Understanding the Role of Commercial Property Managers
Many people are clueless when it comes to the many duties of commercial property managers. The first thing that comes to mind about the term property manager is an apartment complex. But what happens in a commercial rental space? What do commercial property managers do? Here is a list of the general services provided by commercial property management firms.
A major part of what a commercial property management firm does is heavily dependent on financial duties. From compiling and submitting accounting reports to accounts payable and accounts receivable, the property management office has an array of financial services that they take care of.
Preparing and processing leases are an essential function of a commercial property management firm. Working with commercial patrons is a bit different than working with residential clientele. Leases will normally be routed through several departments and people within a company. There is a single person who will be tasked with typing up a lease, but the accounting department and the property manager will actually process the lease.
In a commercial firm there is one designated property manager that is the focal point in making essential decisions that will affect the success of the management firm. The overall management services provided involve maintaining successful relationships with vendors, and tenants. Additionally, leasing consultants are responsible for collecting rents, paying bills, leasing space, and maintaining the exterior of the commercial space. The management company will also be responsible for doing periodic site visits to ensure that the property is intact and is in line with the brand of the company. Furthermore, commercial property managers and/or their team associates perform quality assurance checks on vendor performance, health and safety issues as well as checking on the quality and performance of maintenance teams.
One of the core reports generated by a commercial property management firm is called a narrative report. It is comprised of a list of income and expenses, summaries of exceptions and general monthly financial activity. This report is essential to ensure that the operations of the commercial firm run smoothly.
If you are interested in securing the services of a commercial management firm, it may be worthwhile to consider http://www.realpropertymgt.com. It is one of the largest commercial property management companies in the USA. Their skilled commercial property managers have the knowledge on prevailing laws and the requisite expertise to deal with all aspects of commercial leases.