Moving From Residential To Commercial Property Managers

If you own multiple residential properties, you may feel that you’re well versed in property management. However, with larger commercial properties, this simply is not the case. The formula that you used to be effective with residential property is not the only thing that you need when a owning commercial property. Some of the topics that a commercial property manager covers that a residential property manager does not are:

Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school

Fundamentals of Residential Property Managers

Basic business management is all that is required for a typical residential property. It is often important that the manager live on site of a residential rental. In addition to gathering rental payments, there may also be emergencies with plumbing that can cause significant damage. There are also often day-to-day outdoor maintenance that needs to be attended to. In addition to a manager, there may also be contracted staff that need to be supervised. Although this is a very intense job, it does not have the components of a commercial property management position. For example, a residential property manager will typically not create reports or rebuild a property to accommodate a new client and their insurance policy.

Typical Daily Duties Of Property Managers

All other staff including maintenance in leasing agents will work under the direction of the property manager regardless if it is commercial or residential. It is not uncommon for smaller residential property managers to do all of the maintenance jobs themselves. However, this is never the case for a commercial property manager. Commercial property is too large for one person to do all of the jobs correctly. A commercial property manager will need to be good at hiring staff and contractors to complete all of the work. A good commercial property manager will have experience with doing these jobs. This is a good way to protect the bottom line and ensure that services are not being overcharged.

Good Commercial Property Management Starts with Good Service

One thing that all property managers have in common is their personality. You must be able to deal with customers professionally when you are a commercial property manager. Although there are many pleasant customers, none of them are perfect. There’ll always be conflicts that arise. It is the responsibility of the commercial property manager to bring the temperature of the room down to something reasonable. In the long term, a customer who renews their leased is the most profitable. A good manager will always listen and try to find the best solution. They will not respond to the tenants with an angry or annoyed response.

Tags: business, commercial property management, Finance, landlording, leadership, money, Property Management, Real Estate

Category: Property Management