It's mind-boggling to know that there are over 83,000 commercial property managers in America.
While this field is rewarding, it demands many skills. Businesses can sink without the right care.
What do the best commercial property managers have in common? Read on to unpack the top skills you can enhance.
Build Good Communication Skills
Being a successful commercial property manager means having excellent communication skills. Effective communication is key when dealing with the following:
- Property owners
- Other stakeholders
Experts emphasize the importance of being accessible. They have to respond to tenants' concerns and requests.
Timely responses and open lines of communication can help foster positive relationships. This leads to reduced turnover.
Clear communication with property owners is also vital. Property managers should provide regular updates on the following:
- Property performance
- Maintenance issues
- Financial matters
Find the Best Tenants
Securing amazing tenants is another secret to success in commercial property management. Industry experts stress the importance of thorough tenant screening. This helps avoid potential rental problems down the road.
Doing these things can help property managers identify trustworthy tenants:
- Conducting background checks
- Verifying income
- Checking references
A thoughtful marketing strategy is also essential for attracting the right tenants. Experts recommend using online platforms and social media to reach a broader audience. Showcasing the property's benefits can pique the interest of potential tenants.
Stay on Top of Property Maintenance
Property maintenance is a cornerstone of successful property management. You don't want to deal with massive repairs and deteriorating property values.
Experts emphasize the need for regular inspections. Proactive maintenance efforts matter as well.
Creating a maintenance schedule and addressing issues quickly is crucial. Property managers should also establish relationships with reliable contractors. They can respond quickly to maintenance requests.
Preventative maintenance can save both time and money in the long run.
Upgrade Your Property
Another secret to success is the constant pursuit of property upgrades. Industry experts recommend periodically assessing your property's condition. Identify areas that could benefit from improvements. Upgrades can include the following:
- Aesthetic enhancements
- Energy-efficient installations
- Technology upgrades
Money Skills and Budgeting
Being good with money is another important thing for successful commercial property managers. These managers are careful with finances. They make sure properties make as much money as possible.
They keep detailed records of money coming in and going out, like rent and expenses. This helps them see where they can save money and make more.
Experts say making a budget is super important. A budget helps property managers avoid financial problems. They can make sure property owners earn money from their investments.
Property managers also look for ways to make more money from properties. This might mean the following:
- Negotiating better deals with tenants
- Setting the right rent prices
- Finding other ways to earn money (advertising or charging for parking)
Great Commercial Property Managers Do These Things
Commercial property managers have to work hard to excel. The greats in this industry share these skills. Developing your skills will help your rental business flourish.
Getting outside help can make your job much easier. Do you want property management services in the Hammond, Indiana area? Contact PMI NWI to learn more about our incredible services.