Commercial Property Manager
What is a commercial property manager?
A commercial property manager is someone who oversees and manages commercial properties on behalf of the owner or the company that owns them. They are responsible for ensuring that the properties are well-maintained, occupied by tenants, and generating income.
What does a commercial property manager do?
Usually, a commercial property manager does the following:
- Manages and maintains commercial properties, such as office buildings, retail spaces, or industrial complexes
- Finds and screens potential tenants, negotiates leases, and collects rental payments
- Handles property maintenance, repairs, and renovations
- Deals with tenant complaints and resolves any issues that may arise
- Keeps track of financial records and prepares budgets for property expenses
What does the day-to-day life of a commercial property manager look like?
A commercial property manager usually works between 9am and 5pm, though this may vary depending on the company and the specific property they are managing. Their daily tasks may include:
- Conducting property inspections and addressing maintenance issues
- Advertising and marketing available spaces to attract new tenants
- Meeting with prospective tenants, showing them the property, and negotiating lease agreements
- Collecting rent payments and handling financial transactions
- Responding to tenant inquiries and addressing any concerns or complaints
- Attending meetings with property owners, contractors, and other stakeholders
- Keeping track of property expenses, preparing financial reports, and creating budgets
Where does a commercial property manager work?
Commercial property managers can work for various types of companies, including:
- Real estate firms: Many property management companies specialize in commercial properties and hire property managers to oversee their portfolio of properties.
- Property development companies: Companies involved in property development may also hire commercial property managers to manage and lease their properties.
- Large corporations: Some large corporations own extensive commercial property portfolios and have in-house property managers to oversee and maintain these properties.
- Property management agencies: These agencies specialize in managing commercial properties on behalf of property owners or investment firms.
- Self-employment: Some commercial property managers work independently and manage properties as self-employed professionals.
Commercial property managers can work in different locations throughout the United Kingdom, depending on the properties they manage and the companies they work for.
What tools/software does a commercial property manager use?
A commercial property manager utilizes various tools and software to carry out their responsibilities, including:
- Property management software: This helps with tasks such as rent collection, tenant screening, lease agreements, and financial reporting. Examples of property management software include AppFolio, Yardi, and Building Engines.
- Financial software: This is used to handle financial transactions, create budgets, and track expenses. Common examples are QuickBooks and Excel.
- Communication tools: Property managers often use email, phone, and video conferencing platforms to communicate with tenants, property owners, and other stakeholders.
- Office productivity software: Applications like Microsoft Office or Google Workspace are commonly used for creating reports, managing documents, and organizing schedules.
What do I need to become a commercial property manager?
To become a commercial property manager, there are several options available:
- Bachelor's degree: While not always mandatory, a degree in a relevant field such as real estate, business administration, or property management can be advantageous. It provides a strong foundation of knowledge and may be preferred by some employers.
- Professional qualifications: There are various professional qualifications and certifications available for property managers. For example, in the UK, you can pursue the Royal Institution of Chartered Surveyors (RICS) qualifications.
- Industry experience: Gaining practical experience in real estate or property management through internships, entry-level positions, or volunteering can help develop the necessary skills and knowledge.
- Networking: Building professional connections within the real estate industry can lead to job opportunities and provide valuable insights and mentorship.
What career paths are available?
There are several career paths available to a commercial property manager, including:
- Senior Property Manager: With experience and a proven track record, you can progress to a senior property manager role, overseeing larger and more complex properties or managing a team of property managers.
- Property Portfolio Manager: As a portfolio manager, you would be responsible for managing a portfolio of properties for a company or an investment firm.
- Property Development Manager: If you are interested in the development side of the industry, you can transition into a property development manager role, where you would be involved in planning, construction, and project management of new properties.
- Real Estate Agent/Broker: Some property managers choose to become real estate agents or brokers, specializing in commercial property sales, acquisitions, and leasing.
To start on these career paths, it is essential to gain relevant experience, build a strong professional network, and continue learning and staying updated on industry trends and regulations.
What jobs are similar to a commercial property manager?
- Residential Property Manager: Similar to a commercial property manager, but focusing on residential properties such as apartment buildings or housing complexes.
- Real Estate Asset Manager: Responsible for managing and maximizing the value of real estate assets on behalf of property owners or investment companies.
- Facilities Manager: Oversees the maintenance and operations of facilities, which can include commercial properties, office buildings, or institutional buildings.
- Real Estate Developer: Involved in acquiring land, securing financing, and overseeing the development of various real estate projects, including commercial properties.
Share your experiences as a commercial property manager!
Are you a commercial property manager? We want you to share your experiences with those looking to start or change their careers to commercial property management. If you're interested, contact us at mail@calumchilds.com.