When you manage commercial or retail property, it pays to have a daily system to control the various events and standard processes that occur around you. Good property managers are controlled people with the standard processes designed to support the landlord's plans and strategies.
Without plans and checklists, it is very easy to make mistakes in property management. The larger the properties that you manage, the more complex and potentially more widespread physical or financial damage will be from mistakes.
Here are some key ideas to adopt into your commercial or retail management practices on a daily basis.
At the start of every day check the rental payments and arrears that apply to the tenants in the managed portfolio. Make sure that rental payments are up to date and that any arrears are quickly identified. It is critical to take action in accordance with the terms of each lease when arrears occur. The landlord would normally be consulted as part of that process.
Do a weekly check of all current leases for rent reviews, options, and other time critical lease events to ensure that they are under control and actioned at the right time.
Track all ongoing or outstanding maintenance matters that are still active. Keep the tenants and the landlord updated of the maintenance status.
Check all building income and expenditure performance against budget at least weekly so you are on top of any shortcomings and changes.
Starting your day with a checklist of major tasks to be completed will help your time management processes and the function of the buildings. It is quite common for property managers to be the busiest people and the real estate industry. They have to handle so many complex decisions and situations on a regular basis. This will only be achievable with task checklists and sound time management processes.
The more buildings and tenants that you manage, the more complex your daily communications, reports, telephone conversations, and meetings. Landlords will frequently want to talk to you on current matters, and tenants will have issues with maintenance and building operations. The only way to handle this is to make notes of all decisions, discussions, and conversations. This process will also assist you in matters of dispute; in property management this can be a frequent problem given the complex nature of management issues and landlord instructions.
Recognise that you have limited time each day to control, complete, and implement a large variety and volume of tasks. The best way to handle this is to split your business day into firstly the complex issues and tasks that can be done first thing in the morning, and then secondly general meetings and discussions that can occur in the afternoon.
At the end of each day understand where you are with the largest and most important issues that remain unfinished in your managed properties. They should then be integrated into your plans for the next day.
Successful property management processes will only occur when you as the property manager are fully under control, on a regular and consistent basis. It is quite easy for these points above to be the foundation of a successful property management business and career. Failure to do otherwise will see the property underperform and the property manager suffer unnecessary stress.
Set the rules and other systems that take you forward to help build your levels of professionalism and performance for the landlords and tenants that you work for.
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