Most commercial and retail property managers are extremely busy on most working days. Why is that? They must deal with many things across lease occupancy, tenancy mix, maintenance, and risk management daily across many buildings.
Despite the pressure, they must meet the needs of tenants, landlords, and authorities. Errors can be made if controls and systems are lacking.
As a result, a property manager’s typical working day can become quite complex and never-ending. Some things can take weeks to resolve, which means a diligent and deliberate approach.
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Managing Buildings and Tenants
So there are many buildings. Buildings must be monitored, and the tenancy mix in each case must be optimised. The more buildings or tenants worked and managed, the more pressure there is.
With all that pressure, how can a property manager gain a competitive advantage to win more business, and why should they?
The solution is straightforward. It’s all about bringing in quality new clients and prospects by providing higher service and opportunities.
Core Leasing and Management Skills
A property manager must have and implement high-quality property skills and strategies to win new commercial and retail property management business. As a result, they can service the best clients and buildings while directing investment in the property and its future.
The average property manager in any real estate business will not win many new property management clients or keep them for long. Today, average property management skills have no place or benefit in any real estate business or for the clients they serve.
What is going on today? So many property managers get stuck doing the day-to-day without putting strategic direction into their properties or tenancy mixes.
Directions and Progress
So, as a property manager, how can you progress in building your real estate portfolio? The solution is straightforward: manage better properties and do so exceptionally well.
The best and most experienced property managers are required for high-quality buildings. When you have a high-quality building under management, you can consider strategies to improve rents, expenses, lease documentation, risk controls, and compliance.
Workload ‘overload’ should be replaced with strategic directions and recommendations for your property management clients and properties. Display property occupancy, market rents, lease documentation, and investment performance information. Provide a wealth of local real estate data and trend analysis.
Fees for Managed Properties
Consider the following solution. Manage fewer tenants and properties as a ‘property manager,’ then provide better reporting and controls for the clients and properties served. Then, exchange that higher level of service for a higher fee base or commission.
As a starting point, this solution works, but it takes time to implement and buildings to prioritise. Separate or segment your managed properties.
Some managed buildings will never be ‘A’ class, so they are relegated to the standard ‘C’ class service process, with junior property managers keeping an eye on things.
Better buildings in the ‘A’ and ‘B’ class categories can then be prioritised by experienced property managers. Office parks, commercial high-rises, industrial parks, and retail shopping centres would be examples of ‘A’ and ‘B’ class buildings. The emphasis here is on lower fees, better service, and strategic portfolio directions.
Property Management Trends
Working through today’s property market in any town or city has numerous trends and challenges. The difficulties must be overcome, and the tenant or business movements must be optimised.
What is happening in your location? Most property management clients seek advice, recommendations, and solutions for income, occupancy, and investment performance.
Today, property management is a process for optimising property results, controls, and performance, not an experiment. Check out the information in this video, where we share some critical property manager guidance factors to implement.
Take these suggestions and consider how you can improve property management in your real estate business.