Posted on

Career Tips and Advice for Commercial Property Managers

City buildings on the edge of a river. Commercial high-rise buildings and bridge.

The levels of knowledge and the professional skills required in commercial and retail property management are unique and deep.  They are quite different to the skills required in a leasing or sales situation.  A property manager is a differently skilled person, and they need to look at the big picture and remain focused on their properties and clients for months if not years.

 

That long-term focus allows the managed investment to improve over time through changes to the tenancy mix, the cash flow, and the property function.  The investment process is lengthy; the investment requirements of clients will be individually unique.  That is why and where professional service and property manager performance will underpin client attraction, retention, and engagement.

 

If commercial property management is a career for you, then there are some things to learn and disciplines to implement for the long term.  Expect to be very busy as you embark on your career and remain in it as a professional.

 

What do you need to know?

 

You will need to learn about the legalities of occupancy, investment performance, leasing, cash flow strategy, and property documentation.  Control systems will be at the centre of your property management career and portfolio control.

 

Every day there will be pressures on your portfolio and your properties with tenants, maintenance, landlord focus, reporting, and risk management.  As part of your career, you will be at the centre of many events, requests, and communications.

 

If your properties and workload pressures are excessive, you will lose control of the ‘property management process’; that then leads to unhappy clients and out of control tenants.  There is a balance between quality property management services and a sensible workload of tenants and landlords.

 

Typically, the landlord will be your client, and you will be the main controlling factor to property performance and investment outcomes.  That is why the skills of the property manager are so important.  The days of collecting rent and maintaining the property are well gone.  The strategic approach to property management is now well established and evolving in new and different ways with efficiencies in building technology and the requirements of local business.

 

What do you need to do?

 

Are you ready for the property management challenge?  If you have a large portfolio or a long list of tenants, the complexity of the daily workload just gets deeper and more challenging.  There will be plenty of work to control and direct.  Here are some rules to help you with that approach:

 

  1. Knowledge – get to know everything possible about your location, the leases, competing properties, business activity, rents, and investment priorities. Through a substantial level of knowledge, you will see how you can improve an investment situation for your clients.  That is where tenant mix changes and leasing strategies will help with property performance.  That then becomes an important part of your professional services.
  2. Complexity – there are many variations to tenancy mix control, lease negotiations, rental cash flow, and property performance. The decisions of today with a tenant or lease matter will impact the investment for the long term.  Understand your decisions and how you can improve the investment outcomes for your client.
  3. Clients – every client will have different pressures and priorities when it comes to property performance. Get to know those factors with your clients, understand their portfolio activity, and look at the life cycle of their investments.  Don’t just manage a property but understand the asset and the focus of the client.
  4. Controls – there will be different systems that you can use to help you in providing services to your clients. Software programs will cover the facts and variables of lease management, rent collections, maintenance, and facility management.
  5. Reporting – report about your managed properties in the ways that the landlords require. Information will help them make choices with rents, occupancy, and expenditure spending.
  6. Tenants – expect the tenants to be pressuring you on their issues and their occupancy. A retail property is a prime example of that pressure with many tenants positioning for better sales, lower rents, and a successful business.
  7. Property performance – every property should have a business plan and a budget to work to over time. The client or landlord will be setting investment priorities and cash flow controls.   If you manage properties for many clients, the issue gets deeper and more challenging.

 

Through all these pressures and strategies there will be opportunities for a professional property manager to excel in skills and career development.  Are you ready for the challenge?

Posted on

Ways of Building Tenant Mix Strategies that Work in Retail Shopping Centers

shopping center mall

In a retail shopping center, there are key factors to watch that can impact the shop tenant mix and the vacancy factors.  (NB – you can get plenty of retail shop leasing tips in our Snapshot program – its free)

As a leasing expert in retail you really do need to balance all of these issues mentioned below in any shopping mall and the shopping center, particularly when placing a tenant:

  • Positioning a new tenant in the retail cluster of tenants
  • Choosing rents that aligned to the local market and that are achievable for the long term
  • Lease documents that build the landlords investment position over time
  • Lease clauses that encourage the tenant to build their successful retail business

So there are things to do here.  I have said many times that ‘retail’ is perhaps the most unique and special part of investment property performance.

