How To Own And Manage Commercial Property
Nov 24, 2009 Real Estate
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If you own multiple residential properties, you may feel that you’re well versed in property management. However, with larger commercial properties, this simply is not the case. The formula that you used to be effective with residential property is not the only thing that you need when a owning commercial property. Some of the topics that a commercial property manager covers that a residential property manager does not are:
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Short Description Of Residential Property Managers
Basic business management is all that is required for a typical residential property. It is often important that the manager live on site of a residential rental. In addition to gathering rental payments, there may also be emergencies with plumbing that can cause significant damage. There are also often day-to-day outdoor maintenance that needs to be attended to. In addition to a manager, there may also be contracted staff that need to be supervised. Although this is a very intense job, it does not have the components of a commercial property management position. For example, a residential property manager will typically not create reports or rebuild a property to accommodate a new client and their insurance policy.
Tasks of both commercial and residential property managers
Leasing agents and any maintenance workers will typically follow the orders of a residential or commercial property manager. Some residential properties are so small that one person can manage and do the maintenance. However, this is unheard of with commercial property managers. The job is simply too large for one person to do it all. Services that are needed for any commercial property include cleaning, landscaping, and basic repairs. There are certain repairs that are needed that will require a professional. Payment and supervision of the projects will be handled by the managers. Some of the general areas covered by hired professionals are installing air conditioning, repairing drywall, and reconditioning floors.
Good Commercial Property Management Starts with Good Service
Although the differences between residential and commercial property managers are varied, the one thing they must have in common is their ability to deal with tenants. Of course, we all wish that the perfect tenants were in every property. However, we know that simply is not the case. Whether you’re dealing with a large commercial property or smaller apartment complexes, a good manager will know how to show professionalism and courtesy in every interaction. They will take the time to listen to every complaint a tenet has and think of solutions for the problems. After all, a client that renews their lease is a profitable client.
More on commercial office property management and the commercial property management job.
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