How to Deal With Difficult Tenants and Situations in Commercial or Retail Property

When it comes to the leasing and management of any commercial or retail property, it is common to come across difficult tenants and or situations from time to time. The levels of difficulty will vary but importantly you should be acting with concise and accurate responses in each and every case.

The document that supports you when tenants and events become difficult will be the lease document. You can add to that the processes of law and local legislation. This then says that the leasing or property management expert for the property should be very familiar with lease interpretation and local property law.

So tenants will become difficult for a number of reasons and at times when you least expect it. Staying close to the issues of tenant occupancy, lease documentation, and property performance will be essential to seeing and identifying property performance issues and lease defaults.

Here are some ideas to deal with difficult tenants and potential situations:

  1. Many property disputes with commercial and retail property stem from the inadequate responses from the landlord or property manager to occupancy issues and maintenance. When something goes wrong in the property of a physical nature, that can have impact on tenants and customers, it is important to control the events and rectify the problem as soon as possible. As part of this there will be elements of risk and liability should anybody be injured. Many landlords and property managers have exposed themselves to greater risk and liability through slow and inappropriate responses to maintenance problems.
  2. When something goes wrong within a property, immediately refer to the terms of the lease and see how any response should be generated. There will be covenants that apply to the landlord and the tenant in most occupancy cases and situations. Take notes of conversations and events as they occur, so that any future disputes and disagreements can be minimised.
  3. If any decisions or instructions are issued from the landlord regards the difficult tenant or existing situation, it pays to respond to the landlord with a receipt of the instructions confirming your actions to be taken. Unfortunately landlords and tenants will argue about what was intended or instructed. The notes that you make today as part of the process will be your major source of protection in the future.
  4. It pays to have a small group of experienced maintenance contractors that can respond to problems quickly and effectively. They should also know how to respond within guidelines that you have set for the property. They will be your eyes and ears should anything more difficult evolve or follow from the property problem.
  5. If you are dealing with a more standard occupancy matter relating to the tenant, and where factors of risk and injury are not physical, then it is likely that the dispute will be centering on matters of occupancy. In most cases it will be the lease document that will be the fall-back for the actions to be taken in the situation. On that basis it will pay you to understand the lease document in great detail; you may need to consult with a solicitor to help you with this knowledge and to assist you with the appropriate legal response. If you are issuing any notices under the terms of lease occupancy and lease documentation, those notices have to be legally correct and suitably detailed. If you make any errors here, you may very well jeopardise the landlord’s situation and ability to claim on the tenant.

Every commercial or retail property will have challenges from time to time. A detailed property approach to any disputes and defaults is wise in each and every situation. Understand your lease documentation, the instructions of the landlord, and the laws and legalities that apply.

Hollywood Hills – The Essence Of Los Angeles Luxury Living

The Hollywood Hills! Just the words create images of the Golden Age of Hollywood: the glamour and gilt of the great age of film. Since the 1920s there has been a flood of residential development in the area of Los Angeles called the Hollywood Hills. This exclusive real estate is home to the highest concentration of celebrities even today. The residents of these luxury neighborhoods enjoy privacy as well and unparalleled views of the city.

The Hollywood Hills is located in the Santa Monica Mountains just south of the San Fernando Valley. The famous “Hollywood” sign stands watch over the exclusive neighborhoods which include Beachwood Canyon, the Bird Streets, Sunset Plaza and Outpost Estate.

Beachwood Canyon

Beachwood Canyon is located in the northern part of the Hollywood Hills. The area was originally known as “Hollywoodland” as was the iconic sign which was used to advertise the area to potential residents. When the “land” letters eventually fell away, the sign remained to reign over the Hills.

Beachwood Canyon represents the image of a California lifestyle. Situated high above the traffic and noise of the city, this laidback community appeals to those looking for a quiet, relaxed living environment. Residents can enjoy hiking in the hills, shopping at the local markets and lounging at the many cafes. Beachwood Canyon truly represents the best of the Los Angeles lifestyle.

