Traps in Commercial Property Management and ... - Real Estate Edition

In commercial property management, most managers would say that the job is extremely busy each and every day. I would agree. However in saying that, there are some traps for the inexperienced property managers that can be easily identified and handled to make the job a bit easier.

The biggest traps and hurdles in the industry that impact property managers every day are usually the following:

1. The vast array of tasks to handle can overwhelm the inexperienced manager
2. Landlords can become extremely demanding beyond the time commitment that the management fees allow for
3. Reporting and financial monitoring requirements can be significant, especially in large buildings with multiple tenants.
4. The tenant communications and telephone calls coming in each day can be varied and overwhelming
5. The maintenance tasks for a property can happen at any time and place an extraordinary demand on the daily workload

Commercial property management is still a great career however the best people tend to create a few rules and controls so they can get the work done in accordance with the plans and requirements of the landlord. At the centre of it all, it is the landlord that will make or break the success of a property manager.

The people who are very successful in the job are those that keep their working day under control and well documented. Here are a few rules to help you:

• Work out what the main issues are for your property portfolio each day and slot them into the morning timeframe so they are achieved by lunchtime. Every landlord is different as are the properties that you manage. For this reason it pays to have standardised reporting and methods of communication to the landlord that are agreed and formalised.
• When any one gives you instructions, comments, or undertakings, document the process so that evidence and record is available should something go wrong. It is quite common for disagreements to occur at a later time. It pays to support any verbal instructions to or by key people by sending an e-mail or a fax immediately.
• Create a good group of maintenance contractors that are reliable and cost efficient. Achieve a simplified method of instructing them on maintenance tasks as they arise. Good contractor?s will also keep you well appraised of concerns and changes that they see in the property.
• The tenants can waste and almost amount of time. It is the key tenants or the anchor tenants that should be well supported and communicated with. The smaller tenants on less important issues should be handled at less pressured parts of the day. That would usually be in the afternoon.
• Know what the landlord requires and how they like to operate. This allows you to see things that would concern the landlord and get control of them before they become a problem.
• Keep on top of building performance issues and indicators. Most particularly that will be arrears, vacancy issues, leasing documentation, income performance, and expenditure payments. It may also be that you have a building budget to add to the control equation.

These issues will help the property manager keep the property well under control for the landlord. Expect that your career will be challenging and busy most of the time. By implementing some simple rules of control, you will feel more comfortable and happy in your job.

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This entry was posted on August 7, 2011, 2:45 pm and is filed under Property Management. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.

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Source: http://www.snelpd.org/traps-in-commercial-property-management-and-how-to-fix-them.html

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