In the current economic scenario, real estate is one of the dynamic and fastest growing sectors. Therefore, employment in this sector is considered lucrative. People who own or invest in commercial properties hire specialists to manage and maintain daily operations of these properties. Retail spaces, industrial areas, offices and shopping centres are precisely termed as commercial property and the specialist in charge of these properties are called commercial property managers.
Unlike residential property managers, these commercial property managers do not stay in the property they manage. As part of the larger management organisation, they can be responsible to supervise more than one property. They may also work for a single property owner.
Different tasks that a commercial property manager has to perform
The primary and major responsibility of the property manager is to maintain the property and keep it safe from any kind of damages. In order to retain property in proper form, managers have to timely carry out repair and renovation works. However, before any kind of renovation works are done, property managers have to convince the clients and convey to them how the entire process will be performed.
It is also the duty of property managers to collect rent if the owner has rented the space for commercial use. They see to it that the commercial property meets all legal requirements. If necessary, they consult with lawyers and safely maintain property papers. Some clients expect that property managers will keep track of real estate taxes and pay them on-time. They also offer consultation for purchase and sale of properties. Since they have good knowledge of real estate market, they provide best advices to those interested to invest in real estate. These are some of the basic duties of commercial property managers. Other major jobs of these property managers include:
The property managers work closely with marketing team to help the owner rent or sale a vacant commercial space. However, as a commercial property manager you will be responsible to implement lease contracts; check background and credit of potential tenants; and keep records of final contracts. You will have to collect monthly rents on behalf of the owners.
You will have to supervise cleaning and maintenance work of the property. You need to look after painting, windows, doors, electrical arrangements, plumbing systems, floors and elevators. Sometimes you need to appoint sub-contractors who will take care of these daily maintenance requirements on your behalf and report to you.
The property managers have to keep a track of all the building accounts. They recover rents and charge fine for late payments. They have to pay the salaries to contractors and maintenance crew. They negotiate and finalise deals with contractors. They also provide advices to the clients about the value of a property. Such suggestions help clients to determine rent at the time of leasing the property.
Requirements to be a commercial property manager
Most employers prefer to hire graduates as a commercial property manager. Those with a degree in real estate management, marketing or finance have an excellent opportunity in commercial property jobs. However, you will require a real estate license to represent clients in their property deals.
Commercial property managers have to perform wide range of tasks. Hence, they should be able to manage multiple tasks at the same time. Since, the job demands speaking with different types of people, the property managers need to have strong communication skill. They must have legal knowledge and awareness about the building codes. Skills in mathematics will also help these managers to carry out all estimation for building accounts. If you are in charge of multiple properties, a lot of travel will be associated with your job. However, the career of commercial property managers is extremely rewarding for skilled and hardworking professionals.