|Commercial Property Management is specialized.|
All of the people that you have spoken to and worked with over the last few years in commercial real estate will now be serious candidates for ongoing regular contact. A lot of these people need property management services and leasing services to solve current challenges with income and property performance. Here are some tips from our Newsletter.
On this basis, high quality property management services are now more important than ever before and should form part of your professional agency services.
Do you understand the property management process? Do you know how property managers work and why? Even if you work in commercial property sales and leasing, it pays to connect with your property managers in your agency so you know how they can help you with some of your clients.
So what does a high quality management service look like? Here are some ideas that can be applied to the clients and the portfolios you look after:
· Property income should be protected at each opportunity this means you should be monitoring the leases within the tenancy mix for any changes
· Minimise the vacancy pressures on the property through a tenant retention plan
· Keep in close contact with both the tenants and the landlords to ensure that communication and decisions are correctly handled
· Maintain the properties so that they are efficient for occupancy and welcoming for any customers or visitors. Poorly maintained properties create an image and eventually lead to higher vacancy factors.
· The next two or three years in property performance will be important to the stability of the property for the landlord. Have a forward looking process that captures all the options and rent reviews within the property and the leases. Negotiate as early as possible when it comes to any lease matters and occupancy issues.
This is not the time to go slow or loose focus as a commercial real estate agent; if anything now is the time to work really hard in finding prospects to talk to and connect with. Be versatile in the services that you can offer to your clients as an agent and open the door for multiple income streams.
Need some more ideas to help with Commercial Property Management or Leasing? Join our Newsletter here.