A property manager’s job is definitely not easy! Between overseeing the day-to-day operations of buildings, negotiating leases, and supervising maintenance activities, a commercial property manager’s job is never done.
PayRentChex.com has a insightful article highlighting the six areas great property managers spend their time to make the biggest impact, not only for the building owner but also for their careers. Below are Metro’s top three tips from this article…
Tenant Satisfaction – Every industry has to keep their customers their satisfied and property management is no different. Finding new tenants is not only challenging but also expensive. To foster a solid partnership with tenants, consider improving communication, understanding their needs and being proactive in areas of maintenance items, access, or noise.
Property Improvements – Building appearance has a direct impact on tenant satisfaction, however, property managers must balance the budget for building maintenance with tenants’ wants or suggestions.
Have an Asset Plan – It is important to understand several key factors of the commercial building you manage. Commercial real estate is a large investment and holds intrinsic value as a hard asset so it would be wise to create a n asset management strategy for each commercial property. The strategy will help you determine where and how to spend money and other resources on the property to ensure optimal value has been achieved.
Commercial property management has many challenges but can also be lucrative and rewarding if its managed smartly.