The Bird Streets

The Bird Streets is an area above the Sunset Strip where the streets have bird’s names: Oriole, Thrasher and Nightingale. George Harrison wrote the song “Blue Jay Way” in a house on the street which boasts the same name. The Bird Streets’ popularity has grown over the past decade. The incredible views and close proximity to the Sunset Strip has made this area a desirable address for the rich and famous. The community has a real neighborhood feel, unlike other areas of Los Angeles. One example of this is the Doheny Dining Club. The Club meets a few times a year for an evening of progressive dinners and has on average 50 people in attendance.

Sunset Plaza

Sunset Plaza is a bit of small-town in the big city of Los Angeles. This trendy two-block strip area is home to sidewalk cafes and fashionable boutiques nestled between the Hollywood Hills and Beverly Hills. The relaxed, friendly atmosphere is a stark contradiction to its exclusive cousin, Rodeo Drive. People watching is always popular at the Sunset Plaza and there are plenty of opportunities to see the “Beautiful People” enjoying a sunny afternoon at an outdoor café. Centrally located on the famous Sunset Strip, Sunset Plaza is a favorite destination for the residents of the area for a quick bite or latte.

Outpost Estates

Outpost Estates is located near Runyon Canyon Park and is one of the original Hollywood neighborhoods. Developed in the 1920s as a luxury community, this is truly at the heart of Old Hollywood. The area, touted the “jewel in the hills,” is dotted with an impressive array of original homes which have been carefully preserved. Lower Outpost Estates looks much the way it did in the 1920s.

The name “Outpost” came from one of the early properties of the neighborhood. The estate was purchased by General Harrison Grey Otis, the owner of the Los Angeles Times, from Don Tomas through a series of legal efforts associated with California joining the United States. After acquiring the property, Otis built a clubhouse for entertaining which he named The Outpost.

The area really gained popularity during the roaring 20s. The Outpost Estates offered easy access to the Hollywood Bowl and the newly opened Grauman’s Chinese Theatre. The area quickly became the most exclusive and sought after neighborhood in Los Angeles. Today, the elegant homes still offer one of the most desirable addresses in the City.

The Hollywood Hills has always been one of the most exclusive residential areas of Southern California. Here, luxury homes can take the form of the humble 1920s hacienda to a modern marvel with an infinity pool. The Hollywood Hills offers residents a quiet lifestyle while quick access to the vibrant city below.

Upsurge in Amritsar Real Estate

Amristar, popularly known as Sikh Holy City is Punjab's second largest town. Amritsar literally means 'pool of nectar' and is a premier tourist destination famous for Golden Temple built around the sacred pool. It is the spiritual and cultural centre for Sikhs and an important trading city of Punjab. Since the time the Central Government announced the opening up of trade avenues between India and Pakistan in 2004, the real estate in Amritsar is witnessing a boom.

The property market of Amritsar is developing rapidly as the Government of India and Government of Punjab have released heavy funds. With the mission of taking Amritsar up to the level of a world class city, both residential and commercial developments in the city are picking up very fast. A lot of attention is being given to improving basic services and amenities related to transportation services, sewage management, water facilities, and various others. Leading realty developers like Emaar MGF, Ansals group and Collage India Group are soon to launch mega projects to build various apartments and malls in the city.

The face of this Holy City is all set to change with large number of luxury penthouses, apartments, flats, etc coming up. The townships of such high standards is apparently an entrée into urban housing enriched with landscaped gardens, golf greens, theme parks, tennis courts, play areas along with schooling, healthcare and other state-of-the-art facilities. Setting up of a financial centre, multiplexes, shopping malls, entertainment zones, recreation clubs and parks is also planned. This commercial stir has opened wide doors for retail investments in the city.

