To manage a shopping centre effectively and efficiently, the shopping centre manager needs to be knowledgeable but also time efficient. There are many pressures to balance as part of the property management process.
In an average working day, the following activities are some of the big items that will usually require attention on the part of the manager:
- Collection of rental relative to the leases
- Connecting with tenants regards day to day matters
- Ensuring that the customers to the property receive the correct services and experiences
- Marketing vacant tenancies within the property
- Staying on top of the critical dates relative to the tenancy schedule and the existing leases.
- Maintaining the property physically as to maintenance and essential services.
- Balancing the tenancy mix with an affective a business plan and tenant retention plan
- Reporting to the landlord on a regular basis regards income activity, expenditure activity, and rental arrears.
- Marketing the property from a customer trade perspective to improve sales across the tenancy mix
- Finding new tenants for the property based on the requirements of the mix and the upcoming vacancies.
So there are many things to do when it comes to managing a retail property. The larger the property, the more challenging the workload and the diversity.
It should be said that the larger shopping centres will usually have a team of people splitting the key issues of the property into different disciplines. When that happens, the cost of the staffing structure will be built back into the recoverable expenses for the property. It is quite normal for the centre management cost structure to be a recoverable item within the lease documentation.
So here are some strategies to help Retail Property managers stay on top of the workload and the challenges of the job.
- Create check-lists for processes. You can have check-lists across leasing, maintenance, reporting, tenant mix, tenant contact, budgeting, and landlord contact. The same process can apply when it comes to property handover.
- Start the day early, and get the difficult documentation and paperwork out of the way. The first 3 hours a day should be devoted to paperwork and processes.
- Where ever possible, delegate key tasks to members of your team. A successful retail property will be built around the strengths of the team, and the professionalism of communication.
- Document everything when it comes to tenant and landlord contact. Over time the notes and the event recording processes will support you in the case of any litigation or negotiation.
- At the beginning of the week, hold a team meeting where you can cross reference critical issues across the property, within the tenancy mix, and with the landlord. Create an agenda for the process, so that you can stay on track with critical issues. Follow things through where complex issues apply or negotiations are continuing.
- The income and expenditure activities within the property will be important in many different ways. Tenant occupancy, lease structures, and critical dates will all have an impact on cash flow. Understand all of those factors as part of providing a top service to your clients. Stay ahead of the critical dates and be prepared for the negotiations that follow.
A successful retail property is one that is managed effectively, efficiently, and correctly. Give due regard to occupant and customer safety, as well as the rules and regulations that apply to building codes and essential services.
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