What makes a good property manager? It likely varies from location to location, but there are absolutely a number of core qualities and practices that can be found across the board of those who are most successful. In terms of working to be a great commercial property manager, it takes some different qualities than those who work more on the residential side of things, but there are still similarities to be found. If you’re interested in increasing the value of your commercial property, as many managers or owners are, then it’s in your best interest to incorporate some of the following tips into your routine. After all, if you are a truly good property manager, it’s likely that your property’s value will increase just as a result of your good practices. The more on-the-ball you are, the happier your residents will be, the better your building’s condition will be in, and the higher the value will go.
Tips to Reach Commercial Property Manager Success
Good commercial property management is far more than the ability to know when to buy and sell, or working through the financial and technical aspects of the process. Above all, your primary concern should be making sure that those staying on your property are happy, or at least satisfied, with how things are run, how they function daily, and how the property appears. Your tenants are paying customers who could relocate if there were a major issue, and as the manager, you should want to keep them to establish a good reputation for your location and also to boost the value of the building, to say nothing of the intrinsic value of making other people happy. However, ‘make your tenants happy’ is a fairly general concept, so how do you begin to accomplish this and to continue to please them as time goes on?
To begin, keep in mind that achieving positive relationships with your tenants “involves regular communication, anticipating their needs, and being proactive.” A well-loved commercial property manager is a successful one, so go out of your way to make life easier for the people in your building. You don’t necessarily have to bend over backwards, as you likely have a very busy schedule, but this is a big part of your profession and should be taken seriously. “Unlike residential properties, it is very difficult and expensive to find new tenants for commercial properties [and it] can take two to nine months.” This should be on your mind as you maintain relationships and interactions with tenants; a minor interaction of inconvenience today may result in huge and lengthy problems later on.
One way to appeal to your tenants is to make sure you’re regularly maintaining the property. The better things look around the building, both inside and out, the more your tenants will be willing to pay. It may be unappealing to make frequent, little changes, adjustments, and improvements throughout the property, but it may save you a major problem and/or a huge bill later on. For example, regularly tending to restrooms and making sure plumbing is squared away could prevent a serious flood in the future. As veteran commercial property managers know, though, there is a lot to do on this type of property, and it may seem overwhelming. Make lists, set reminders, and keep an updated calendar so that you can check up on everything without becoming too stressed out.
There is a lot to remember throughout work as a commercial property manager and a lot for one person to manage. To make things easier on yourself, consider ’employing’ a powerful software solution that works as hard as you do. Anton Systems offers training in Budgetrac Property Management Software, a powerful tool that does it all, from managing simple and complex leases to increasing the value of your assets. Budgetrac software can take care of many of the little details so that you can focus on the larger issues, leaving technical work to this easy-to-use technology while you work to build solid, working relationships with your tenants. With access to your lease information anywhere, on any device, you can take work with you when you need it and leave it behind to Budgetrac when you don’t.