In this audio program, I talk about the special factors of retail leasing and tenant mix establishment.  You can get the audio here below:

Posted on

Commercial Property Management Questions to Use in a Handover

City buildings on Sydney Harbour

When you take over a new commercial property as part of a management strategy for a new client, you should ask specific questions relating to the asset, its history, and the tenancy mix.

You can get plenty of commercial property management tips and ideas as part of our regular online coaching right here.

There are many things to explore as part of a new property management listing on your brokerage books. In this audio program, John Highman talks about the factors to question and review. Most particularly key matters to look into will include:

– lease documentation
– tenancy mix
– property maintenance routines
– risk matters
– rentals and rent recoveries
– critical dates
– vacancy factors and pressures

You can listen to the audio program here to understand exactly how you can approach the handover process in commercial property management today. It doesn’t matter whether you are managing a retail shopping centre, or a commercial office tower. The same strategies and processes apply. Attention to detail will help you with the fact review and gathering process.

You can get the audio below:

Posted on

Commercial Property Management Skills Start Here

City buildings on rivers edge

In commercial property management today there are plenty of things that you can do to differentiate yourself from your competitors. Make no mistake, managing a commercial or retail property can be quite a challenging process. (NB – you can get plenty of commercial property management skills and ideas in our Snapshot program right here – its free)

Real skills are required and special people should be dedicated to the process of providing specialised services to investors and company owners.

In this audio program, John Highman talks about the special and unique skills required to manage a commercial or retail property today. Learn how to grow your brokerage business from a base of management activity and property management clients.

 

Property Facts and Controls

 

When you completely understand the strategies behind property management, you can develop special services across asset performance including the following:

– tenant retention
– income enhancement
– lease negotiation
– expenditure management
– net income generation and cash flow control
– lease administration
– maintenance management
– risk minimization
– renovation and refurbishment activities
– vacancy minimization

So there are many concepts and strategies within this list. If you take each individual concept, there are many specialised services that can be provided to your clients and customers.

In this audio program, John Highman talks about the importance of commercial and retail property management in brokerage performance today. Learn how to improve your brokerage business and the future commission opportunities available in your town or city.

Posted on

6 Tips for Pricing Your Commercial Property Management Fees and Services

shops in retail mall

The services that you provide in commercial property management are quite special and should be costed accordingly. Care and consideration is required when you are considering establishing a new fee or quoting on a property management service. There are variables at play that could have an impact on your fees suitability and amount.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

So what is the problem?

If you set the wrong fee in quoting on a property management service, you could position yourself for loss of income over time when compared to the time you are committing to the property and the client. Under resourcing is a big problem in our industry.

 

Don’t provide the client with a low fee quotation simply to win the new business opportunity as a property management appointment. Understand the property, the client, and the tenancy mix before you set and finalize the fees for service.  Look at the ‘big picture’.

 

So what do you do here?

You should understand all of the property issues that may put pressure on your management services. Many an agent has lost a property management client and property appointment simply because the agent has been unable to control the property efficiently and improve performance over time; under quoting the fee will very likely create that issue.

 

So what do you need?

You need the right people and the right processes to manage a complex office or retail building today. Don’t underestimate the required skills of the process and the demands of the property.  Match the people and the processes to the property.

 

Here is another error that is all too common.  As a general rule, don’t set your fees based on a percentage of passing income. Whilst that may percentage approach be an industry standard in your location, it is only an indicator and should be compared to many other factors and choices. There are other things to look at and consider before you finalize your fee structure and client services.

