Having worked in commercial and retail investment property for a number of years, I totally respect the need to completely check the credentials of the shopping centre managers before employment. Retail shopping centre management is very much a specialised part of the industry; property managers need to bring a significant variety of skills and disciplines to the workplace and the landlords that they act for.
On this basis I would say to landlords that they should not use their centre manager on the basis of reduced fees or lower cost. A poorly selected centre manager can easily destroy the performance of a retail property and the tenant relations within a few weeks. These are some of the key things that are so important to the role:
- Negotiation skills relating to lease documentation and tenant occupancy
- Financial analysis of income and expenditure trends within the shopping centre cash flow
- Maintenance contract negotiation and implementation
- Sounded documentation skills associated with building performance and legislative requirements
- Attention to detail in reporting building performance to property owners
- Communication skills for tenant relationship enhancement
- Legal document awareness and interpretation
- Sound business practices associated with business planning complex property and cash flows
The fact is that property performance is easily derailed through employing inexperienced property managers for the task. Landlords who are to choose new property managers or real estate agents to attend to their property needs should be very selective when it comes to matters of experience in retail property performance. Shortcuts on experience and costs are not recommended.
You can get more tips for commercial and retail property agents at http://www.commercial-realestate-training.com/