Retail Property Management Challenges
Unlike residential properties, retail properties are focused mainly on producing income rather than creating an inviting and safe living environment. Whether the property is a standalone building that will house one retailer or a larger unit with multiple businesses, retail property managers need to develop a rapport with their tenants to help them and the building owners minimize risks and maximize earnings.
Another important aspect of running retail properties is that they generally require more extensive communication and more complex paperwork in the early stages of the rental process. While retail property managers are less likely to be needed for day-to-day problems than their residential counterparts, commercial leases often come with negotiations that make the startup process more intensive.
Because these leases are longer than residential ones (often five years or more versus a single year for apartment rentals) and because many offices and industrial units will handle maintenance on their own, retail property managers likely won’t be as involved after the deal is complete.
Responsibilities of Retail Property Management
Managing a property requires a lot of work, but retail property managers must take on different roles than apartment building managers. Tasks retail property managers must be proficient in are:
Marketing
One or two empty apartment rentals out of an entire building don’t have the same financial impact that an unoccupied commercial space does. That’s why the ability to advertise and market is so crucial. Managers need to fill these spaces quickly and with the right tenants.
When marketing their properties, retail property managers must consider what kind of tenants they want to attract, where they should focus their marketing (social media, paid online advertising, commercial real estate listings, etc.), which property details are most likely to lure in tenants, and similar concerns.
Record Keeping
Managers must be diligent when it comes to financial records and other administrative tasks. Keeping all tax information, mortgage and insurance documents, and necessary maintenance paperwork updated makes it easy for building owners to see how well each unit performs.
Communication
One of the most important duties of any third-party position is effective communication. Between ensuring tenants pay rent to answering owner questions whenever they arise, retail property managers are the bridge between those who own the building and those who use the building. If any issues should come up on either end, it’s the job of the manager to ensure all parties understand the situation and look to provide a feasible solution.
Services Offered by Cervelli Real Estate & Property Management
We know you need a reliable partner for retail property management, which is why we have the team and the tools to help make the process go as smoothly as possible. We offer 24/7 emergency service should your tenants need immediate assistance, and our online services make it easy for owners to check important information any time of day.
Our staff has a combined experience of more than 175 years in the business and includes Certified Property Manager (CPM) and Certified Commercial Investment Member (CCIM) designations. In addition to retail properties, we also have experience with mixed-use buildings.
If outside help is needed, our vendor network and close working relationships with accountants, insurance agents, lawyers, and other professionals mean we’ll be able to find the right person for the job. Lastly, as building owners ourselves, it’s easier for us to anticipate and tend to the question and concerns of other owners.
Choose Us for Your Retail Property Management Needs
If you own one or more commercial spaces in Hudson, Bergen, Essex, Union, or Passaic counties, let Cervelli Real Estate & Property Management be your retail property management partner. With plenty of experience and professionals with backgrounds in accounting, construction, and management, we can handle a wide range of building management opportunities, and our property management testimonials speak to our work. If you’re ready to hand the keys of management off to our team of professionals, contact us today.
