Apr 29, 2012

When it comes to real estate agency and particularly commercial property management, so many agents claim that they are the best at what they do. The reality is they have to prove it before the landlord will regard them as really better than any other agent in the local area.

Commercial and retail property management is just a process, but it is a very demanding one and it requires knowledge. Entry into this field of specialty requires committed property managers that are prepared to work hard, learn and improve their knowledge. This part of the industry is truly specialised. Very good and experienced retail and commercial property managers are always in short supply. For those that have a career intention, this is an exceptionally skilled part of the industry should you choose to make it so.

So the best agents and property managers are the ones that really do an excellent job in the core disciplines of property management. So what are they? Here are the main ones:

Income enhancement for strengthening net property outcomes for the landlord. The levels of income in each lease are gathered from different types of occupancy. That can be tenancy area, car parking, storage areas, naming rights, and other miscellaneous charges. Importantly they should all be optimised for the current market conditions.

Maintenance projections and management within the existing property so the tenants and customers are not inconvenienced in any way.

Expenditure controls that track budgeted cash flows and help the expenditure stay within expected ranges.

Vacancy management to optimise the cash flow and the income for the landlord.

Lease management processes that streamline the interaction with tenants and remove or negotiate on time any disruptive matters such as lease expiries and rent reviews.

Maintains relationships with tenants to ensure good levels of communication and feedback on any matters of current occupancy

Ensures that the property complies with all matters of building codes, energy compliance, and properties owned usage.

Understands the complexity of leases and the variations that apply therein. Each and every lease is regarded as a unique platform of tenant interaction and cash flow. On that basis every lease needs to be well managed.

New lease negotiations that are efficiently managed and take into account the trends of prevailing market leasing conditions.

Interaction with real estate agencies in the area that can provide sources of potential tenants for any existing vacancies.

Tenant fit out and entry procedures into a building that harmonise with the other tenants and do not disrupt extended or daily occupation.

Tenant mix strategies that suit the property, the function of the building, and the customers that visit the property. This is particularly important in Retail Property to maintain levels of trade.

Constant review of market conditions and leasing strategies so current tenant retention within the property is achieved in the best possible way.

One factor that should be acknowledged is that property managers can be resource poor or overworked when it comes to providing their services and commitment to the task. That is when the landlord is not correctly serviced and building performance suffers. It is not what professional property management services are really all about. You have a choice if you want to work as a Real Estate Agent in this part of the industry.

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