It is a known fact that commercial and retail property managers work really hard and cover a large number of issues in the one working day. That says they should work smarter to keep things under control and thereby give clients the quality of property control that is promised.
Good property managers should have a ‘working week plan’ as well as a ‘working month plan’. The critical and important issues can be loaded into the diary on that basis.
In a typical working day these are some of the things a commercial or retail property manager will need to cover:
- Arrears checking – This is best done first thing in the morning. When you have arrears in your buildings, direct action is required in a timely way.
- Property owner contact – You will be talking to some property owners frequently. It could be that their property requires intense control and daily action. On that basis you will require a process of communication with your client to keep them up to date with critical dates and important issues.
- Critical dates review – The critical dates of leases exist for a reason. They reflect the upcoming lease changes. When you have lots of leases in a property or lots of properties to manage, the critical date monitoring process becomes complex. Ideally it is best to stay at least 6 months ahead of upcoming dates and responses on behalf of your client.
- Maintenance checks – The processes and responsibilities of risk and liability in managed property are significant. Every day the buildings under management should be checked for safe occupancy and correct function. When a maintenance problem is reported, the event should be actioned according to the risk factors and the client’s instructions. Sometimes the client will be slow to respond to an important maintenance issue, thereby exposing tenants and members of the public to potential injury. Document and action critical maintenance issues in a timely way.
- Lease documentation – The strength and integrity of a lease will impact the performance of the property for the client. The leases in a property must be understood and well managed. It is incumbent on the property manager to fully understand the property lease in all respects.
- Regular property inspections – Every property manager should have a regular process of property inspection. The frequency of inspection depends on the property type and the complexity. When you visit a managed property you can see things and respond to tenant matters. All too often you hear of property managers that inspect properties randomly only to find that a tenant has left the premises, or a maintenance problem has developed that is significantly impacting property use.
So there are plenty of things to do here. You can see the importance of a ‘day plan’ for property managers. It is the only way that they can control the works required to keep a property performing at its best.