When you offer a quality commercial, industrial or retail property management service to a client, the brokerage team gets the rub-off with other leasing and sales activity over time.
Your value to the brokerage as a specialist person providing an investment service is great. You not only provide a stable income stream of fees to the brokerage, but you also cater for future sales and leasing activity with your client’s properties.
It directly follows that a special and direct property management service should be offered to all your real estate clients so your portfolio of managed properties can grow. How can you do that? How can your services be ‘special’ for your clients?
How Can You Help Clients?
Some clients will self manage, and others may not, so ask them questions about how they manage their property portfolio now. Make sure your services offered are comprehensive and of great quality. Can you improve things for them?
There is no point in being ordinary when it comes to how you manage properties because there are lots of other managers out there looking for clients to serve.
Know What Properties they Own
When you have full knowledge of the clients you serve, it becomes relatively simple for you to solicit additional business from them over the course of your relationship. As a result of providing successful business services and processes, more referral opportunities are possible; ask the questions about referrals.
Expand your base of management clients as well. Your existing customers are likely to know other people who are interested in commercial real estate, and as a result, they will serve as a referral foundation for you to expand your professional property management services and market dominance in the future. Know how your services can be tuned to the client and their future investments.
Put a ‘growth plan’ in place. It is best to start your property management business with the people who already benefit from your professional services, and then gradually expand your influence and activities to include that extended group of people outside of your current “circle of contact.”
Improving Management Services
It is time to think about how you can optimize your services in property management; how you can be special in the solutions you provide to your clients. Consider these factors.
- Leasing services and vacancy minimization
- Quality and control of lease documentation
- Improving the gross and net income
- Budgeting expenditure in the property
- Improving the tenant mix and clustering of tenants
- Providing comprehensive reports and investment analysis
- Ensure that the property you manage complies with building and safety codes
- Managing maintenance, facilities, and compliance issues to a business plan
- Providing simple and yet professional controls over investment property that the client appreciates
With a thorough understanding of the clients you serve, it becomes relatively straightforward for you to solicit additional business from them over time. Better real estate referral opportunities are generated as a result of successful business services and processes.
Your current clients will likely know other people who are interested in commercial real estate, and as a result, they will serve as the foundation for you to expand your real estate services and market share in property management into the future.
Begin growing your property management business with the people who already benefit from your professional services; then expand your influence and activities outside of your current “circle of contact.”
Asset Management Solutions
There are strategies to implement in the property management side of your business. Check out the special report below. Refine all of these skills from the details given.
Ensure that your team has all the supporting tools available to get the asset management job done on targeted clients, property types, and locations. Build your asset management systems around that.
Take the advantage of the existing managed portfolio and ensure that your services are comprehensive for the client base and the properties that you specialize in. Here is the ebook on commercial and retail property management services.
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