There is no doubt that the career of commercial or retail property management is extremely rewarding or challenging. The diversity of the job however requires a certain type of person; it is very much a career that is quite specialised and can take you to great heights in portfolio management. Success in the industry is a commitment to excellence in all that you do.
On the pro side, a career can bring you some of the following:
- Recognition as a specialist in managing property of a particular type. The best property managers focus on either office, industrial, or retail property. They develop systems to optimise the property performance in each case.
- As the success of the manager grows, landlord recognition and interaction becomes greater. The property manager is of high value to the landlord when they can bring strategic comments and plans to the future of the property.
- Corporate tenants like to deal with experienced and qualified property managers. These tenants tend to be very demanding from and occupancy point of view and can stretch the bounds of the terms of a lease. This is where the property manager provides expert opinion and controls. They take action when something is being incorrectly done or could expose the landlord to greater levels of risk and volatility.
- When a property manager brings significant skill to their job, it is quite common for the buildings that they manage to be ever more complex and valuable.
These four points would indicate that significant successes are possible for a property manager should they choose to specialise and improve their skill. Make no mistake, the industry is very demanding and excellence is in short supply when it comes to property managers. Choose to be the best in the industry, and the landlords will find you.
On the cons side, there are a few hurdles to be aware of and prevent:
- The management of property can be stressful and time intense. You will work long hours. This says that the managers should take extreme care in controlling the working day so that the key issues are well under control and handled in a timely way.
- There is a large and significant variation in skills required to do the job successfully. They will include financial, building maintenance, lease documentation, tenant negotiation, marketing, building structure, financial analysis, computer skills, engineering, just to name a few. This can be a scary list, so when expertise is in short supply it pays to approach other experts who can help you.
- Levels of documentary controls are high given that you work with many leases, occupancy situations, maintenance activity, tenant negotiations, and landlord instructions. Diligence in documentation is the only way to keep this under control. Read the rest of this entry »