 

Assess all the factors

Consider the following factors as you work through this process of property management assessment and opportunity:

 

  1. Landlord requirements – some landlords are unique and special when it comes to property management requirements and services. The complexity of the property and the cash flow can very likely create pressures on reporting and financial controls. You could find yourself generating many variations of reporting to satisfy the challenges of the property and the clients requirements for information. Interview the client as the landlord before you quote on the final fees for service.
  2. Property complexity – inspect the property completely and thoroughly. There may be issues in the property to control and manage over time. Look specifically into the issues relating to maintenance, rentals, vacancies, lease management, tenant volatility, and property performance. Every property will have certain strengths to work with, and weaknesses to work through and resolve. The weaknesses are the ones that will challenge your task and time management. The weaknesses will also threaten the cash flow and property occupancy over time. Create a business plan for the property to address the known and upcoming weaknesses.
  3. Tenant mix – review the tenancy mix as you inspect the property. Understand the tenants that are trading well and those that are struggling. Identify the tenants that may be under some form of pressure and develop a base plan as to how you may manage that occupancy and improve the overall results. It is a good idea to incorporate a tenant retention plan into the property performance strategy.
  4. Time based comparisons and assessments – when you first take on the property under management, it is likely to be a busy period of time for the first few months as you work through leases, tenants, and maintenance issues. The question to consider here will be how you can get the property under control effectively and efficiently. Some properties can take months to reshape and control. If you are about to commence management of that type and intensity, be very careful as to how you set your fees for service.
  5. Lease review – look at all the lease documents for the property and the tenancy mix. To do that you will need to read the documents comprehensively and thoroughly before you make your choices on fees and management strategies. Look for the weaknesses in lease structure, property occupancy, and tenant performance. The leases will also show you the occupancy challenges in the property with fresh vacancies potentially coming up. You will need a strategy to work with those potential vacancies and optimize the result for the landlord client.
  6. Income and expenditure review – the history of the property can tell you something about financial management and cash flow. Understand how the income has been changing over time and if there are any weaknesses in market rental currently. Rental and income weaknesses need to be identified and addressed quickly and efficiently. Comparisons to the prevailing market conditions will be required, and negotiations will need to be commenced as soon as possible. Seek your landlord instructions and comments as part of an income review and opportunity assessment.  Know all the facts.  Also review the expenditure within the property and the history of net income. Has the property being improving through good financial management or are their hurdles to address? Are there issues or weaknesses of current and future income, and will there be expenditure volatility to be dealt with?

 

So there are many things to look at when it comes to pricing your commercial property management services. Understand the client, the property, and the tenancy mix before you set the final fees and commence your professional services.  Build your brokerage portfolio with care.

Posted on

How to Choose the Right Retail Tenants for Shopping Centers

shopping center escalator in mall

A retail shopping center is a special place where the tenant mix just has to match the client and customer requirements for the location.  If you make mistakes in retail tenant placement then sales and customer interest in the property will slow.  That can only mean on thing and that is a decline in rent.

So there are issues to consider in finding the right tenants and placing them in the property.  Certainly the landlord should have a say in what they think about tenants and tenant mix choices, but the center manager should give guidance to the leasing process and tenant placement.

In this audio program, John Highman talks about retail leasing and the important choices to be remembered in attracting and converting tenants to a retail property and or shopping center.

Posted on

How to Avoid Procrastination in Commercial Property Management

Woman reaching for alarm clock uid 1281547
Get things started early in Commercial Property Management

In commercial real estate property management, procrastination can be a big issue or hurdle in getting the harder jobs done. Let’s face it, there are difficult things to do every day of the week in our industry. Have your people in the management team got the right knowledge, experience, and commitment?

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Workload pressures in commercial property management are usually consistently high. Free time and spare time is a luxury if and when it occurs. Most days of the week are quite busy. Stress can also be a problem for some people.

What is the Focus?

The best commercial managers are the ones that get the work done first and foremost every day. They prioritize their time so that they are effective in the best possible ways. So what are the issues that put the pressure on? There are many pressures arising from separate categories such as:

  • Tenancy management and communication
  • Landlord reporting and approvals
  • Maintenance contractor controls
  • Property performance to targets and to the budget

So the best property managers know how to optimize their time and will usually do so efficiently and directly. Any inefficiencies in the job role will usually create problems with clients and property performance.

Any team leader in commercial property management should be careful to select the right people for the tasks and the portfolio under management. The team of people within the division should work to a system or plan to help them get the work done and to control the assets in the best possible way.

Commercial Management Systems?

