Top Skills for a Commercial Property Manager Today

In commercial property management today, the skills of the property manager need to be relevant and well applied to the particular asset given its location, type, and client requirements.  There is no doubt that skilled commercial property managers are in short supply and yet they are a valuable part of any commercial real estate brokerage business. 

Real Estate Differences and Directions

There is a significant difference between the processes in residential property management and commercial property management services.  Any property manager moving from one discipline to another will require extensive knowledge upgrade and skill development to cover the new property types and situations.

Property Manager Personal Performance

This being said, any manager can improve their personal performance and knowledge base through deliberate effort.  The landlords of commercial and retail property assets require managers that can direct the property through many challenges and strategies.  That is why the fees for commercial property management are relatively high for the quality services provided.

Clients seeking low fees do not respect the requirements of the property management service and the people who help them manage. If the client is seeking a low fee-for-service, then they are not serious about the end result when it comes to their investment. Choose your clients and get better fees as part of that.

Property Management Processes

Here are some tips to help your agency with property management processes and systems today.

1. Every landlord you work for will have specific needs regarding property performance. For this reason, every landlord should be interviewed and understood at the commencement of a new property management appointment. Get to know their requirements regarding rental, lease negotiations, documentation, maintenance management, cash flow, and property performance.
2. The reporting process on a weekly and monthly basis to each landlord will be specific and dedicated to the property type.  Whilst you may have some standard reporting processes as part of your services, it will need to be suitably matched to the needs of the landlord.  At the end of each month, every financial report should be supported by a written explanation or report and suitable recommendations.  The same process applies when it comes to leasing management.
3. Every property owner will have certain strategies relating to property ownership and lease management.  It really depends on how long they want to own the property and for what reasons they currently own it.  These factors will then influence the landlord decisions made regards rental, leases, maintenance, and refurbishment.
4. Get to know the tenants within each managed property.  Stay close to them on a regular basis so that you can respond and react to any lease requirements, tenant relocation needs, or lease expiry.  It is quite likely that other leasing agents in your local area will be chasing some of your tenants in an effort to relocate them to other properties.
5. The vacancy factors in any commercial or retail property will change occasionally.  Importantly, the property manager must stay ahead of the vacancy factors and the lease changes.  In this way, they can optimize the rental income and minimize the vacancy factor.

These are some other key factors behind property management activities today.  You can add these to your list of daily tasks so that your clients receive the best levels of response and control as part of your property management services.