When it comes to the management of commercial or retail property, the landlord that you act for as property manager, will have specific needs and systems around which the property management service should be designed. When you get the balance of reporting and systemise to communication under control the landlord property management relationship thrives.
Ultimately the level of trust between the landlord and the property manager needs to be high at all times. Here are some ideas to help that process.
- Understand the levels of financing and finance obligations that the landlord must satisfy on ongoing monthly basis.
- Develop a standard lease policy relating to future leasing strategies and rental profiles.
- Communicate with all your tenants on a regular basis. Retail Property demands that communication be very frequent.
- Maintain a budget of maintenance activity so that any actual expenditure is both planned and tracked to the budget.
- The landlord will be concerned with the elements of occupancy, lease stability, tenant communication, income optimisation, expenditure controls, and physical property performance. Around all of this will be the impact of legislation to run the property on a daily basis.
Every property management process and agency will have some form of Accounting System to support income and expenditure activity. Further to that there will be some lease management software to track lease activity in complex property occupation.
Effective and high quality landlord reporting systems should really centre on what the landlord requires and how the property works. When a property manager understands the property and the precinct, all of this becomes quite easy to achieve.
You can get more ideas and tips for commercial property agents at our online commercial property training website http://www.commercial-realestate-training.com/