Commercial property managers help to maximize the value of the property while minimizing risks and ensuring tenant satisfaction. They must be knowledgeable in many areas including real estate law, finance, maintenance and construction.
From painting and repairs, to replacing light bulbs and trimming trees, properties require constant attention and upkeep.
Rent must be collected, bills and property taxes paid and budgets created and managed. Regular performance reports are also provided to property owners and investors.
Marketing and advertising
When vacant spaces are available, marketing strategies are developed to attract new tenants. Managers support the leasing teams by ensuring spaces are in showable condition and assist in the renovation process.
Throughout the lease, agreements must be monitored and policies enforced. Leases are constantly tracked for rent adjustments and expirations.
Managers are always seeking ways to mitigate a variety of risks to a property. Risks can be physical, operational, financial, regulatory, or economic, such as downturns.
For larger-scale capital projects, managers oversee the project planning and budgeting, vendor selection, permitting, documentation, quality control, project completion and post-project review.
Local, state and federal laws are constantly changing. Managers must stay up to date with these laws and keep their properties in compliance.
Commercial asset management
Asset managers use a strategic approach to maximizing the value of a commercial property. These managers work closely with owners to make informed, fact-based decisions that boost performance.