WHAT IS AN property manager commercial jobs
A property manager in the commercial real estate industry is a professional responsible for overseeing the daily operations and management of commercial properties. This includes office buildings, retail spaces, industrial facilities, and mixed-use developments. The primary goal of a property manager in the commercial sector is to ensure that the properties under their care are well-maintained, financially profitable, and meet the needs of both the tenants and the property owners.
WHAT USUALLY DO IN THIS POSITION
In a commercial property manager role, there are various tasks and responsibilities that need to be fulfilled. These may include:
1. Tenant Relations: Building and maintaining positive relationships with tenants is crucial. This involves addressing tenant concerns, resolving issues, and ensuring tenant satisfaction to promote lease renewals and tenant retention.
2. Property Maintenance: Overseeing the maintenance and repair of the property, including coordinating with contractors, conducting regular inspections, and ensuring compliance with safety regulations. This helps to maintain the property's value and attractiveness to potential tenants.
3. Financial Management: Managing budgets, rent collection, and financial records for the property. This includes preparing financial reports, tracking income and expenses, and ensuring that the property operates within its budgetary constraints.
4. Lease Administration: Handling lease agreements, negotiating lease terms, and ensuring compliance with lease obligations. This involves reviewing lease documents, addressing lease violations, and overseeing lease renewals and terminations.
5. Marketing and Leasing: Developing and implementing marketing strategies to attract new tenants and fill vacancies. This may include advertising available spaces, conducting property tours, and negotiating lease terms with prospective tenants.
TOP 5 SKILLS FOR POSITION
To excel in a commercial property manager position, certain skills are essential. Here are the top five skills required for this role:
1. Communication Skills: Effective communication is crucial for interacting with tenants, property owners, contractors, and other stakeholders. Strong verbal and written communication skills are needed to convey information clearly, negotiate lease terms, and address any concerns or issues that may arise.
2. Organizational Skills: Property managers must be highly organized to handle multiple tasks simultaneously. This includes managing schedules, prioritizing activities, and keeping track of important documents and deadlines.
3. Problem-Solving Skills: A commercial property manager must possess excellent problem-solving abilities to address various issues that may arise, such as maintenance emergencies, tenant disputes, or financial challenges. Being able to think critically and find practical solutions is vital in this role.
4. Financial Management Skills: Knowledge of financial management principles is essential for handling budgets, rent collection, and financial reporting. Property managers need to understand how to analyze financial data, make informed decisions, and ensure the financial success of the property.
5. Customer Service Skills: Providing exceptional customer service to tenants is crucial for tenant satisfaction and retention. Property managers should possess strong interpersonal skills, empathy, and the ability to address tenant concerns promptly and effectively.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become a specialist in commercial property management, here are the typical steps to follow:
1. Obtain a Relevant Degree: While a specific degree is not always required, having a bachelor's degree in business administration, real estate, or a related field can provide a solid foundation of knowledge and increase job prospects.
2. Gain Experience: Entry-level positions in property management or real estate can provide valuable experience in the industry. This may include working as an assistant property manager, leasing consultant, or property administrator to learn the intricacies of the role.
3. Obtain Professional Certification: Consider obtaining professional certifications such as the Certified Property Manager (CPM) designation offered by the Institute of Real Estate Management (IREM). This certification demonstrates expertise and can enhance career advancement opportunities.
4. Develop Key Skills: Focus on developing the key skills mentioned earlier, such as communication, organization, problem-solving, financial management, and customer service skills. These skills can be honed through on-the-job experience, training programs, and continuous learning.
5. Build a Network: Networking within the real estate industry can open doors to job opportunities and provide valuable connections. Attend industry events, join professional associations, and engage with other professionals in the field.
AVERAGE SALARY
The average salary of a commercial property manager can vary depending on factors such as location, years of experience, and the size and complexity of the properties managed. According to the Bureau of Labor Statistics, as of May 2020, the median annual wage for property, real estate, and community association managers was $60,820. However, it is important to note that salaries can range significantly, with top earners in the field earning over $119,570 annually.
ROLES AND TYPES
In the field of commercial property management, there are various roles and types of properties that professionals can specialize in. Some common roles include:
1. Property Manager: Responsible for overseeing the overall management and operations of commercial properties.
2. Leasing Manager: Focuses on marketing and leasing available spaces, negotiating lease agreements, and maintaining positive tenant relationships.
3. Facilities Manager: Manages the physical aspects of a property, including maintenance, repairs, and renovations.
4. Asset Manager: Handles the financial and strategic aspects of a property portfolio, including budgeting, investment analysis, and maximizing property value.
As for property types, commercial property managers may work with various types of properties, including:
1. Office Buildings: Managing office spaces, coordinating tenant improvements, and ensuring a conducive working environment.
2. Retail Spaces: Overseeing shopping centers, malls, or individual retail stores, and dealing with retail-specific challenges such as lease renewals and tenant mix.
3. Industrial Facilities: Managing warehouses, distribution centers, or manufacturing facilities, and ensuring optimal operational efficiency.
4. Mixed-Use Developments: Handling properties that combine residential, commercial, and retail spaces, and addressing the unique needs of each component.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
While commercial property management opportunities exist throughout the United States, certain locations have a higher concentration of job openings and demand for professionals in this field. Some of the locations with popular job markets for commercial property managers include:
1. New York City, New York: As a major hub for commercial real estate, New York City offers numerous opportunities in property management, particularly in office buildings and retail spaces.
2. Los Angeles, California: With a thriving real estate market, Los Angeles provides a significant number of job opportunities in commercial property management, catering to a diverse range of property types.
3. Chicago, Illinois: Known for its iconic skyline, Chicago offers a robust market for commercial property management, including office buildings, industrial facilities, and mixed-use developments.
4. Houston, Texas: As a major center for the energy industry, Houston has a demand for property managers to oversee commercial properties, particularly in the industrial sector.
5. Atlanta, Georgia: Atlanta's growing economy and expanding commercial real estate market create opportunities for property managers in various sectors, including office, retail, and mixed-use properties.
WHAT ARE THE TYPICAL TOOLS
Commercial property managers rely on various tools and software to streamline their operations and enhance efficiency. Some typical tools used in this profession include:
1. Property Management Software: Specialized software platforms designed for property management, which help with tasks such as lease administration, maintenance tracking, financial management, and tenant communication.
2. Accounting Software: Software programs like QuickBooks or Xero are commonly used to manage financial records, track income and expenses, and generate financial reports.
3. Communication Tools: Property managers often use email, phone systems, and messaging platforms to communicate with tenants, property owners, and other stakeholders.
4. Project Management Tools: Tools such as Trello or Asana can assist in managing and tracking projects, assigning tasks, and collaborating with team members.
5. Maintenance Tracking Systems: Software or apps that allow property managers to schedule and track maintenance requests, assign work orders, and ensure timely completion of repairs.
IN CONCLUSION
Becoming a specialist in commercial property management requires a combination of knowledge, skills, and experience. It involves overseeing the operations of commercial properties, maintaining tenant relationships, managing finances, and ensuring the overall success of the properties under one's care. By developing the necessary skills, gaining relevant experience, and staying updated with industry trends, aspiring property managers can thrive in this dynamic and rewarding field.