Wednesday, November 2, 2011

Commercial and Retail Property Managers - Get Your Tenants Under Control

When it comes to managing commercial or retail property, the tenants under your control as a property manager can create a reasonable amount of stress and activity on a daily basis. For that reason tenants need to be well managed in keeping with the landlords property performance program.

An interesting question arises as to how many tenants a property manager can successfully control. It is a frequent question although it doesn't have a standard answer; that is because each and every property is unique and different as well as the types of tenants contained in each property.

Here are some observations regards the property management workload process:

    1. Retail Properties generally create far more work for the property manager. This is due to the greater level of interaction with the tenants, and the required reporting processes with the landlord.
      2. Industrial property is generally easier to manage with far less activity relating to leases, outgoings, and tenant management.
      3. Office Property tends to have the middle ground when it comes to workload and property management activities. 4. Properties with multiple tenants in occupation need to be carefully managed because each one of those leases will be unique and different. 5. Some landlords have an extensive reporting and communication process that can overload the activities of the property manager. If that is the case, then a higher fee should be established for the additional workload.   
    I have seen property managers successfully manage up to approximately 200 tenants in a Retail Shopping Centre Property. Beyond that point, the management process becomes too complex and beyond the abilities of one person to stay under control.

    You can see some other tips for commercial and retail property managers at our online training website