Best Practices For Providing Commercial Property Management
What is commercial property management?
Commercial property management is a form of the property management industry that addresses management needs of commercial properties and places of business (as opposed to residential property). This extends to office buildings, shopping centers, industrial sites, and similar commercial or retail businesses.
What does commercial property management entail?
Commercial property management encompasses a wide variety of tasks in three main areas: financial management, physical management, and administrative management. Financial management should include everything from financial and business planning to reports and operational budgets. Physical management of a commercial property includes presentation and appearance, ongoing maintenance and regular upkeep. Administrative management includes legal conduct, leases and renewals, and marketing tasks.
Here are a few best practices for providing commercial property management
Although there are various facets to commercial management services it is important to remember the goal of the service is to enhance property value.
Commercial Property Management: Tenants
In managing a commercial property you must keep the tenants as your first and foremost priority. Always consider how the presentation of the property reflects the tenants professionally. More important still, ensure that the physical property is maintained with integrity to provide long lasting property value.
Tenants should be diverse and in accordance with Florida commercial tenant laws. All legal and code enforced statutes should be abided by in commercial and retail properties. Anchor tenants should be identified and weighted heavily in overall management processes. All tenants should maintain appropriate and well organized business plans to be supported by the commercial management firm.
Tenant leases and renewals should be handled by the commercial property management firm, as well. Taxes, insurance and mortgages should also be handled by your local commercial property management company as a best practice.
Commercial Property Management: Vendors
Your local commercial management company should handle vendor relations including but not limited to soliciting quotes and bids and running business transactions with those who provides products or services for the property. Some commercial real estate management companies handle certain services in house and others outsource vendors. In either case, they should provide upkeep and maintenance.
Commercial Property Management: Property Presentation
The presentation of the property is the key for success of the tenants. Presentation standards and guidelines should be identified early on and maintained professionally. The management company should be diligent at commercial sites and retail shops to follow the anchor tenant needs and business plans. Because the management firm (if invoking these best practices!) is involved in the business plans, they can align presentation of the property with the big picture and long term goals of property value enhancement. Good property presentation involves attention to detail and the larger vision, both.
Commercial Property Management: Marketing
Marketing also falls under the commercial property management umbrella. At a basic level, signage and visual notices are forms of property marketing and should be well maintained to attract customers and offer a professional appearance. On a more significant level, management companies may even maintain print or digital marketing platforms for shopping centers, commercial buildings, or work sites. Successful marketing of a commercial property will increase business profitability if applicable, customer retention, and enhance overall property value.
Commercial property management is the management service provided by management firms to businesses, shopping centers, industrial sites, office buildings or other non-residential properties. Commercial site management encompasses financial, physical and administrative management services. To successfully increase property value of a commercial property there are a few best practices for providing commercial property management. Address tenants, vendors, property presentation and marketing and you’ll increase property value for your commercial property and provide excellent service.
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