Commercial property management remains an important part of the professional property services that brokers and agents offer.
Property managers can offer alternative strategies to improve property performance, net income, and occupancy. Their job is complex, specialized and valuable to investor clients. You can understand why the service is so valuable to a successful brokerage over time.
In the commercial real estate industry it can be hard to establish a property management portfolio as part of your commercial real estate business. It is hard for the simple reason that most property owners see the change of manager or agency just too difficult to implement.
In simple terms the property owner or landlord wants to protect their cash flow and consequently will not disturb their tenant mix. Many a property owner will put up with a poor property management service to keep stability in their property. That being said, a poor property management service will eventually self-implode and the property will suffer.
If you want to win new property managements from clients that are using another agent, it is best to create the relationship with the client and stay in touch for the time that the property owner is ready to move.
So now let’s look at some other strategies to take matters forward and help you establish a good property management portfolio. The stability of fees and clients produced from the property management process will help you when the sales or leasing market becomes slower or more difficult.
Here are some ideas for you:
Sales activity will always be an opportunity to pitch for a property management appointment. This then says that every property you sell to a property investor is a great opportunity to present and pitch for the property management.
The sales activity of other agents will also be a good opportunity to pitch for a property management. If another local property is sold publically (such as at auction), it is quite easy to find out just who the buyer may be. Make the contact and see if they will take a proposal from you to manage the property.
Leasing activity will be a similar opportunity to pitch for the management of the property. If you served the client well in the leasing appointment, they should take a proposal from you to manage.
New property developments are great opportunities for management. Check out the upcoming developments regularly at the local planning office. Most property developers require a professional property manager to help them, simply for the aspect of perception. It helps them lease the property to new tenants; that being said you should also pitch for the leasing appointment.
Portfolio owners in your local area may own a number of properties. They may use a number of property managers, however they will have a preferred manager that stands out as ‘professional’ and of ‘high quality’. Get to know who these portfolio owners are and connect with them on a regular basis. Eventually they may let you pitch on some new management requirement.
The property management part of the industry is quite special and requires the right people. Do not employ ‘juniors’ for the process without having some other ‘experienced’ managers in the team. It is the experienced managers that can win the business given their market awareness and property management skills.
Many things are or can be part of a formula for success in commercial real estate, however, just a few of those things will be part of the ‘base plan’ or the foundation for getting results. In fact, you cannot do without those basic activities if your career is to have any reasonable chance of […]
A sales team and its performance in commercial real estate can always be improved by implementing some simple planning and tracking processes. This doesn’t have to be ‘threatening’ to individuals in the team, but rather ‘supporting’, and so to help them find the right new business leads and opportunities. When you consider that the property […]
It is very easy to lose time or waste time in commercial real estate brokerage. The pressures of the day, property inspections, the listings, and the clients can easily overtake all your good intentions and planned activities. Somewhere in that ‘pressure’, it is critical that you control some of your time and appointments. You are […]
If you are working in commercial property leasing, there are many things that you can do to attract and create frequent transactions between tenants and landlords. Make the clear choices on just who you should concentrate on with most of your real estate leasing prospecting; refine your lease packages and services for tenants or landlords. […]
In commercial real estate brokerage, there are plenty of things that you can do with a sellers list. It’s a good foundation of new business opportunities if you do it correctly. Develop the list for yourself and work it deeply for your real estate business. The connections established with property owners as potential sellers in […]