To become a top commercial real estate property manager you need to have solid market knowledge but you also need a comprehensive set of personal skills to fit the needs of the property and the clients that you work for.
Many managers will graduate from ‘residential’ property, and transfer to ‘commercial’ property as part of growing plus expanding their career. Whilst the concept is good, there are many factors and problems involved in changing property type. Commercial property is very different and much more complex than residential property; the knowledge bottom required of a person providing management services is far more extensive.
I do not want to scare you far from commercial property management as a profession; but I do want you to respect the skills and knowledge that you will require in the role. The fee to get managing a commercial property is significant, but with that comes the requirement for individual skill and property control on the part of the manager and the agency.
In talking about this, I am not at this time specifically bringing into the discussion retail property.
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Retail shopping centre management is even more complex than commercial management. The fees in store property are for this reason generally more than that which applies to managing commercial property.
Here are some other main skills necessary of the property manager in executing their daily and weekly duties.
Negotiation skills will always feature included in the job specification. Negotiations will be diverse across many different situations including real estate leasing, contracts and negotiations, upkeep contractor’s, tenants, solicitors, accountants, and landlords. The commercial property supervisor needs to have professional skills and appropriate training when it comes to these diverse discussion requirements.
Leasing situations will occur continually from the managed properties. The larger the portfolio, the more frequent the leasing requirement. In my opinion the property manager should be well skilled in renting structures and or leasing negotiations. In this way they can help the homeowners that they act for as part of choosing a new tenants for the managed expense property.
Lease documentation will vary greatly from property to property. This particular then says that the property manager needs to understand the differences in leases, the best way to bring them about, and how to interpret all of them. Rent reviews, rental structures, maintenance, option terms, refurbishment requirements, plus tenant covenants are all unique situations that require specialist review with every single lease in a managed portfolio. Crucial dates will arise from every single lease document as part of the management process. Many an inexperienced property manager has overlooked critical dates in the rents only to find that the landlords position has weakened considerably as a direct result.
Income and expenditure analysis will certainly occur throughout the financial year for any managed property. The income must be optimized, and the expenditure needs to be well controlled. The difference between the two may be the net income and that will have a direct impact on the value of the property for the landlord. It is the property managers duty to ensure that the very best outcome is achieved given the particular prevailing market conditions.
Tenant communications should be well maintained throughout the year. Whenever tenants are overlooked or overlooked by the property manager, relationships quickly sour, hence this exposes the house to unstable rental and or even vacancy factors. Keep in contact with all renters on a regular basis. Record all communications on paper so that the necessary evidence is available in the event that any lease situation becomes the subject of a dispute.
Landlord reporting plus controls will be unique to the specific landlord. Whilst most agencies have some form of income and expenditure controls and specific reporting processes, it really is up to the property manager to interpret the reports and provide the necessary suggestions. Every monthly report produced for that managed property should be carefully checked as part of the month end process.
Maintenance controls will involve essential services and maintenance contractors. The age of the property may have some impact on the strategies at the rear of repairs and maintenance. The difficulty of the property and the tenancy blend will also have impact on the upkeep activity. Every lease should allow for the permitted use relating to the particular tenancy. Maintenance may be part of that will process and certain maintenance costs may be applied to the tenant or maybe the landlord depending on the particular lease circumstances. I go back to the point that each rent needs to be fully understood by the home manager.
Property performance is achieved through a fine balance of all of the over issues. That is why special skills plus knowledge are part of the job standards for a commercial property manager.