Tuesday, September 28, 2010

Quality Commercial Property Management

There is no perfect commercial property management
style because the task requires dealing with people. Whenever people get involved emotions and personalities get in the way of achieving perfection. Property mangers must wear many hats to find success in their chosen line of business.

Commercial property management requires balancing several acts simultaneously. Is aggressively attempting to fill empty units causing other tenants to question their lease? Property managers must be firm in enforcing rules, yet flexible enough to gain new tenants. The ideal would be the capitalist principle of letting the market dictate the price of rent. Yet, with neighbors in close proximity this practice could lead to alienating some customers.

Beyond a sound business sense, commercial property managers must become familiar with long and unusual working schedules. Cell phones can go off at all hours of night when a tenant has a problem or a pipe breaks at a facility.

If the long hours and endless complaints are not enough to scare off individuals interested in a career in property management then the paper trail might. Whenever there is a breakdown in the relationship between the renter and the landlord, the matter often must be settled in court. Nearly every aspect of the relationship will be examined by a third party, which means that the property manager will be responsible for properly maintaining, leases, lease applications, inspection lists, building permits and the mounds of other paperwork involving property. Ignoring the paperwork can be a costly decision that could even lead to the loss of a property. Poor documentation can lead to delays in the eviction of bad tenants, fines and potentially tax problems.

For investors that either do not have the personality or the time to be effective property managers, there is always the option of hiring a professional, which might prove to be the most cost effective move.

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