try some of these:
- Focus on a core message that relates to your professional services and work to it in all ways possible.
- Focus on a specific asset class, so your property management skills are refined and relevant
- Focus in a particular area locally, so you get to know everything about income, rents, expenditure, tenant movement, competing properties, and reporting types
- Connect with new people every day, so you are getting involved with networking clients and prospective clients
- Provide valuable property information about local property performance in your town or city
- Revisit and reactivate client relationships and conversations. Document what was said agreed and done.
- Create conversations with tenants, business owners, landlords, and investors; questions lead to opportunities
- Be a solution provider in property management, so relevant strategies are evolving
- Go deeper and work to a plan so you can track your activities and connections
- Be bold and proactive in your real estate business, so you are rising to the top of the competitive market
This above is then a big list. There are many skills to develop and improve. There are so many good things a property manager can do for a landlord or property investor in improving the asset.
Are you ready to sell yourself as a professional in property management? Learn how to sell yourself, your skills, and your professional property management services from this base of information, control and property performance. That’s what landlords and investors require in taking up the services of a professional property manager.