In this property market, the career opportunities in commercial and retail property management are many. A quality property and client will always require a top manager to help with the complexities of property function and management.
So what does a high quality property manager do with their day? Try some of these:
- Collect rental in a timely way so that the lease terms and conditions are correctly reflected in the rental invoice.
- Solve arrears problems
- Find new tenants to fill vacancies
- Negotiate leases with new tenants
- Improve property income and expenditure results
- Stabilise the tenant mix and the property activity so the landlord has stability in cash flow and occupancy
- Budget for property expenditure and maintenance
- Control the payment of monies under the instructions of the landlord
- Report to the landlord with critical issues and opportunities for the property
- Manage the risk in the property
- Plan renovation and refurbishment issues to help ongoing property function and occupancy
- Control lease documentation so that critical dates are adhered to and acted upon
- Maintain good tenant relations
- Report to the landlord in a timely and accurate way
So there are some things to do here. It is easy to see that a top quality property manager is (or should be) highly efficient, driven and accurate in what they do. Errors can be made by inexperienced managers.
Every property type will require specialisation and particularly so when it comes to retail and shopping centre management. If that is your segment of the market, then take the time to understand the critical things that apply to leasing and tenant management.
Where do you get all of this high level experience? In most cases you learn on the job, but that being said, it is really important that you commit to learning and documenting your actions within each property type and portfolio. If you can be trained by another very experienced property manager it will help you with ‘fast tracking’ your progress and actions. Learn from the best and improve your actions wherever and whenever possible.