The building up of SEZ by prominent realtor DLF developers on 1,000 acres of land with an investment of around Rs.16,000 crores is the most important breakthrough for real estate in Amritsar. This mega project will be conducive to overall growth of the city as (a) it will create large number of employment opportunities for both locals and outsiders, (b) it is expected to encourage investors from IT, ITes, BPO and hospitality industries to enter the city and (c) will help in boosting the service sector in the city and make it an important part of the economy. The upcoming properties upsurge in Amritsar stands testimony to its potential of becoming a world class tourist destination.

The standards of living in Amritsar will evolve greatly into the contemporary mode to create international living style and shopping experience. The growth in IT industries and SEZs are elevating the real estate profile of the holy city. The role of Punjab government has been extremely crucial in trying to uplift the city to a higher level. It is actively participating in improving city's infrastructure, transportation, water and electricity supply and other necessities. Their initiative of promoting investments in the city has received good response with various investment projects being pumped in the city. Amritsar is now more than a holy place, it is an upcoming real estate destination for the property investors.

After the development of cities like Chandigarh and Mohali, the economy of Amritsar is seeing an upward trend. The availability of better infrastructural facilities combined with cheaper property prices has led to exploration of residential, commercial and retail market of Amritsar. The response of investors and their growing interest in Amritsar real estate is (a) encouraging property developers to bring in more number of residential projects and commercial space, (b) nourishing the economy of the city and modernizing the trends, and (c) climbing up the ladder of growth quickly by ranking among the fastest growing tier-III cities of India.

With all this Amritsar is witnessing growth in residential, commercial and retail sector with numerous luxury projects in the pipeline. Amritsar real estate promises excellent returns on investments.

Commercial Property Management – Tips for Reading Commercial Property Leases

When you manage or own commercial investment property, the reading and interpretation of leases becomes common practice as you seek to protect the rental and the function of the asset for the landlord.

A solicitor prepared lease will be the best way to go when it comes to getting a lease that protects the intentions of the parties. Generic property leases are usually not sufficient in property detail or terms and conditions to comprehensively pick up the specific factors of property design and performance. 'You get what you pay for', is the phrase that comes to mind in comparing generic 'off the shelf' leases versus ones that are specifically drawn up with the landlord and property in mind.

Only 'commercial property experienced' solicitors should be sourced and trusted for the task of lease preparation. A solicitor prepared lease provides a more specific and attractive package to buyers of the property.

Buyers of the property in considering a potential purchase can read the lease and understand where the cash flow will be coming from over the remaining lease duration. It is a proven fact that well prepared leases do help the sale of the property. They are more likely to contain advantages such as:

  • A better rent review profile than the standard review that is indexed to the local consumer index
  • A specific 'make good' clause that picks up the tenant reinstatement issues relevant to the premises
  • Landlord favorable actions and protections to use in the event of a lease dispute or default
  • Clearly set out dates for rent reviews and options that give the parties plenty of time to prepare for the event and negotiate appropriately

Reading Property Leases

Every property owner or commercial property manager should be able to read and comprehensively interpret property leases. In only this way can you correctly manage the occupancy of the tenant in the future of the property.

You can not price a property for sale without a review of all leases; they could very well impact the method of sale, timing of sale, or the price that you want to set.

The lease protects the cash flow for the property. It also protects the landlord and tenant occupancy factors. A lease provides harmony in the occupancy relationship into the future.

A property lease can be quite specific to situations and dates of occupancy. When you purchase or manage a commercial property lease, the critical dates should be found and diarized for action at the right times.

Here are some ideas for you to develop in the reading of property leases.

  1. A lease will take time to read and fully review. A checklist of key issues will help you to extract the main items of interest to you. Different property types will require unique checklists to apply to the functions of that property.
  2. Details of the landlord should be legally correct and clearly displayed on lease document. This will include the registered office address for the services of notices to the landlord under the terms of a lease.
  3. Details of tenant occupancy and identity should also be clearly identified on the lease. The address of the tenant should be correct for the purposes of the serving of notices during occupancy.
  4. The description of the property and or the tenancy should be accurate and refer to the unique premises. In some cases you will find reference to a plan or certificate of title. If that is the case it should be searched and checked against the premises in occupation.
  5. When you review a lease, look for discrepancies or things that are outstanding. It is very common for property managers or landlords to overlook the exercising of lease terms and conditions.
  6. Make sure that the lease rental and current outgoings charges are in keeping with the lease terms and conditions. It is not unusual for something to be dropped or not processed in the management of the property.

