When you work as a commercial or retail property manager, the tasks that you undertake are varied and many. It could be said that commercial and retail property managers are the busiest in the property industry (ok so I am biased). On that basis, they have to be intelligent, diligent and driven.
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 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 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, then you have the foundations around you to build a successful and rewarding career in property management.