Commercial and retail property management are special parts of the property investment industry. They require special approach and therefore the right people with the knowledge and commitment to produce good results across the property types and the locations.
Rarely will you find a sales experienced person taking up a role in commercial or retail property management; it is a big mismatch. The jobs are just too different and require a level of commitment, consistency, and focus that salespeople usually struggle with.
Servicing clients comprehensively
If you are working in property management, or you aspire to do so, then look at your approaches to the business, the knowledge that you have relating to properties, and the strategies that you can apply to the clients that you will serve. Specific results are required with each and every property under management; some of those assets will have unique challenges relating to vacancies, tenancy mix, market rentals, income creation, and occupancy. I go back to the point that knowledge is a pre-requisite to providing a professional property management service.
Here are some ideas to help you refine and improve your business processes as an industry professional in this segment. See how you rank within these categories:
- Specialize within property types – understand the differences between the property types when it comes to rentals, location, and occupancy improvement. The best managers know how to improve property performance given all of the challenges of the unique asset. Look at the pressures of the precinct, and then refine property performance for the client and improve opportunities over time through deliberate choices relating to leases, tenants, and income. Make plenty of recommendations based on market evidence.
- Leasing will be part of your professional skills – determine the pressures that apply to leasing in the managed asset. Look at how leases will be shifting and changing over the next few years when it comes to critical dates, expires, and options. You will need a plan to move through those property challenges. Every new portfolio appointment will need to be reviewed on that basis and controlled over time.
- Identify the best landlords to work for – some landlords are better than others and will offer opportunities when it comes to commission and transaction income. Make the right choices and understand exactly who those landlords are.
- Refine your services – there is no point in being ordinary when it comes to commercial and retail property management today. Specialize in every way possible so that you can refine your services within the property types.
- Undertake direct marketing – to find the right property owners and landlords to act for, you will need to undertake a degree of direct marketing, and that will usually involve cold calling, direct mail, and presentations. Get involved with the people that you want to do business with. Provide them with some valuable reasons to use you as the property specialist to solve their asset performance over time.
- Improve property performance – if you are going to manage something, then you need to do a good job in every respect. Look at the asset across the variables of lease management, tenancy mix, maintenance management, vacancy minimization, and ongoing occupancy. Determine the strategies that are required to improve the asset over time; address the challenges and the problems before they occur. Make deliberate and direct recommendations to the clients that you serve. Be a solution provider for complex problems within the asset. Be prepared for the challenges that will occur, and provide your clients with timely solutions to address issues within the assets under management.
So there are plenty of things that you can do here to present yourself as a property management specialist for your location. Refine your services and connect with the right people. That is how you will build your property management business across commercial, industrial, and retail assets.