When you work in commercial property management it is very easy to suffer the effects of stress. They say that some stress is a good thing and that it helps us get the job done; the unfortunate fact of commercial property management is that stress can be relentless and continuous. Workloads are high most of the time. Here are some tips from our Newsletter.
So why are things like this? The reality is that commercial property managers are very busy most of the working week. If they do not handle work variety and pressures well, then they are likely to suffer in one form or another. In this industry you really do need to be organised and have a level of knowledge that supports workplace efficiency.
Far too many property managers are overloaded with too many buildings and tenants by agency principals that have little or no idea about the amount of work involved in the management service and process. Another problem in the industry is not charging sufficient fees for the work involved in managing buildings.
On any given day a property manager is likely to do many different things including:
- Meet with tenants
- Collect arrears
- Talk with landlords
- Income management
- Expenditure controls and management
- Trust account monitoring
- Remittance of landlord funds
- Payment of accounts
- Report on lease and tenant matters
- Find new tenants
- Inspect properties
- Inspect vacant tenancies with new tenants
- Market vacant premises
- Interpret lease situations for risk and response
- Write several dozen emails and letters
- Talk with contractors about maintenance matters
- Arrange maintenance response to repair requirements
- Look at competing properties under management for tenant changes and opportunity
So this list is deep and meaningful. There are many things in this list to keep a property manager fully occupied.
Given the large variety of things to do it is very important that they be good at time organisation and management. Organisation removes a lot of stress and pressure in the job.
So just how many hours should a manager work per day? To be realistic, the job is demanding and complex. A 10 hour working day is not unusual. That being said, you really do need to be diligent on the type of work that you do and build efficiencies into the system of the day. When you believe and feel that you are under control, everything else gets a lot easier.
Ultimately our job is to provide the landlords that we work for with relevant property control and focus. If you are graduating from residential property to commercial property, understand that the property shift does require a different approach to the property under management, the landlord, and the tenants. Relationships are more business-like. Decisions made are usually based on logic and the factors of income and expenditure.
In closing on this point it should be said that commercial or retail property management is a great career choice for those that want to work in the industry. It is just a matter of establishing the right time management systems and controls to get you through the working day efficiently and correctly. Enjoy your career in commercial property management.