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Successful Property Management Begins with Excellent People Management

12/05/2013

Successful Property Management Begins with Excellent People Management

 

By Jonathan Glick, Executive Vice President

Sheldon Gross Realty, Inc.

 

A good property manager is able to understand current market conditions and the market trends.  Our property management team is focused on tenant retention.  With the condition of the economy over the past few years, if a property were to go vacant, an owner would not be sure when the next tenant would appear.  This is when people skills are put to the test.  Owners need to understand the urgency of keeping their tenants and to keep their tenant’s feeling that their landlord is negotiating reasonably. This concept has made negotiating new terms to re-let or modify existing leases a very important task for the property manager. 

With approximately 1.3 billion square  feet of warehouse, flex, office and retail space existing in Northern & Central New Jersey many owners turn to professional managers to handle the many tasks needed to keep their properties operating well and to save money.

Property managers handle the day to day financial reporting, accounting, lease administration, rent collection, maintenance, security and risk management services needed to maintain a property.  Property managers must stay current with the next generation of software and hardware to perform these tasks more efficiently.

Another of the property manager’s most important tasks is visibility.  Property managers need to inspect each property on a monthly basis and, while there, interact with the tenants to see if there are any concerns which should be addressed.  When tenants feel that the ownership is taking an active interest in the property and the tenant’s needs, it gives them a positive view when they are considering renewing or extending a lease.  Establishing a good working relationship with the tenants is key in working with them to renegotiate a lease.

From the owner’s perspective, these monthly inspections allow the property manager to check that the tenant is living up to the terms of their lease and that the building is being maintained in the proper condition.   This is extremely important in the case of net-leased buildings where the tenant may be responsible for maintaining HVAC systems and making necessary repairs.

In addition to the landlord and tenant interaction, it is necessary to be very successful working with  building vendors to make adjustments in their contracts.  In this economy a major key to profitability is producing cost efficiencies.  Annual bidding of all contracts enables the property manager  to maintain a high quality of services be it landscaping, snowplowing, insurances and all the necessary repairs and maintenance needed for keeping a property an  efficient  place to conduct business, at the same time keeping all costs low.

One of the biggest concerns affecting cost containment is energy.  Technology is playing a major role in property management and there are an increasing number of new tools and strategies available to become more energy efficient.  From controlling lighting and heat to solar and other alternative energy options, property managers are working with new suppliers and technologies to increase cost savings in this area.

Having a motivated property management team willing to invest time in learning new management techniques is essential in maintaining the highest standards and produce successful results for both owners and  clients.  All parties s appreciate the ability to have immediate access to information and reporting.  The personal service afforded to  clients through long-term relationships gives them the security to know that the manager is  listening to their expectations and taking action to provide them with the highest level of service.

Sheldon Gross Realty, a full service real estate provider of traditional commercial brokerage and property management services, has recently celebrated the 27th year of their commercial property management division.  "While we are proud of our many years of continued success, we are even prouder that our same professional team of property managers and support staff has been together for more than 25 years".  We believe our senior team members convey to owners, tenants, prospective tenants and our building vendors a certain type of stability and reassurance.

With 53 plus years of experience in the commercial real estate business, Sheldon Gross Realty prides itself on their multi-generational family participation, long term employees and clients that were once the children of the original property owners.  We look forward to every new assignment assuming that we will manage their properties as if it was one of our own.

12/05/2013 - 16:23

Source

Sheldon Gross Realty

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