Get used to reviewing leases. The more practice that you get the better you will be at seeing shortcomings and mistakes relating to the tenancy.

Make Easy Money Online: Become a Commercial Real Estate Property Scout

There are lots of ways to make easy money online. I am sure you have seen many of them in your email inbox.

One opportunity you may not be aware of is becoming a Commercial Real Estate Property Scout.

What’s a Commercial Real Estate Property Scout?

It’s a person who finds property for investors which meet a specific acquisition criteria.

Here’s the deal: This opportunity has nothing to do with sales, data entry, or any of those other possible questionable online business opportunities you may be aware of.

A Property Scout uses the Internet to search real estate listing databases for properties which meet the investors criteria. There are literally hundreds of these databases, many of which are free to use.

Advantages of the Opportunity

There are many things which make this opportunity attractive.

First, the price to get involved is very modest. It’s under $100 dollars.

Second, the money is really good. Frankly, there’s no comparison between what you can earn doing this and all the rest of the opportunities combined. It truly is one of the ways to make easy money online.

You can really earn hundreds of thousands of dollars a year.

Third, the support the company offers is incredible. While they won’t handhold or baby sit you, they will provide the weekly training, personal direction and weekly Q&A so that you can be successful–that’s more than any of the other opportunities do.

The fourth thing, is that you really can do this from home. There’s no travel involved. Plus it really only requires about twenty hours a week of work on a consistent basis.

The best part for me is that the company, Maverick Real Estate Investments, isn’t one of those schlocky companies promoting the next business opportunity. It’s real. And they sincerely want to see you successful because the big money for everybody involved is made when you find a promising property.

They’re committed to training you to be successful at it.

Maverick Real Estate Investments is in the commercial real estate business. That’s their purpose. And they’ve set up this business opportunity, so that they can attract people to help them find properties which fit their profile for acquisition.

It makes perfect sense if you think about it.

Disadvantages of the Opportunity

Are there bad points? Yes, a small one. But you really can’t blame the company for it, it’s just the nature of the commercial real estate industry.

If you need to make money right away, this is not the opportunity for you. Patience is key. While you can realistically make six figures and up a year, the fact is it takes time to find a property the investors want to acquire. It has to fit their profile (which they’ll thoroughly train you in).

And even when you find a property that meets their profile, they need the time to do whatever it takes to turn the property around which could take as long as 18 months to do.

But still, you have to admit it’s really good money. And let’s face it, you were to go into business for yourself, it would take that long AT LEAST to turn a modest profit–and nowhere near the money you’d earn as a Property Scout.

Now, they do offer an interesting way for you to get paid faster. But I wouldn’t recommend it, unless you really needed the money. You can get paid $15,000 when they buy the property and $15,000 again when they sell the property. It’s good money, but they prefer you to be partner with them and pay you when they sell the property and there are profits to be dispersed. It eases their cashflow.

Summary

In nutshell, this opportunity is legit. It’s lucrative. People ARE making money–and a lot. And it’s a profession which you can easily do from home using the Internet. Although it’s not perfect, it’s one of the few easy ways to make money online which is realistic and easily doable.

Why Aerial Photography Is Popular For A Wide Range Of Commercial Uses

In coming days, Aerial Photography is going to rule over many hearts. It is the best way to go ahead to your competitors. In real estate, this new age technique is being used on a scale. It has emerged as a powerful marketing too. It coins your name in the industry and brings you at the forefront. A professional shot aerial photography or Videography is very helpful, whether you wish to lure the customers, business associates or clients towards your property.

