Skills and Systems Required to Manage Commercial Real Estate
The tasks you undertake vary when you work as a commercial or retail property manager. It could be said that commercial and retail property managers are the busiest in the property industry (ok, so I am probably biased). On that basis, they have to be intelligent, diligent and driven. The top property managers are like that.
Property Management Skills
I will also say that property managers and the knowledge that they accumulate over the years are highly valuable to a real estate business. A top quality property manager will know so much about investment performance, financial enhancement, and lease documentation
What Are the Best Property Manager Controls?
A commercial or retail property manager should be in control of the following as main parts of their job and daily activities:
- Income from the rental
- Leasing of all lettable space in the property
- Marketing vacant space to the local businesses
- Terminating leases or enforcing lease provisions where a tenant has breached lease covenants
- Tenant contact and communication on any matters relating to occupancy and daily property operation
- Ability to analyse and budget the financial performance from the property
- Handle matters of refurbishment or relocations for the landlord
- Control tenant fitout and the associated approvals.
- Expenditure management relating to the maintenance in the property
- Contractor maintenance and tendering of major service contracts
- Risk Management in the property
- Lease management
- Rent reviews and options as they apply to lease terms and conditions
- Landlord reporting and communications
- Working with the landlord’s accountant and solicitor on property performance matters and lease activity
- Reporting on any property events and possibilities
There is no doubt that a property management person has a different mindset than an agency sales or leasing person. Select your staff well.
If you are a commercial or retail property manager, you have the foundations around you to build a successful and rewarding career in property management.
