As the demand for commercial property space intensifies, many CBD locations across Australia are back to back with high rise office buildings and with improved transport links the rise in demand for suburban commercial spaces is at an upmost high. This has resulted in a boom within the commercial property management industry.
This rise in demand brings with it a rental increase. According to the Commercial Property Guide’s Asking Price Index, commercial property agents have set asking rents at about 2.5% higher than 3 months ago in the cities of Sydney, Melbourne and Brisbane. (September 2017)
To compete with the rental rises, commercial property management companies are needing to go the extra mile in order to fill office spaces with long standing loyal tenants and give property owners a greater insight in to whether the management style they offer is right to manage or source their investment.
The key to building that full property portfolio is essentially providing a greater selection of management benefits, here are some tips on how to succeed.
Sell Yourself – Your past success is key to selling yourself as an outstanding commercial property manager. By opening up about past experience, particular management styles and why you should be used as their next commercial property management company provides reassurance. It’s here that potential tenants and owners make decisions to whether your management style is suitable for their assets.
Invest in the right Property Management software – Making sure your commercial property management is under control is important, showing you have this covered can help attract new business but also retain loyalty from existing customers as well. Deciding on the right property management software is an important business decision. Some key things to consider which will help put more time back in to your day include 24/7 access using the cloud, a solid trust accounting core and also the ability to process invoices effortlessly, giving you more time to grow your business.
Killer Maintenance Plan - To stay ahead of the game your commercial property management company needs to have a killer maintenance plan in place. Small maintenance issues can turn big very quickly having massive implications on the tenants and building owners. Most companies will happily pay a premium for a property manager who provides regular facilities checks and quick maintenance solutions when things go wrong.
Technology Aware – With intelligent technology led buildings becoming a common occurrence in the commercial property industry, as property managers it’s important to be aware of all the advancements and build relationships with skilled industry professionals. In order to keep ahead of the game, your commercial property management company need to fully understand these technologies and respond quickly or offer alternative solutions whilst fixes are being worked on.
Communication is key – Even though providing exceptional management levels through service is important, this is only effective if strong two-way communication is established. As commercial property managers you should work towards investing time in to the people you work with and truly understand their needs.
An approachable and flexible attitude will enable you to stay one leap ahead in the commercial property management industry.