Finding Gold in Property Management
An excellent commercial property manager is a very special find, someone as essential an investment as the properties themselves. They can be worth their weight in gold.
- Jul 06, 2011
By Katrina Nadres, Director of Property Management, Westwood Financial
In my 15 years of experience in commercial-property management, I have found that an excellent commercial property manager is a very special find, someone as essential an investment as the properties themselves. She is part juggler, magician and a Jane of all trades. She must be patient, diligent and have stellar communication skills. When the phone of a commercial property rings, it is not because all is well — there is inevitably an issue or a problem that needs to be solved immediately. Having a manager in place with the necessary skills means that these problems will be resolved effectively and efficiently, providing the best opportunity for success in the investment.
A successful commercial property manager will possess a number of essential characteristics and skills, including the abilities to:
- Create a reasonable budget and ensure that expenses are kept in line
- Timely collect all rents from tenants
- Successfully and effectively negotiate renewals and service contracts
- Navigate applicable legal processes with respect to leases and tenant’s occupancy
- Read and understand a lease as it relates to a tenant’s occupancy;
- Communicate with landlords, tenants, vendors, governmental officials and attorneys
- Effectively maintain properties on a day-to-day basis as well as implement and plan long term maintenance projects
- Make decisions under duress, utilizing prior experience and good common sense
A manager with these primary skills will successfully reinforce and bolster landlord and tenant relationships and grow and improve the property.
A smart landlord will invest the time to identify and train exceptional commercial property managers who possess all of the skills listed above. They will be worth their weight in gold.