In 2022, the commercial real estate market across the US has an estimated value of $1.2 trillion. The commercial property market in Colorado has remained solid, unlike other markets that have felt a post-pandemic lull.
The need for commercial property management and the commercial real estate market will also remain strong.
If you own commercial property in the Parker, Colorado community, you might be considering hiring a property management company to assist in the upkeep of your property.
Are you wondering what skills your property manager should bring to the table? Read on to learn more about the skills and duties of a commercial property manager.
What Is a Commercial Property Management Company?
Commercial property management has roles that include caring for office buildings, retail centers, and industrial properties. Their duties include:
- Managing daily operations for the commercial property
- Ensuring tenant satisfaction
- Working to maintain commercial property
The property manager should be licensed and have the necessary certificate if the state requires it.
Commercial Property Manager Responsibilities
When a commercial property owner opts to hire a property manager for help, they probably already know the many duties they want to be completed.
Since managing a commercial space can be time-consuming and require careful communication and people skills, it's often the reason owners seek help.
A commercial property manager might have the following duties as part of their role in the community:
- Manage finances and budget
- Maintain property common areas
- Communicate with the owner and commercial building occupants
- Manage vendors and contractors
- Enforce local regulations and bylaws
Commercial Property Manager Skills
There are many commercial property management qualifications that you want to consider when hiring a management company. Let's take a look at some of them and why they'd be important for you.
Strong communication is paramount for a commercial property manager. The manager needs to communicate with tenants and owners. They also need to negotiate contracts with vendors.
As a property manager, you have to answer to a variety of customers, including both property owners and tenants. Providing customer service is key to a property manager.
If either calls with an issue, the manager needs to address and work to solve the problem promptly.
There are several duties for a property manager to maintain a commercial property. Between leases, contracts, and marketing, the property manager needs to have a high level of organization to keep a well-maintained property.
Property managers are often responsible for handling the finances connected to a property. This might include tasks like:
- Property rent collection
- Budgeting rent payments
- Expense tracking for the property
Negotiation and Problem Solving
The commercial property manager will hire vendors to help maintain the property. Whether for snow removal or building painting, they must find the best vendor and negotiate a fair contract.
Once vendors are hired as part of the team responsible for caring for a property, the manager must ensure they take care of their duties. They need to oversee a schedule for property maintenance.
Finding the Best Commercial Management Company
Commercial property management helps property owners manage and maintain their commercial spaces. The property owner provides a host of essential duties to fulfill that goal for the property.
If you own property in Parker, Colorado, we'd like to talk about helping you manage that property. Contact us today to set up a time for us to talk about your property needs.