Commercial Property Management
The mission of the property manager is to create an environment in which businesses can thrive in order for the value of the owner’s investment to be maximized.
One of the first duties of a manager is to get to know the tenants and understand the unique needs of each business. The property manager:
- Visits tenants frequently
- Responds to complaints and suggestions graciously and quickly
- Treats tenants and their employees professionally and courteously
- Lets business owners know that their tenancy is appreciated
- Communicates key terms clearly at lease inception
- Describes annual expense summaries clearly and accurately
- Secures performance of all lease provisions including timely payment of rent and other charges; acceptable care of the premises; obeying parking and other rules; honoring exclusives granted to other retail tenants.
Maintenance and Repair
Working with the owner, the manager designs a program of preventative and remedial maintenance consistent with the property’s annual and long-range budgets. To implement the program, the manager:
- Evaluates the duties and responsibilities of current employees including the resident manager and service providers and recommends alternatives if appropriate.
- Visits the property frequently inspecting all common areas including parking areas, landscaping and interior lobby and hallways for cleanliness and proper maintenance
- Arranges for periodic inspection and maintenance of fire and safety systems, HVAC units, elevators, and the roof
- Obtains competitive bids for large projects and supervises them to completion
- Responds to emergency calls after hours if necessary
Administration and Accounting
As needed by the owner, the manager:
- Prepares the annual operating budget; and provides interim cash flow updates
- Communicates frequently with the owner regarding actual financial performance compared to the budget and overall property condition
- Obtains competitive bids for insurance coverage
- Provides timely notice to tenants of scheduled rent increases per the terms of the lease
- Stays informed about market rents
- Begins lease renewal discussions early with the owner and tenant
- Begins an eviction process if necessary, as soon as possible to minimize the loss of rent and unit down time
12 Tips for Strategic Commercial Real Estate Transactions
Twelve amazing tips that will help you value your property, lease vacant space, and find the perfect location for your business.
- Establish a pricing strategy
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- Lease vs. Buy
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