5 Commercial Property Management Tips to Enable Growth
Everyone wants their commercial property management business to grow. It’s common sense, right? But operating with a ‘business as usual’ mindset won’t cut it if you want to ensure your company reaches new heights year on year.
Read on to find out how to get guaranteed growth.
1. Keep Communication Going and Make Full Use of Feedback
Relationship management is key in any type of property management. But in commercial management, the stakes are much higher with higher-value accounts and fewer tenants on the books. At least, that’s the case for most commercial property portfolios.
Tenant happiness is paramount here. Happy tenants help drive a steady revenue stream that stabilises your operations, meaning your business has room to bloom beyond its current borders. You can keep a solid foundation for growth and make more calculated risks with confidence by not forgetting about long-term tenants.
Ensuring tenant happiness includes responding to requests promptly, adopting more convenient forms of communication and asking for feedback — which you should use to take action.
2. Master Maintenance From a Practical and Financial Perspective
Maintenance is a large part of property management, even if our brains tend to skip straight to actions like finance and reporting. Maintenance can be disruptive, but it can also be transformative for commercial projects. Its high impact means it’s essential to become an expert at managing mass maintenance and other smaller projects.
From creating links with trustworthy contractors to managing tenant expectations and accounts, a lot goes into maintenance work. It can be tempting to ignore maintenance until it absolutely requires our attention, but getting on top of this operation is one of the key ways to grow. Maintaining five-star facilities and producing watertight processes makes expansion easy.
3. Look for Improvements — Even When Everything’s Going Well
Commercial property management growth isn’t dissimilar to any other industry. You need to remain proactive to become the type of company that wins contracts over other competitors who are less inclined to instigate action.
In commercial property, this means hunting out the best technology before its time, going above and beyond to delight the client and making continual improvements even when there’s no emergency.
Only those who preempt change swerve stormy waters. Proactive companies are more agile, better prepared and informed to weather tough times. This is something we’ve seen repeatedly throughout the pandemic, with forward-thinking companies that adopted remote working early coming out of the situation with better efficiencies and fewer upheavals.
4. Invest in Appropriate Property Management Software
Technology plays a big part in catapulting company growth as it allows you to manage property remotely as well as digest wider banks of data as your account grows. We alluded to researching new technologies in our previous point — but there’s a mountain of property management software already on the market.
Any commercial property manager with growth goals should make an almost immediate investment in property management software — especially if a platform can do things like merge administrative work with accounting and offer opportunities for automation.
These functions will save you time, stop siloed working and create a digital environment for expansion. As your business grows, your operations can stay as it is, creating less work for you and your team.
5. Continually Develop Your Knowledge of the Commercial Market
Last, but not least, commercial property managers need to keep an eye on the commercial market. It isn’t rocket science, but keeping up to scratch with major industry updates and developments allows you to understand the potential effects on your business. Again, it’s all about managing and mitigating risk to keep your business stable.
A strong company positioned to survive — if not thrive — external change can continue to stay on track to meet its growth goals without any added interruptions. Resourceful property managers can always find advantages in what’s ahead to see what signifies a silver lining. In doing this, your company will always come out on top.
If you want to build an operation destined to succeed, then download our annual report, designed to equip you for the next 12 months of growth.
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