With the US economy beginning to stabilize, global markets on the mend, and job market opening up, there is renewed optimism and potential for growth in the commercial sector. This of course is great news for those in the commercial property management business.
According to a recent survey by the National Association of Realtors, earnings for those employed in the commercial property management business are at an all-time high. This is due to the increased demand for commercial properties as the market recovers and businesses seek to meet the growing demands of consumers.
The commercial property management industry is a completely different game from the simple building maintenance it was only a few years ago. In today's fast-paced market, it needs not only to maintain business, but generate new business. Buildings are expected to offer advanced features, green certification, and premises tailored to renters' needs.
Here are some tips for commercial property management that will help kick-start expansion and revenue generation.
- Outstanding Maintenance
The appearance of buildings has always been important, but it cannot be emphasized enough how important this is for commercial property management. Companies are increasingly focusing on motivating their workforce, boosting morale, and presenting an attractive company image. A rundown building is the opposite of what companies want, so managers need to run routine checks on properties to ensure that they are in pristine condition.
Areas that should be regularly inspected and maintained include roofing, glass, signage, paint, landscaping, and parking areas. Interior areas of importance are walls, flooring, plumbing, fixtures, and furnishings. Everything should be in working order, clean, and up-to-date. Well-maintained properties appear professional and presentable, and most companies will pay top dollar for these high standards.
- Regular Upgrades
Far more than residential management, commercial property management needs to keep up with the times and offer clients the latest and greatest features. This should encompass all aspects of the rented space, from the newest pantry features to the most secure surveillance and alarm systems.
Businesses thrive when they can rely on convenient and compact solutions. If their places of work can take care of much of the hassle and day-to-day maintenance of their overheards for a fee, business owners and managers can focus on running their businesses and expanding revenue streams.
- Latest Technology
Today's modern buildings are expected to be an intelligent part of the businesses themselves, offering the best workstations, the best bandwidth, and the best mobile potentials for their clients. This means that highly trained professionals need to be in the employ of commercial property management companies.
Property managers will need to understand how technologies work and anticipate problems so that they can quickly troubleshoot and offer solutions for their clients. Experts should be employed to train staff and manage the emerging technologies that will soon be a part of the premises. Getting technologies before competitors can be a highly effective way to attract premium clients and generate more revenue.
- Going Green
Intelligent and green buildings are the new passwords for commercial property management success. This new approach appeals to the environmentally-friendly conscience of corporations, but there are economic benefits as well. LEED-rated projects have energy-efficient layouts and low operating costs, which are also attractive for cost-conscious business minds. It's a win-win for property managers.
- Effective Communication
All the above features and services aren't helpful to clients unless there is a clear path for two-way communication between the renters and the commercial property management team. Ultimately, property management often comes down to dealing with people, so the management team will need to have excellent people skills and patience to face any and all crises with a calm demeanor.