The previous discussion of how to most effectively work as a commercial property manager involved concepts that weren’t exactly revolutionary, such as making sure your tenants are satisfied and making sure that you are keeping up with changes that may need to be made on your property. There are other steps, of course, that you can and should take in order to be as successful as possible and to keep the people on your contract happy.
More Tips for Better Commercial Property Management
While maintaining the property is a big part of what makes properties profitable, it also means that, every so often, improvements and additions need to be made, rather than simple upkeep of what’s already there. As with other things, this change may cost a good amount upfront such that you’re hesitant to introduce the change, but it almost always profits in the end. Consider that “the value of a commercial building is derived solely from the income it generates, [so] it is easy to quantify the value of an improvement based on the potential increase in rent.” The more you improve things around your building, the more desirable it will be, both in the eyes of potential (and current) tenants and in your finances, after a time. People want to know that they are in an environment that is both secure and regularly updated, so try not to worry about present costs, if you can, when there is a future gain to be had in money and approval.
Would you say that you ‘know your product?’ That is, depending on what type of commercial property you manage, you need to have more specialized understandings of the ins and outs of that particular type of space and the people inside it. For example, retail will be a very different experience than an office building, and those who rent from you will have very different needs. Some details that you want to make sure to have a solid understanding of are what amenities your tenants require, what services you’re expected to provide, and the aesthetic standards typical of that” kind of location. Your tenants are expecting that you and your team will know what they’re doing and have a real notion of what to provide them with, so make sure that you do.
As with any other kind of property management work, commercial property management requires that you be able to produce and, somewhat obviously, understand leases and other contractual agreements. Though they can be somewhat overwhelming and certainly complicated, leases are the cornerstones on which your business is founded. “Having a clear understanding of each lease and the diligence to follow through during the entire period you own the property will significantly increase its value.” This is one of the most often-forgotten ways for you to gain increased revenue on your commercial property.
The real substance of commercial property management success falls within your ability to write and maintain some kind of “asset management plan.” With this, you can answer questions for your own benefit and for that of the business to clearly outline your goals for the future of the property. Strategy is an important part of this work and can shape how profitable you will be as a property manager as time goes on. If you take seriously the role of being an “active manager,” then you will find your work to be more rewarding in many senses of the word, and your tenants will be happier with you, too.
Anton Systems wants to help you to be as successful a commercial property manager as you can. To do that, we offer training in various software solutions that can act as a major aid to everyone in the business. One such product is SKYLINE Property Management & Accounting Software, which can help you to oversee a number of your necessary day to day tasks on various property types. It’s ideal for any location, keeping you in charge while managing enough of the work to keep you from getting overwhelmed. For example, SKYLINE can organize all of your leases and other documents to keep them safely tucked away, but easily accessible for whenever you need them.