Here are some ideas to help you develop the best property management system and control process:

  1. SOFTWARE: At the top of the list would have to be the selection and use of a specialized software program controlling property performance. There are many different programs available for the task, and some are better than others. Typically, a program will need to control rental monies in all categories, arrears management, tenant communication, lease administration, critical dates, and property maintenance. The best programs tend to be somewhat expensive, however they provide high levels of property control and reporting. If you are going to manage high quality assets for quality clients, then you will need such a program.
  2. FILE ACCESS: Cloud based storage is always very useful. When the managers are out in the field meeting with tenants and landlords, cloud based storage can help when it comes to file access, reporting requirements, and all communications.
  3. CLIENT ACCESS SERVICES: Develop a dedicated client portal for all client communications. All of the client reports can be stored online within a dedicated portal for VIP client access and communication.
  4. TENANT COMMUNICATIONS: You can enhance tenant management through a special web site where any maintenance issues and communications are directed or first initiated. The website can retain all communications and redirect as required to the right people in a timely and efficient way. Like it or not, some of maintenance issues occur at the strangest of times, and you will need an effective communication process to handle those things.
  5. MAINTENANCE PERSON: As the property management portfolio grows, there are benefits to be achieved by employing a specialist maintenance manager. The manager can oversee the day to day maintenance requirements and unexpected portfolio issues for all of the managers.
  6. LEASE ADMINISTRATION: Appoint a year lease administration person to monitor the lease critical dates and upcoming lease changes and issues. The larger the portfolio, the more desirable, essential, and efficient you will find this position. A lease administrator will be a good addition to most property management portfolios.
  7. TRUST ACCOUNTS AND FUNDS CONTROL: The handling of monies, rentals, arrears, and property performance will require an experienced accounting person understanding the issues of lease documentation, tenant management, and property law. There is high value here in choosing the right person for the role.

From this list, you can see the specialties required in commercial property management. The same can be said for retail property management. Choose the best people and position them accordingly.

Posted on

8 Tips to Grow Commercial Property Management Portfolios

Exotic Hong Kong 001
Assess the buildings in your commercial property management market.

The commercial property management business is quite special in so many different ways and the same can be said for retail property management. From a portfolio of managed buildings, as an agent or broker you can generate many sales and leasing opportunities over time.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

The Rule to Remember

There is one specific thing to remember here. Property investors require specialized help in an ongoing way when it comes to optimizing property performance, improving the tenancy mix, maximizing cash flow, and serving both tenants and visitors to the property.

If you really understand property performance and how to enhance it, then that can be a good way for you to build your real estate business.

Are you the ‘Go to’ Property Manager?

Given that you should understand the local property market in a comprehensive way, you can be the best person to provide targeted solutions to the clients that you serve. Those solutions can be matched to the property, the tenancy mix, and the client. That’s how you grow a property management portfolio over time.  Be specific and be real in the way in which you serve the commercial property and the client.

Show the client that you really have a grasp of the industry, the management process, and local tenants.  There are some clever ways to do that.

Here are some other strategies to help you grow a property management portfolio:

  1. Look at your location so that you understand where the best assets and buildings are located. When you manage, lease, and sell properties in the prime locations, your image and profile as a local agent will escalate quite quickly. Tell the local property market about your recent major appointments in management.
  2. Find the better properties through deliberate assessment. Check out the properties for income potential, vacancy exposure, tenant popularity, and lease stability. You can learn a lot about particular properties by talking to the occupants, the landlord, and other businesses in the proximity.
  3. Connect with the better landlords so that you can convert ongoing leads and transactions through well established relationships. The property owners locally will fall into different categories. Understand how you can serve individual property owners, corporations, public companies, small investors, and property trusts. In any town or city, there will be plenty of people in each category to connect and work with.
  4. Use a professional software program for all of your property managements. It is a known fact that you cannot control and manage complex assets without using a significantly proven and well tested property management software program. When you have a number of tenants in a building there will be many active issues and things to control. The property management software needs to cover the bigger factors such lease documentation, rental cash flow, occupancy compliance, maintenance, budgeting, and financial performance. There is no way of managing a complex building without the right software to help you.
  5. Integrate and assess your tenant lists so you know what is happening in a property and across a location. The tenants in a building will tell you a lot about the location and other businesses nearby. That market intelligence is valuable.
  6. Improve property performance so that your services can be seen to be valuable in the bigger picture of property growth and change. When you are successful in turning around a difficult property, poor tenant mix, or refurbishment project, tell the local property people about that through articles, editorials, and social media.
  7. Portfolio growth with any of your clients is a possibility. If you have some bigger clients in your portfolio, they are very likely to be candidates for alternative services such as project refurbishment, leasing, tenant relocations, and vacancy minimization. You can have a strategy for each.
  8. Fees per management should be critically assessed so that you get the fees for the job involved. So many agents under quote to win a property management appointment. That is a recipe for disaster. Know every property for what it is and its demands, and then decide how much professional time you will need to devote to managing it on a weekly basis. Set your fees accordingly. It is easy to work out just how many hours you should be devoting to managing a property; from that point it is simply a matter of determining how much your time is worth.

