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The ‘old days’ of a property manager sitting at a desk answering tenant calls and meeting with the landlord once a month are long gone. In reality, a property manager who spends too much time in the office is not performing their duties properly.
Managers should get out and about with their properties and tenants in the market. That way, they’ll be aware of what’s going on in the neighbourhood and how to capitalise on a property portfolio’s opportunities and events.
So, how do you manage it all? There is a delicate balance to be struck between managing tenants, owners, buildings, and the city. That is impossible to do from the ‘comfort’ of a desk.
The majority, if not all, of the following are used in professional property management services in the commercial real estate industry today:
Understanding and working towards the client’s (landlord’s) investment goals.
Staying on top of lease occurrences and important dates.
Knowing how to set up and report to the landlord complicated property and lease strategies.
For the owner, the property form, and the venue, create a market rent profile.
Maintaining a property to a high standard in order to reduce risk and increase revenue.
Knowing what other properties are available in the area and how they could be luring tenants away from yours.
Leasing vacancies at the best possible time to match the tenant mix’s needs.
Creating a property business plan that aligns with the client landlord’s goals and specifications.
Analyzing the landlord’s cash flow and property returns, then comparing the outcomes to industry averages.
Managing the tenant mix to increase revenue and community engagement in the case of a retail property or shopping centre.
To maximise property outcomes, create a tenant retention and replacement plan.
But there’s a lot to do around here. The property manager’s expertise, determination, and knowledge will’make or break’ the service provided to the client.
Many property managers would find it difficult to demonstrate that they perform all of these tasks. In reality, the vast majority of them will claim that “they don’t have enough time” or that “the fees do not allow for the services required.” Those generic claims do not hold water at the ‘top end’ of the market, with premium assets and clients; they are meaningless. It is necessary to perform.