Finding Gold in Property Management
- Jul 06, 2011
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.
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.