There are always new commercial property clients to be served and properties to be managed locally. Use some of these points as methods to find the right properties and the best clients for your real estate business.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Posted on

How to Do a Security Checklist for Commercial Property Management Assets

high rise office building
Understand the security challenges that real estate assets create.

When you are involved in the management and the leasing of any commercial or retail property, you will understand the importance of security when it comes to tenancy occupancy, and property performance.  There are many challenges involving security today when you consider different tenancy types, property locations, and asset design.

Understand the Property Security Challenges

Here are some of the important issues to action and merge into your security checklist:

  1. Property surrounds – review the property in its location looking at the boundaries, the adjoining properties, and factors of threat from the precinct. Nearby properties can pose a significant threat directly or indirectly when it comes to asset performance.
  2. Building design – the property itself will have certain strengths and weaknesses that apply in the security sense. Understand the property from both a visitor and a tenant perspective.  How can people move to the property and through the property conveniently and safely?  How can tenants move to the property and occupy their leased space efficiently and securely?
  3. Look for existing threats – when you study the tenancy mix you will see certain threats evolving from the tenants in occupation and or the business types. Those threats will need consideration and consultation with a view to minimising risk.
  4. Existing Security Systems – review the property and its existing capabilities or limitations when it comes to security. Look at the locks and the master key systems, electronic security, tenancy security, windows, doors, lighting, car parking, and guards or patrols.  Also review the access points and the flow points for people through the property at different times of day.  Some buildings today operate at all hours with both tenants and customers.  Can your building handle the challenge safely and correctly?
  5. Communication systems – many tenants today transact sensitive and confidential information constantly as part of their standard business operations. The communication systems within the building will need secure access and secure controls.  Those systems will involve data access, data storage, telephone systems, radio transmissions, and associated cabling.
  6. Individual tenants – some tenants create special levels of threat and risk within the property and with other tenants. Responses, procedures and strategies will be required when it comes to specific threats such as bombs, explosion, staff movement, customer access, safety, emergency evacuation, and materials containment.  Consider each tenant individually for the challenges that they present to the building, the investment, the community, the other tenants, and people generally.  Consult with the necessary local authorities if you have tenants of concern.

So this list will help you establish a process of checking and assessment when it comes to property security and property integrity.

You can get more commercial property management tips in our online eCourse ‘Snapshot’.

Posted on

Commercial Property Leasing – A Tenant Mix Orchestration for Property Success

people walking in shopping mall
Analyze your shopping center and tenant mix.

In retail property and shopping centre performance today, the tenant mix and the income created from the tenants in occupancy needs to be shaped and improved over time.  That is where ‘tenanting mix orchestration’ is a useful skill to learn and to feed into the property investment strategy.

The suggestion here is that the tenant mix can be shaped and improved.  That is certainly the case in retail property performance.  That is your job.  The landlord will benefit greatly over time by a well-considered and controlled tenant mix.

Every lease and every tenant in occupancy should be looked at in balance with the surrounding tenants, the shopper clusters, and the customer profiles.  The terms and conditions of each individual lease should be negotiated to standards that match the investment targets of the landlord.

