Commercial Guidebook | Real Estate Investor Magazine Commercial Handbook | Page 22

MANAGEMENT Commercial Property Management A Professional Approach BY DREW HOOK M anaging a commercial property involves far more than simply keeping a building occupied and maintained. For long-term sustainability a professional approach to property management is required, as a catalyst for the growth of the property investment. For this reason, smart property owners outsource the management of their commercial portfolios to professional property managers with experience and expertise in managing a wide range of critical success factors. well maintained property is more easily let than a neglected one and can command higher rental. In addition to ongoing and preventative maintenance, the building must also be improved on a regular basis to increase its appeal to current and future tenants. A professional property manger will be up to date on local property trends, rentals charged by similar buildings in the area and the required improvements to keep the property in line with or ahead of its competition. Tenants Tenants are the source of income. Building mutually beneficial relationships with the right tenants requires more than placing and billing. It requires a professional approach, which yields excellent results as happy tenants stay in a building for longer, pay their rent on time, better maintain the building and its facilities and attract tenants with a similar profile. The right tenant mix for a specific building area and industry type ensures the sustainability of the premises. A property manager is a critical interface between the property owner and the tenants, professionally taking care of the tenant mix, tenant screening and installation, tenant risk rating to determine the amou