This blog post relates to Rockend, one of our previous brands. For more information please read the press release.
Commercial properties in Australia are having a moment. According to a recent survey by PwC and Urban Land Institute, the cities of Melbourne and Sydney are first and third as the most popular destinations to invest in commercial properties in Asia-Pacific region in 2019 – making Australia a hotbed for commercial property investments.
As the commercial property market becomes increasingly competitive, proper management of these properties is more crucial than ever. If you are thinking of starting a career in commercial property management, you’ll want to learn all you can to help you succeed in this field.
However, equally important is acknowledging – and finding the truth behind – common misconceptions about it. Let’s take a look at a few:
1. Commercial property managers don’t have to worry about tenant turnover as much as in residential property management
One of the responsibilities of a commercial property manager is to ensure that the property is not only occupied, but that tenants are happy enough to renew their lease.
It’s easy to think that because you’ll be dealing with companies, taking care of your tenants every step of the way – as with residential tenants – no longer holds true. But this couldn’t be more wrong.
Whether your tenant is leasing space for an office or for setting up a retail shop, keep in mind that these spaces are being run by their employees, and more importantly, making them money. They are entrusting these to you and it is important to nurture this trust. Conducting regular property inspections, being proactive with maintenance, answering queries in a timely manner are just some ways that can assure your tenants that their business is in the right hands.
2. Commercial property management relies more on relationships and less on new technology
While it’s true that a huge part of property management is maintaining harmonious relationships with both investors and tenants, addressing inefficiencies in the complex processes and transactions is just as important.
With the emergence of property tech, more efficient and innovative ways of managing commercial properties are now available. Server-based systems are being replaced with cloud-based property management solutions – allowing for a more accurate overview of the property in real-time, along with automation of important yet time-consuming tasks, regardless of when and where you are.
As you progress in your career as a commercial property manager, you’ll be handling more properties and it is important to work as efficiently as possible. By leveraging technology, you are able to work smarter and create more value for your clients.
3. Commercial property management is just collecting rent and managing repairs
Your responsibilities as a commercial property manager are essential for helping investors reach their goals. But because your tenants are running their business in the property, you can say that they have a vested interest in it too. This makes your job as a property manager critical in ensuring everything in the property is running smoothly and both investors and tenants’ needs are being met – it’s not just about rent collection and scheduling repairs.
Sure, those are part of the job but there are others on the list too: analysing market conditions to help maximise the property’s value, finding tenants to fill properties- which includes marketing work, organizing records and documents, financial reporting, handling contracts and making sure everything complies to strict government regulations.
While this branch of property management doesn’t get that much attention as its residential counterpart, it is nonetheless a rewarding career. There are definitely challenges along the way, but by gathering information and arming yourself with the right tools, productivity and success in this field are possible.