Property Management Fundamentals

Property Management is a critical component of owning a commercial property. Skilled administration of a property and its tenants is the bedrock of success. When determining your game plan for Property Management whether it be through your own means or a 3rd party management company, these are the keys to remember:

Building Operations:

 

1. Know every system in your building and how it is supposed to operate. These systems include HVAC (heating and air conditioning), Fire Alarm system, Electrical System, and Security among many others.

2. Partner with quality vendors to maintain your building systems. Ordinarily, a third party management company will be able to provide preferred pricing opportunities through their partnerships with vendors in the area.

3. Develop a maintenance plan to ensure that your building and its systems operate at their optimum level.

4. Put together a game-plan for responding to emergencies at your property.

 

 

 

 

 

 

 
Tenant Management:

 

1. Ensure consistent and legal administration of each lease for the tenants at your property.

2. Develop a comprehensive tenant relations program to keep the lines of communication open between you and your tenants.


 

 


Accounting:

1. Comprehensive financial reporting is essential to managing a property successfully. Annual Operating Budgets lay the groundwork for the income and expenses planned for the next year and Monthly Financial Statements provide regular feedback on that plan.

2. Be sure that you have experts available at your fingertips to help you forecast and analyze the success of your property to help you plan for the future and to help you see any potential challenges before they happen.