|Connect with your Landlord Clients|
When you work as a commercial property manager you will come across many different landlords owning diverse properties. All of those clients will have different points of focus when it comes to property performance and communication.
Typically you will find that the clients full set their own rules regards income, expenditure, lease negotiation, and property performance. There is however some things you can do to optimise the relationship and communication with the landlords that you act for. A positive relationship encourages property stability and optimisation of the tenancy mix. In times of a tough property market these two factors are perhaps more important than anything else.
Here are some tips to help your strategies with your clients.
- The reports to your client should occur on a regular basis. Certainly the end of month report should be comprehensive and containing a summary of all activities during the month. This should accompany the financial reports for the property. Always check the financials before you send them out.
- The lease strategy and the tenancy mix within the property will underpin the cash flow and lessen the vacancy factors. They should be a particularly strategy with regard to the landlords property. They should set some rules with you regards typical lease term, types of rental, incentives to be offered, and the processes of lease documentation. It may be that the client requires certainly times to consider a lease proposal. They may also have particular solicitors that they use for the relative lease documents.
- Income updates should occur on a weekly basis. As part of that process, you can advise the landlord of the status of any arrears. When the property market gets tougher, the arrears tend to escalate and require strict management procedures. The weekly updates that you sent to the client should be in writing as a record of the recent property activity.
- Expenditure summaries would normally be prepared at the end of the month and accompany the financial reports for the property. That being said, any expenditure that is paid during the month should be in keeping with the authorities of the landlord and the approved budgeted cash flow for the property.
- Vacancy updates should occur on a weekly basis. They will include an analysis of the surrounding property market so that the client understands the supply and demand of lettable space in the local area.
- Market trends are always changing. On a monthly basis you can give the client a market update to advise them of competing properties, vacancy levels, recent lease transactions, and any new property developments nearby. A fully informed client will allow you to facilitate easy and fast negotiations when any new leases come through.
- Tenant retention plans should be prepared for any client if the property they own involves more than one tenant. The tenant retention plan should focus on the next two years and allow you to optimise the negotiations with key sitting tenants.
- If the property involves any anchor tenants, give due regard to the points of focus and importance that the anchor tenant brings to the property. Any pending expiry of the anchor tenant’s lease should be negotiated as early as possible to give the property stability for the future.
This process of client dialogue is quite effective and efficient. You can add to this list based on the property type and the levels of services that you should be providing to the client.