When it comes to managing and leasing commercial or retail property, the relationship you as the agent achieve with the landlord is critical to the end result. To a degree this means that a full understanding of the landlord thinking processes and targets will help you achieve better property management and leasing outcomes.
Every landlord is unique and special when it comes to targets and requirements in property performance. At the early stages of your appointment as the leasing agent or the manager, it is essential to interview the landlord and understand their requirements in the following:
Monthly reporting processes including financial and lease managementIncome and arrears management with sitting tenantsLease strategies relating to sitting tenants seeking to renewFees and commissionsLease strategies relating to new tenants considering a move to the propertyMaintenance and expenditure procedures relating to building operationsAuthorities to act on tenant matters and property performanceCommunications processes with in standard and special activities within the propertyHaving worked with some very challenging landlords over the years, I know that most failed relationships are generally centred on the managers inability to understand or service the landlords requirements. Unfortunately some property and leasing managers treat every landlord in their portfolios the same way. This does not work; unique reporting systems, controls, and communications are always required.
Difficult Landlords Do Exist?
It can be said that some landlords are particularly difficult and the targets or demands are unrealistic however this is the exception and not the rule. Most landlords simply have their own plans and systems to be integrated into the management and leasing process. This is where the professionalism of the manager is essential in understanding the landlord thinking processes and targets.
In the case of every new property management or leasing appointment, the handover procedure for the property should incorporate a number of meetings with the landlord to address the above items. Those meetings should define the way the landlord wants things to happen and how they see the property performing for them over the coming years.
Get to the Source of the Problem
I like to think in reverse when it comes to a property that is struggling with management or leasing issues. Start with the landlord and property manager relationship. If the levels of understanding and cooperation are lacking then in most cases it is the property manager that is the source of the issue. The property manager may be overworked or not suitably skilled; generally a change of property manager will fix the problem.
If you want more tips and ideas to help your commercial property management business you can get a free ebook right here at http://www.commercial-realestate-training.com/
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, negotiation skills, listings, and commissions.