Why It Should Be Shot By Professional Photographers

The new age and modern are not leaving any stone to serve the best service and that is why they are hiring Best Aerial Photographers. These reputed agencies understand the value of customers’ requirements and needs and always give them preference by serving the desired results. Whether you want the out-side view or in-house views, they are perfect in capturing all sorts of. The major reason of the aerial photography in commercial market is that it is perfect way to capture the beauty of the product, building or object.

It speaks in a beautiful way and touches the heart of the customers without saying or having any kind of written text. For example if you wish to showcase the newly build building to your customers to make them to buy then it is quite essential to let them examine the building as they want. It does not matter where they situate or locate, they can get the real view using the new age technique called Aerial photography and Videography. If it is done by the Best Aerial Photographers, they accomplish their task which takes your business to the next level.

How Aerial Photography Works To Increase Your Profit

Nothing can describe the wide area, long bridge, huge building better than the aerial photography or Videography. It requires that it must be shot by a professional since they hold enough knowledge to take best images from various angles. It makes possible to view roads, bays, boundaries, roof and even in-house areas too.

We all know that the half work is done if you win the trust of your customers. Aerial photography and Videography let them introduce about the product in a discreet manner. It mitigates their doubts regarding the product and helps them to take decisions.

Why It Is Popular In The Commercial Market –

• It reduces the distance between the customers and buyer.

• It allows the customer examine the product in a discreet manner and get satisfied.

• The viewers come to know about the actual size and area of the product without considering the size and location of the product.

• It brings all sides of the product.

• It captures the beautiful images of the products.

Saying would not wrong that it is the latest marketing weapon in real estate and attracting a number of customers to buy the property. With the help of this new age technique, it has become possible to examine the product even if you are not able to visit the actual site.

How To Start A Realtor Sign Installation Business – Tips And Strategies

When you start a Realtor sign installation business, you have access to a wide variety of potential business sources from residential to commercial to vacant land. You will also need to establish the geographical area that you can cover reliably.

In considering how to start a Realtor sign installation business, the first consideration has to be arranging for the production of signage materials. To print custom logos and colors you will need to set up arrangements with a silk screen printing company. This is a specialized process where the pattern is created on fabric with a resist material, then ink is pressed through in multiple color passes. You are also going to want to arrange for storage of the completed signs in a covered dry area with separators to protect their surface when not in use.

The signs themselves are almost universally mounted on four by four standard construction grade Douglas Fir posts, apart from larger commercial real estate signs which occasionally may require four by six posts. The plywood for lettering should be plywood with exterior grade glue and a smooth PTS “plugged and touch sanded” surface on both sides. Half inch thickness should suffice for most applications.

You will need a good knowledge of the area to accurately locate the sign placements. A GPS device is useful here, and you will also want to be able to read County Assessor plat maps if you are going to place signs on vacant land. You will also need to check local sign ordinances in developed areas. Know the restrictions on sign placement in gated communities, within homeowner association controlled developments, and in all areas with covenants, conditions and restrictions (CCRs) such as planned unit developments or town homes.

You also need to have reliable transportation consisting of a full size pickup truck with wood separator fixtures fashioned to secure the standard yard signs during transport.

Once your production capacity and storage arrangements are in place but not yet activated, you need to secure your accounts. In addition to marketing to conventional real estate offices, you will also want to pursue the bank REO (real estate owned) departments that need to liquidate foreclosed holdings and the independent agencies that are selling foreclosed properties in bulk.

Establish your pricing and service by comparison with sign companies in areas adjacent to your service area. Much of your marketing will be establishing contacts in person with the real estate office managers in your area. Be presentable, be persistent, be cordial, and be businesslike. These people need to know they can trust you to promptly and reliably place and remove their signs.

