For many, it’s the next step in their career and they are eager to move up. Unfortunately, commercial property management can be more difficult than many people anticipate. Most property managers don’t account for how truly complex and different commercial property can be. Although it is difficult, it is a very rewarding step forward for any property manager.
Some of you reading this may be second-guessing your decision to go into commercial property management. Well, property management is no exception and can be a difficult but rewarding experience. Below are some skills listed that are a must for any potential property manager.
Negotiation is a simple concept that requires a subtle, skillful mastery to execute properly. We know that negotiation is not a skill to be underestimated. From tenant contracts, to the leasing of property, to working with landlords and contracting maintenance workers to work on the property, there’s no shortage of work to do as a commercial property manager.
Leasing is a vital part of property management. The more properties you manage, the more leases you will need to work with. Being suitably proficient in leasing will make things much easier for your landlords and yourself by extension.
The documentation required for leases will differ for each property. As such, a commercial property manager must be aware of the differences so that they can be prepared for each and every situation they will come across. You certainly don’t want to wait until a pivotal moment to learn; trial by fire is not the ideal educational model here. Some of the different situations to prepare for are maintenance, optional terms, and requirements of refurbishment. Each of these situations (and many more) will necessitate a different specialist review with every lease you are in charge of.
With a trained commercial property manager, income can be sufficiently optimized and expenditures can be contained. Properly analyzing the best way to do both of these, as well as understanding the state of the market, will allow for the best outcome.
Communication is key when it comes to managing property. We know that communication is the bridge between management and tenants. If the property manager forgets about their tenants (or worse, ignores them), it can make for a rocky business relationship that may even result in instability and vacancy. Also, to cover yourself and your company, always get all routes of communication recorded to be prepared for potential disputes.
With each landlord, much like each particular lease, the controls will be different. Reporting is generally dependent on the agency and the property manager will have to make decisions and recommendations based on the interpretations of the reports. Meticulously check each and every report to ensure a smooth-running property. When it comes to maintenance controls, the commercial property manager will also be required to take several different circumstances into account. For instance, an older property will have different maintenance requirements than a newer property; and as a property manager, you need to do your research on the property and the current leases. If not, you may pay unnecessary charges that were the responsibility of the landlord or tenants.
This is just a taste of what is required to be a great commercial property manager. Property managing takes a lot of effort to achieve but it is a sizeable career move well worth the hard work.