The Commercial Property Manager: How to be Successful in Your Role

The Commercial Property Manager: How to be Successful in Your Role

The Commercial Property Manager: How to be Successful in Your RoleCommercial real estate is not the kind of investing that an individual tends to dabble in. Rather, the successful commercial real estate investor owns at least several different properties, and is more focused on earning investment returns than the daily management of those properties. For this reason, many commercial real estate investors look to property managers to help them effectively run and direct their investments.

What is the Role of a Commercial Property Manager?

Commercial real estate is in high demand, which means that the need for effective and efficient commercial properties managers is at an all-time high. A commercial property manager may be responsible for things such as daily management of a commercial property, including marketing for new tenants, developing a relationship with existing tenants, maintaining and repairing the building itself, and managing the accounting and preparing reports about the financial success of the building. The commercial property manager works closely with the commercial real estate investor to ensure that the venture is successful.

Why Should Commercial Real Estate Investors Partner with a Property Manager?

Commercial real estate investors should partner with a qualified commercial property manager in order to earn significant returns on their real estate investment. Generally, the investor may need to be focused on the larger picture and on acquiring the most valuable pieces of commercial real estate in the region. This leaves little time for managing the day-to-day aspects of the property, which is where the commercial property manager enters the picture. The commercial property manager plays a vital role in the success of a commercial real estate investment.

How to be Successful as a Commercial Property Manager

Commercial property managers may be tasked with providing investors with the results they are seeking. These tips will help you perform your best as a commercial property manager:

  • Remember that basic maintenance is absolutely necessary for commercial buildings. As a property manager, it is your responsibility to ensure that there are viable tenants in all of the commercial properties that you manage. Potential tenants are looking for clean, efficient spaces in which they can house their businesses, and they may not consider buildings that have not been properly maintained. Whenever a repair is needed, be sure to take care of it promptly in order to avoid further complications. When it comes to overall cleanliness of the building, a corporate cleaning company that provides high quality custodial services is important. Maintaining the appearance of the building inside and out is crucial because curb appeal is important in both commercial and residential real estate.
  • Always be looking to the future and developing new ways to improve the buildings you manage. Your property management strategy should be forward-thinking, as this is the only way to attract the most qualified tenants. Upgrades and luxury features can be appealing to businesses of all industries. You may want to focus specifically on surveillance technology, because security is a high priority of businesses who are looking to rent retail or office space. In addition to these types of upgrades, also consider cosmetic improvements that may boost the atmosphere of your commercial space. An office space that feels warm, inviting and comfortable will be more appealing to a business looking for its new hub in Minneapolis.
  • Incorporate the latest technology and mobile resources into your property management business. Not only should your commercial buildings that you manage be equipped with fast Wi-Fi and smart features, but your own property management firm should take advantage of all available technology. You will want to use technology to track your progress on your properties, to communicate with your tenants and to monitor the activity at the buildings you manage. When you use technology efficiently and correctly, you will be able to stay ahead of your competition and continually attract the best tenants to your commercial buildings, like in areas like Blue Earth County.
  • Prioritize communication between yourself and your tenants as well as yourself and the investor. Communication is one of the most important aspects of your job as a commercial property manager. You should use online portals as a way to instantly communicate with your tenants, as many of these portals allow you to direct message each other while also giving your tenants the opportunity to pay their rent and utility bills directly online. In addition to regularly touching base with your tenants, you also should provide your investor with weekly, monthly or quarterly reports about the financial status of the investment. Work with your investor to determine how frequently reports should be delivered.

Whether you are looking to purchase your first piece of commercial real estate in St. Louis or you are hoping to break into the commercial property management industry, it's important to be well-connected within the industry. A commercial real estate agent can provide you with insight into the current market conditions, and can help you identify properties that are available in the Twin Cities and beyond. To find out more information about the local commercial real estate market, contact a professional real estate agent today.

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