Almost every business today can benefit from an online marketing presence. A digital camera can provide you with promotional photographs for your web site, and templates are available online to simplify the process of setting up your site. Be sure to include a call to action on every page to encourage your visitors to request an estimate by e-mail. Also obtain their name and telephone in your online form to follow up with them consistently. The forms can be found by searching online for reply forms.

Commercial Property Managers – What Skills Do They Need and Why?

In commercial real estate agency, the property management division is a key part of the agency performance. In real terms the successful division can bring in significant and stable income to the agency on a regular monthly basis. That being said, a good commercial or retail property manager is highly skilled and should be selected for the property management role based on key performance criteria and hands on experience.

Far too many real estate agencies have average or poor performing property managers. In real terms this is a real threat to the stability of the division income, and the quality of the service provided to the landlords. Unskilled property managers do not last in commercial or retail property; it’s that simple.

Cadets and Training Processes

There is a place for ‘cadets’ that learn the roles and the skills of complex property management. The process itself takes a couple of years during which time the person should be exposed to all property types and situations under the guidance of an experienced manager.

So what does a good commercial or retail property manager look like and what skills will they have? To a large degree they will need to bring to you as agency principal, the skills needed for the managed property type and local area.

If the property manager does not know much about managing the required property type, then do not let them manage it; the errors made can destroy your relationship with the landlord and ultimately the management appointment.

Different Skill Sets

There is a large difference in management style and skill required between retail, office, and industrial property; industrial property being the easiest to manage and retail being the most intense and difficult. The skills required in a retail property manager is diverse and deep; they are the best in the industry.

Generally speaking, retail shopping centre managers today are also the busiest in the industry. The role is very hands on and unrelenting in intensity. Here are some core skills of a well skilled and placed property manager:

  1. The ability to read and understand leases and occupancy documentation for all property types.
  2. The marketing of the property to the local community and customers will be a factor that is critical to retail property. It this way sales are encouraged for the tenants; this underpins the rental for the landlord.
  3. Sound skills in financial analysis and reconciliation so a property performance tracking process can be set up for all managed properties.
  4. Good communication skills are essential. Property managers must be accurate, confident, and decisive, in keeping with laws, legislation, and the instructions of the clients that they act for.
  5. Attention to detail is required in all property negotiations and tenancy matters. Without good records and accurate information, the ‘wheels fall off’ the division and its services. Landlords soon see through mistakes and inaccuracy.
  6. Marketing of vacancies happens all the time in larger properties; importantly the frequency of vacant space is minimised and the times without a tenant are lessened.
  7. Income optimisation and expenditure controls are at the centre of property financial performance. The manager must know what is happening and why in all managed properties, when it comes to the cash flow and reporting to the landlord.
  8. All reporting processes and communications to the landlords we act for today must be detailed and accurate. Property compliance and maintenance, energy consumption, lease and vacancy matters, tenant and landlord lease covenants, outgoings performance, and environmental matters are just some of the factors that are controlled and reported on each month.
  9. Computer technology needs are increasing in the available property performance and management systems today. The property manager must be familiar with, and comfortable learning more about all the software and computer based technology that is used in the industry.
  10. Work hard and with focus each and every day. The hours that a manager will put in the job are long and intense; however they are the experts and should recognise the value that they bring to the job.
  11. Maintenance decisions and controls are made daily and should encompass the instructions of the client and the laws of property ownership and function. The manager needs to know what is required and should competently handle the decisions and communications with contractors, tenants, landlords, and fellow employees.

So how do you find one of these highly skilled people? They are out there and should be carefully sourced. They will be an asset to your agency function and performance.

Hiring a Real Estate Agent or Realtor

There are many reasons why a person should consider talking with an agent or a realtor if they are doing anything related to real estate. These services are great for businesses, individuals and investors. Whether you are interested in real estate because of your business, as an investor or because you want to buy a home or apartment, you are going to need some professional assistance. Here is a look at some of the main benefits of hiring a realtor and doing business with them:

1. Convenience and Access

One of the major reasons a company would talk with a commercial realtor in Omaha is because of the continence and access associated with the transaction. When it comes to commercial real estate in any part of Nebraska, it is very tough to find the right space and negotiate the right price for a purchase or rental unless you have a commercial realtor in Omaha who can assist you in the process. Any type of business can benefit from hiring a realtor, because they are all looking for the same things in the area.

