Being More Productive in Your Role as Commercial Property Manager

Posted by on May 9, 2016 in Blog - Commercial Investment Properties | 0 comments

Being More Productive in Your Role as Commercial Property Manager

Most of our customers would agree that the fun part of commercial property investing is researching buildings and analyzing locations. Paying the money isn’t exactly fun but the purchase is also still a rush. These are only a sliver of the investment process however as the real work comes if you decide to manage and maintain the property yourself.

One of the best ways to cut overhead is by being your own commercial property manager. It puts you in full control of your buildings and keeps the information about your business relatively private. Unfortunately it also involves a lot of time and eats up a good chunk of your schedule. Time that could be used to research other investment properties and to expand your portfolio. Therefore, efficiency is key and here are our recommendations on being more productive as your own PM.

Contract Out Services Where Needed

The reason you chose to be your own property manager is because your time is essentially free. That differs from the old mantra that time is money though. Landscaping is a good example of the importance of subcontracting. Here in Florida it is going to eat up most of your week and leave you behind on paperwork, work orders, and other essential components of your business. In order to be the most productive at your duties, don’t be afraid to contract out services, especially labor, where needed.

Be Proactive / Meet With Tenants Regularly

When a bunch of tenant issues arise it can really put you behind the 8-ball, so to speak. Ironically having a lot to do actually makes you less productive. There is no way to predict emergencies, but by opening up a line of communication with tenants you can fix ‘issues’ before they become ‘catastrophes.’ Doing repairs and maintenance on your own schedule is a key to staying productive.

Utilize Management Software

Integrating property management software into your business is basically like hiring an extra hand. This software helps you take control of every aspect among one or many of your properties. Take an organized glance at rent, vacancies, maintenance cycles, lease tracking, and much more with the click of a button or on your Smart phone. Most of the software also features either web-based or mobile workrooms so that multiple members of your team can stay communicated on the same issues and tenants can make requests conveniently and in an organized manner.

Work Smart

Say you own multiple properties that you are also managing yourself. Are you better off going from property to property just cutting the grass in one day or is it more efficient to cut the grass, do painting, cleaning, and HVAC maintenance all at one location before moving to the next? The point is to just work smarter in every aspect of your PM tasks and you’ll accomplish them more efficiently. Being your own property manager can be fun, especially if you are a handy DIYer. Getting behind on work and angering tenants is not so fun however so make sure you work as productively and efficiently as possible.

RequestProposal

Comments are closed.