When you work in Commercial and Retail Property Agency, the aspect of managing and leasing a large retail shopping centre can be daunting but all is not as difficult as it seems. Here are some notes from our Retail Property Management Newsletter.
Shopping centre management and leasing is straightforward and always comes down to the basic categories of:
- income (rent)
- net income
- capital expenditure
- maintenance and contractors
- marketing of the shopping centre
- sales by tenant category
- leases current, rent reviews, and options
- vacancy minimisation
- tenants activities
- tenant mix analysis and strategy
- customer service and visitations
- risk management
You can actually manage a shopping centre using these main categories of control. They are in fact the core factors of control in a shopping centre business plan. Each month the business plan for the property should be reviewed to make sure the property is on track to the targets set and approved by the landlord. All of the elements in this list will be in the business plan. Every function of the shopping centre will fit into one or more of these categories. The monthly report prepared by the property manager should incorporate current issues from the list so that the report becomes a running update on building activity.
You can get more tips on commercial real estate and retail real estate property management at our main website at http://www.commercial-realestate-training.com/