2. Negotiations and Contracts

A huge reason to go with an agent or realtor is to ensure that any legal aspect of the deal is handled with aplomb. Even if you have some experience with real estate in the past, you are not going to know enough to ensure you are keeping things above board with regards to the deal. In addition, you may need a realtor to help you see whether the other party is being completely straightforward on their side of the deal. These are things that a real estate professional knows all about, which is why hiring them before you begin the process is the best way to go.

3. Finding the Perfect Space

Finding the right retail space in Omaha is not easy. Not only are you looking for something that is located in an enticing location, but you also want something that is proper value for money. There are two reasons why you may be interested in retail space in Omaha. You could be interested for investment purposes, or you may need the space for your own shop or store. If you are an investor, a realtor can help you properly assess the advantages and disadvantages of putting your money in a particular space. If you are someone who needs the space for your own business, the real estate agent can help you negotiate the deal and get you a proper price on a valuable space.

For anyone who is serious about putting their money in the real estate market, there is no way to emerge with a “win” unless you deal with a realtor. They are the experts on real estate, and they have the man-power to help you with the process. The various teams at a realtor’s office can help you with different aspects of the buying, selling and investing process as it pertains to real estate.

Shopping Centre Management – What Makes a Great Shopping Centre Manager

A shopping centre manager is a lot different than your ordinary commercial property manager. They must have a good degree of marketing skill behind them together with excellent communication skills.

If you run a real estate agency and are to be moving into retail property management then you should carefully consider your staffing strategy before you get started. It is quite likely that your existing property managers will not be ideal working in or on the retail property. The skill mix is different and not commonly available in your average real estate person.

A great manager for retail property is hard to find and are a special type of person. Here is why:

  1. A shopping centre is a vibrant property investment type that integrates to the community and customer. Marketing the property within that focus is an ongoing task for the centre manager. Neglect it at your peril as a property that is not aligned to the community will decline faster than you think.
  2. Tenants in a shopping centre are much more focused on property usage and function than tenants in office or industrial property. The reason being that the tenancy they occupy is likely to be their business and livelihood. Communication with tenants in a shopping centre is a daily event and is a critical part of the centre manager’s job.

Both of these elements of action are very high in the activities of a manager. It is not unusual for a the person to spend the start of every day or a large part of the morning moving around the property and talking with the tenants.

Tenants have to see the retail property manager frequently and relate to them well. In only this way can the manager keep on top of lease issues and tenant volatility. In retail property these factors are higher and more volatile than in any other property category.

It is not unusual for a retail manager to have a team of people around them to support on other specialised tasks such as leasing, accounting, maintenance, tenant services, customer communication, and community contact. It is best to locate these people on site so that response and action are easily implemented. Ultimately the retail manager is responsible for all staff and the property performance overall.

It is the retail manager that will ultimately analyse and sign off on the completed:

  • Building budget
  • Income performance
  • Expenditure activity
  • Maintenance report
  • Arrears recovery strategy
  • Risk management
  • Energy management
  • Essential services function within the property
  • Common area usage
  • Customer visitation figures to the centre
  • Turnover figures from tenants
  • Capital expenditure plans and report
  • Lease deals and negotiations with new tenants
  • Tenant Mix strategy and implementation
  • Lease renewals and changes with sitting tenants
  • Renovation and refurbishment plans
  • Community marketing plan
  • Shopping Centre marketing plan

As you can see, a shopping centre manager is not your average property manager. They bring many more skills to the task. They are a strength to the real estate agency and a high quality service for landlords.

BRIAN MALLASCH
COLDWELL BANKER COMMERCIAL