5 tips for commercial property management
Monday, October 14, 2013
With the economy stabilizing, global markets settling down and the job markets opening up, there is renewed growth and hope for the commercial real estate industry. In the immediate future, construction and high-end commercial property management present intelligent buildings for new-age businesses.
According to a recent study by the National Association of Realtors, the earnings for commercial real estate agents are at an all-time high. The market is on the road to recovery, and companies are once again poised for growth and expansion now that global competition no longer overwhelms them. This shows a lot of promise for commercial property management services, which will play a crucial role in the further development of the industry.
Commercial property management is a completely different concept from the simple building maintenance that it was even a few years ago. Today, it needs to not just maintain but also generate business. Buildings must offer renters intelligent and green premises with advanced features that can perfectly match with their business needs.
Attracting new business and holding on to existing clients is interlinked with property management. Revenue figures and monthly reports show more than rent accumulated and utility spending, it also shows new business generation and extrapolated figures for the upcoming months.
Here are some tips for commercial property management that will pave the way for expansion and revenue generation:
1. Outstanding maintenance
The appearance of the building has always been important, but perhaps never so much as it is now since companies are more focused on boosting morale and motivating their workforce. A rundown appearance would hardly gel with that notion, so managers need to routinely check the perimeters for areas and sections of the property that need to be repaired and replaced.
This includes a regular check for roofing, landscaping, glass and signage, paint as well as parking areas. Internally, the wall, floorings, fixtures, plumbing and furnishings all have to be in top working order and in pristine condition at all times. Well-maintained properties give out a presentable and professional air, something that most companies would happily pay a premium for.
2. Regular upgrades
Regular upgrades are lifelines for successful commercial property management projects. More than any residential project, commercial properties need to keep up with the trends of the times and offer their clients much more than the regular features. These upgrades need to encompass all aspects of the property, from the latest pantry features to the most advanced security systems.
Businesses thrive on compact and convergent solutions. If their place of work can manage the bulk of the overheads for a fee and relieve them of day-to-day office maintenance, then chances of new business generation as well as increased revenue from existing clients are quite high.
3. Latest technology
Today's intelligent buildings house offices that offer the best bandwidth, best workstations and best mobile potentials for clients working there. This means that highly trained professionals need to be at the help of the property management.
Property managers need to understand how these technologies work and anticipate problems so that they can instantly troubleshoot and offer remedial solutions for their clients. Experts are also employed to train and manage the emerging technologies that will soon be a part of the premises before competitors get to them, an essential feature to attract and generate more business in the 24/7 markets of today.
4. Going green
Intelligent buildings and green buildings are the new passwords for commercial property management and success. They appeal to the environment friendly conscience of corporates, but these LEED-rated projects also come with energy-efficient layouts and low operating costs, which are attractive for cost-conscious business minds.
More and more commercial projects are exploring renewable sources to generate power for continuous services like elevators and escalators, air conditioning and heating units. A recent PwC report shows that tenants are more willing to pay a premium for greener buildings than stay on in cheaper but older versions because they have realized that the long-term gains are better with the former.
5. Effective communication
All the above services and features would be rendered useless unless there is a clear, precise two-way communication established between the managing team and the clients in a commercial property. Ultimately, it comes down to dealing with and servicing people, so the management team needs to have excellent people skills and patience to face all crises with a calm demeanor.
In the event of troubles — whether mechanical, natural or involving individuals — one needs to come up with quick and calm ways for conflict resolution so regular functions can go on unhindered. One has to be approachable, flexible and yet resolute — characteristics that will impress and brand the management for its professionalism and efficiency.
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Which tip is most important for commercial property management?
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