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Tricks to Follow in Commercial or Retail Property Management Today

February 16, 2012 | Comments: 0 | Views: 115

When you work in commercial property management, or retail center management, you will find that every day is very busy. On that basis you need to systemize your activities and work to a plan.

The demands on the time of a commercial or retail real estate office are always significant. Each day you will find yourself doing the following:

Chasing down rental arrears relative to the tenants leasesImplementing new lease documentation following the successful lease negotiation over a vacant areaCoordinating with leasing agents to ensure that a vacant premises are successfully marketedReporting to landlords on current issues relating to the maintenance of the property or the financial performanceImplementing maintenance activities on a day to day basisWorking with maintenance contractors to ensure that the plant and machinery within the property performs successfullyCommunicating with tenants regards property activity and ensuring that their occupancy and the tenancy mix performs to plan

So every day is a busy day. This says that you need to systemize your activities and be very consistent with your record keeping.

Here are some tips for improving your business processes and controlling the very busy career that you have chosen:

Given that you will always be busy, it pays to start your working day early. Any documentation and paper work can be successfully controlled when the mind is fresh and alert. This will normally be in the first few hours of the day. Personally I have found this to be in the timeframe of 7.00 AM to 11.00 AM. Any property inspections can occur in the afternoons, together with the need to catch up with landlords or tenants in meetings. Non urgent telephone calls should be pushed beyond 11 am for your attention then. Emails can derail your day so scan them quickly when you first enter the office and only attend to the very urgent things before 11 am. Always keep a record of conversations and instructions from the people that you deal with or talk to. The conversations and connections that you have with people every day will be many. That being said, you should not allow meetings and discussions to derail your plans and personal daily system. A property manager that works in an unorganized fashion without due regard for accuracy will destroy the performance of many a property. Ultimately the landlord suffers. The lease documentation forms the backbone of property performance. Given this fact, you should accurately maintain lease documentation and stay ahead of any critical dates coming from the documentation. Computer Software will help this process however personal diligence is required to follow through. The rental monies paid by tenants are critical to the cash flow of the landlord. The more tenants and properties that you manage, you will find that the rental arrears checking process becomes more complex and detailed. Each morning you should be checking the arrears status report relative to the tenancy mix and the leases that you manage. If any default situations arise, it pays to take action immediately. Always take notes of your activity in this regard. Each month you will be doing some form of written and financial reporting to the landlords that you act for. The reports should be accurately checked against the actual activities within the property. Any computer generated financial reports should be carefully reviewed against lease occupancy and lease documentation. There is nothing more embarrassing than sending out inaccurate financial reports.

The organized property manager has a greater opportunity of staying ahead of the workload. When systems fall apart, property performance and tenancy mix management suffer. Do not let this happen to you.

If you want some more tips and ideas to help your commercial real estate agency and convert more opportunity into listings and commissions, you can get a free eBook of tips and tools at

John Highman is an experienced Commercial Real Estate Agent, International Speaker, and Sales Coach.

Source: EzineArticles
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