By now, we’ve all probably seen those ‘do up your home’ TV shows where ‘property developers’ seem to have a fun time whilst making fortune off property. Perhaps one or two of us have even fancied the idea of becoming a property developer even. Surely commercial property management is not an easy job though?
The truth about Commercial Property Management
The good news is – Commercial Property Management can be a lucrative career, job or business.
The bad news is – Commercial Property Management is far from an easy job, and can be extremely time-consuming, stressful and often very intense.
Properties need maintenance, supervision and inspections, whilst tenants often need chasing for rent, whilst at the same time ensuring all documentation, regulatory practices and legalities are complied with.
Tasks and responsibilities in Commercial Property Management
Whether you’re looking a working in Commercial Property Management individually, or as part of an agency, the reality is there’s a multitude of minor (and major) tasks to keep on top of each day.
You can’t do anything in Commercial Property Management without documentation, such as :-
- recording of transactions, inspections, repairs etc.
- tenant handover and inspections
Correspondence and communication with tenants is the cornerstone of your daily working life in Commercial Property Management, including :-
- rent demands
- letters to tenants
- arrears collection
Even if you have a financial team in place, you will still be involved in Financial tasks in Commercial Property Management.
- Collection of rents and arrears,
- rent reviews
- contractors for repairs
- reports for managers/owners
Best practice is important in Commercial Property Management, as regulations and rules must be adhered to. Local Authority, Government, owners, associations and so forth all have their own processes, procedures and policies that must be complied with.
It’s therefore important to ensure all your daily workflow is compliant with every stakeholder, even though this can vary from property to property.
In Commercial Property Management, you could be the sole point of contact for a property owner and tenant, so it’s vital everything is reported clearly, quickly and comprehensively.
- interest calculations
- occupancy rates
- rents receivable
Conclusion: Commercial Property Management is not an easy job, but you can make it easier
Although the above list is far from complete, it’s clear there’s a myriad of tasks to keep on top of in Commercial Property Management. Although the rewards are high, so is are the stress levels, as well as the time involved to keep productive and effective.
However, there are ways to dramatically increase your efficiency and productivity whilst reducing your labour and effort, and that’s to consider using Commercial Property Management software. The theory being, specialist software can take aware the bulk of the routine and mundane workflow – including all the tasks above – and allow you more time, energy and focus to concentrate on other tasks.