December 24, 2019
4 Tips for Being a Successful Commercial Property Manager
If you are considering or just starting a career as a commercial property manager here are four tips to help ensure your success.
1. Hone Your Negotiation Skills
In the commercial property industry, you will need very strong negotiation sills. It may be negotiating with third-party vendors, like landscaping or cleaning companies, to get better rates or invoice discounts. Or during the lease signing or renewal period to ensure that leasing terms and conditions benefit both parties. As the property manager, it’s up to you to achieve a balance between the rental demands of the tenant and the requirements of the landlord.
You might even have to have difficult discussions with tenants about lease compliance or overdue rent. A good negotiator is an excellent communicator with a keen knowledge of the industry, contracts and processes. It’s important to go into every conversation with a desired outcome and work towards that in a way that is resilient, persuasive and fair.
2. Leverage Technology
Business and technology go hand in hand, and, if a company wants to keep up with its competitors, commercial property managers must harness new digital processes and online mobility. In today’s always-on 24/7 digital age, commercial property managers must be tech-savvy. You need to know how to use technology, like property management software, automation tools and analytics to achieve efficiency gains, improve productivity and make smarter decisions.
As technology continues to impact both our daily routines and the era of smart buildings continues, the ability to leverage tech will only grow and gain even more importance. Property managers can use web-based solutions to take inspection pictures and document in a centralized repository. As well, both owner and tenant expectations have changed, and technology enables managers to provide a professional and state-of-the-art experience.
3. Be Customer-Centric
It’s not a secret that commercial vacancies take longer to lease, sometimes up to two or even three years. While some tenants may leave due to reasons outside of your call, for example moving their warehouse to another state to take advantage of a tax incentive or lower rent, for the vast majority of times, lease renewals boil down to outstanding customer service. Ensuring that your tenants are happy requires an unfailingly customer-focused approach.
Open, clear and professional communication as well as fast response times to any issues are the hallmarks of customer service. And, it doesn’t always have to be in-person. Automated texts or updates on maintenance schedules or completions help keep tenants in the loop. Your commercial tenants appreciate that you are keeping the building properly maintained and safe.
It’s always a good idea to touch base with your tenants to see how they feel about the commercial property and get any insights on any issues or amenities they would like to see. Online surveys are easy to implement and have the benefit of anonymity, so you are more likely to hear about any problems that you could be addressing.
4. Know Your Properties
A successful commercial property manager is knowledgeable about each specific property he or she manages. In commercial or retail property management, it’s a smart move to continually assess your market and the property types in your portfolio. Any large or quality commercial property has complexities that need to be managed and optimized. You need to keep on top of lease and other details including rent and rent reviews, options, outgoings recovery, renovations, and critical dates.
Particularly for retail situations, understanding and maximizing your tenant mix. This synergy is beneficial to tenants and owners alike, as it creates optimized tenant clusters that increase profitability. Property managers need to understand their market and market trends.
How Property Vista Helps
Retaining tenants in commercial properties makes the location more attractive and the businesses more reputable — keep those tenants happy with efficient maintenance and repairs, reduce delinquencies with online payments and improved vendor relations with better order and invoice organization… all with Property Vista. Property Vista offers a suite of powerful commercial property management tools that reduce vacancies, cut risk and increase cash flow, and give you everything you need to build opportunities and accelerate growth. Check out our pricing and sign up for a demo here.