Steady streams of new construction, evolving tenant management techniques, and rapid advancements in A.I and technology are changing the face of the global real estate industry.
Property management professionals need to keep up to date with this ever-changing market in order to maximize efficiency and succeed in managing customer needs and expectations.
The qualities of a great property manager are changing, with emerging technologies making their roles both easier and harder at the same time.
Below is a list of skills and qualities that are essential in order to be a fantastic property manager as it stands today in 2018.
By digesting this information and harnessing the information available today, any aspiring or working property managers can improve their professional outlook and truly excel in today’s commercial real estate market.
Even though experience comes with time, it’s essential for success in the field of commercial real estate. How many properties have you managed previously Do you have any experience turning around troubled properties? Does your portfolio include a range of properties from small retail outlets through to massive superstores, office blocks, and commercial tenements? A good property manager will also have thorough knowledge of local real estate laws, regulations, and standard operating procedures. All of this will give a property professional the history needed to influence decisions and inspire confidence when conducting professional endeavors.
The right property management professional will help guide a facility or property portfolio to a successful future. They will have a robust legal team and will build relationships with other professionals to create a skilled workforce that make conducting commercial property business efficient and successful . A skilled team of experts in various fields including HR, engineering, training and accounting support each property manager with advice and best practices in order to deliver the best service for a property.
Standard Operating Procedures
The best commercial property management professional should have proven operational procedures, which have been developed through years of experience. They will want to ensure the company has standard practices they put into place for every community or building they serve. These operating procedures should include preventive maintenance programs, a full audit of all contracts and vendors, a transparent financial system and budget, and solutions that enhance the value of your property, as well as the success of all the residents/businesses in it.
Property management can be stressful at times. A successful property manager needs to have an innate ability to be patient—with contractors who are behind schedule; with unruly tenants; with investors who can sometimes have unrealistic expectations. With the legalities and legislation that needs to be in order for successful commercial projects, and ever-changing timescales that need mediation between contractors and tenants.
Property managers need to be willing to listen. They must have great customer service skills and be able to handle complaints and stressful situations with grace. It’s helpful to have experience in both customer service and property management to deal with the demands of the commercial real estate industry.
Commitment to Training
Expert property management and exceptional customer service can only be provided by a knowledgeable, unified and superbly trained individual. Successful property managers are committed to undertaking continual educational and developmental programs for their careers, including hands-on training, classroom learning and online training systems. This way, they will be on the cutting edge of industry and product knowledge, and equipped to deliver the highest levels of service to board members and tenants.
This might seem counterintuitive, but successful property management is really a balancing act. Most of the time, property managers will need to be patient—but on rare occasions, a property manager will need to be aggressive. He will need to track down rent late payments. They will need to hold a contractor’s feet to the fire. The ability to be aggressive, when necessary, is a quality of a professional property manager.
Property management has so many moving parts. A property manager could be leasing an office or retail space, renewing leases for another, renovating another, and managing building upgrades for yet another. In order to stay on top of all of these details, a property manager must have exceptional organizational skills. How do you stay organized on the busiest of days? How do you manage multiple properties at once?
The property management industry is evolving at rapid speed. New technologies are being introduced all of the time, from tenant communication solutions to hardware that enables landlords to conduct self-showings. It’s important that property managers are comfortable using technology because sooner or later, your business will want to jump on the property technology to bandwagon to stay competitive with your peers.
A commercial real estate company that is committed to going “green” will help reduce their community’s carbon footprint, energy usage and operating costs to create a healthier (and more cost-efficient) working environment. If a property management team has LEED accredited professionals on staff, it is a good sign that they are focused on sustainability.
Attention to Detail
From the property itself to the companies who rent it from you, the right property management company will rely on a manager that pays great attention to detail. You probably know the unique features and eccentricities of your tenant base — a property manager who asks about them and seeks to understand what makes a property tick will be able to provide the best service.
Inevitably, things go wrong. A tenant might go off the grid and stop paying rent. The landscaping company might forget to do the year-end clean-up. A building owner might forget to send you certain paperwork. In the property management industry, someone’s ability to manage through problems is critical.
There’s no blueprint for property management. Each property is different. Every investor’s goals are slightly different. Sometimes, it takes a little ingenuity to manage a property successfully. As a property manager you need to be willing to think outside the box,
By exercising the traits and skills listed above, you will give yourself the necessary skill-set to achieve great success within the commercial real estate industry.