Managing commercial properties is very different from the management of residential properties. In many cases, the process is similar in theory but differs greatly in application of the theory to the real world.
There are four key areas of commercial property management. These areas are interlinked and thus, lack of performance or attention in one area could severely affect all other areas. The major responsibility of the property manager is to accord equal attention to these areas so that the property, tenants and owners are all satisfied.
The first responsibility of the manager is the well being of the tenants. Contented tenants are the best publicity any commercial building could hope for. The positive word of mouth publicity attracts new tenants and is great for other commercial and residential properties of the owner.
The second responsibility in commercial property management is collection of rent. This area is more than just rent collection. Expert property managers often allow for rent adjustment. A fixed increase in rent is allowed under many city laws. However, property managers often keep the rent constant for several years in order to attract tenants and reduce the number of unoccupied units.
The third area of responsibility is maintenance of the premises. This area includes two separate aspects. The day-to-day maintenance is an ongoing task in commercial property management. Periodic maintenance activities such as premises repairs are another area that requires the attention of the managers.
Finally, the fourth area is reporting to the owners. This is an important area because the owner-manager relationship depends on the continued and detailed reports generated by the property manager.
Experienced property mangers effortlessly juggle these four areas as part of their daily responsibilities. In doing this, they maintain excellent tenant relations, reputation of the property and generate profits for the owners.
There are four key areas of commercial property management. These areas are interlinked and thus, lack of performance or attention in one area could severely affect all other areas. The major responsibility of the property manager is to accord equal attention to these areas so that the property, tenants and owners are all satisfied.
The first responsibility of the manager is the well being of the tenants. Contented tenants are the best publicity any commercial building could hope for. The positive word of mouth publicity attracts new tenants and is great for other commercial and residential properties of the owner.
The second responsibility in commercial property management is collection of rent. This area is more than just rent collection. Expert property managers often allow for rent adjustment. A fixed increase in rent is allowed under many city laws. However, property managers often keep the rent constant for several years in order to attract tenants and reduce the number of unoccupied units.
The third area of responsibility is maintenance of the premises. This area includes two separate aspects. The day-to-day maintenance is an ongoing task in commercial property management. Periodic maintenance activities such as premises repairs are another area that requires the attention of the managers.
Finally, the fourth area is reporting to the owners. This is an important area because the owner-manager relationship depends on the continued and detailed reports generated by the property manager.
Experienced property mangers effortlessly juggle these four areas as part of their daily responsibilities. In doing this, they maintain excellent tenant relations, reputation of the property and generate profits for the owners.