Correct Tenant Placement

Here are some ideas to help you study and orchestrate the correct retail tenant mix and property improvement plan for your landlords:

  1. Anchor tenants – You have to start your assessment around the stability and business activities of the anchor tenants. Look at the lease conditions that apply to each and every anchor tenant in the property.  How long are they in occupancy?  What are the terms and conditions that apply to their occupancy?  How can they integrate their business activities into the success of the overall property?
  2. Customer profile – You can’t move your property to another location. On that basis your customer demographic will be specific to certain incomes, employment, and family profiles.  Understand your customer base and how those customers like to shop locally.  You may need to undertake a marketing study through the local area to get the most recent and up to date information about customer activity and or future needs.  When you understand the customer, you can set the strategies in place for the ideal tenant mix and property profile.  You may also be pulling in the customers from outside of the area through tourism and transient people.
  3. Property design – Every property will have factors are designed to understand and integrate into the tenancy plan. Entrance points, common areas, congregation points, and transport drop off points all influence foot traffic and potential retail sales.  The tenancy mix should be designed for customer interaction and sales improvement.  That base strategy requires you to put the right tenants in the right locations.  You will have a mixture of small and large tenancies to consider.  You will also have tenancy locations requiring special consideration such as food retailing, fashion retailing, entertainment, and services.  You can get plenty of ideas by looking at other comparable properties locally or regionally.

From these three simple concepts, you can set in motion a comprehensive tenancy mix plan and retail sales strategy.  Understand the property, the tenants, and the customers.  Balance at equation so that the landlord can optimise rental returns and minimise vacancies.  That is what tenancy mix orchestration is all about.

Get our eCourse here for Commercial and Retail property agents and brokers.

Posted on

Talking Shop with Commercial Property Managers

woman looking at files.
Set up systems in commercial property management.

The commercial or retail property management process can be time intense and quite frustrating.  The observation is quite common.  Most property managers will be intensely busy every day of the working week.  On that basis they need to be organized to the tasks that really matter as part of providing quality professional services.  Here are some tips from our Newsletter.

It is worthwhile noting that an experienced property manager will bring significant skill and opportunity to the landlords that they serve.  That will be across the property in a number of ways including the specialized disciplines below:

  • Rental growth
  • Expenditure control
  • Vacancy minimisation
  • Tenant mix strategy
  • Property performance
  • Lease documentation
  • Safety and risk management
  • Property value improvement
  • Renovation and refurbishment

So there are plenty of ways that the manager can bring growth and opportunity to the clients that they serve.  It is just a matter of understanding the plans and the targets of the client as they relate to the future of the property in the region.  It is a wise process to create a property business plan on an annual basis to manage the variables of property performance for the client.

So let’s go back to the tasks and activities of the property manager.  If the correct person is chosen for the portfolio and the client, the other balances required will include the following:

  1. Be aware of the amount of time it takes to manage a property for a client.  Some properties and clients will require significantly more work than others.  If that is the case, the intense workload should be reflected in the fee.  One way of calculating a fee is to consider the amount of time each week a property will require for ongoing control.  Consider the factors of the tenancy mix, lease documentation, maintenance, customer involvement, vacancy issues, and rental collection.  The larger the property, more intense these issues will be.
  2. With quality clients and properties, the reporting process can be quite specific and tedious.  The factors of income, expenditure, lease management, maintenance, tenancy mix, and documentation will require special processes and established guidelines.  In a large property, it is not unusual to be reporting to each of these factors on a weekly basis.  That written report will support any verbal instructions given or communications made with the landlord.
  3. The best way to get your job and portfolio under control is to work to a daily and weekly plan.  It can also be said that the end of each month will be busier with reporting requirements and property analysis.  So look at the factors of work that apply to each day, each week, and each month.  Split the working day into two segments.  The first half a day should be devoted to documentation and reporting issues.  The last half the day can be devoted to clients and tenant contact.  Obviously there will be some variations and pressures that apply.

So you work in a busy segment of the market.  At least 80% of your time should be under control.  In that way you will preserve the quality of performance and control that your clients require in commercial and retail property management.

Posted on

Time Management Tips for Retail Shopping Center Managers

shopping center management team meeting
Get your team organised.

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

Get our newsletter if you would like more tips like this.