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Commercial Property Manager Duties and Responsibilities
According to listings we analyzed, commercial property managers typically preform the following duties:
Manage Leases Commercial property managers are often the go-to contact for tenants and potential tenants. They may be responsible for creating and signing lease documents, updating leases before they expire, and showing available spaces to businesses seeking commercial space. In some cases, they are also responsible for negotiating lease terms, establishing expectations for the tenant and property management company, and updating leases to attract and retain quality tenants.
Direct Maintenance Activities Commercial property managers are also responsible for conducting maintenance and cleaning activities and working with third-party service providers to repair and maintain crucial building systems like HVAC, plumbing, and electric. They may negotiate and prepare contracts for long-term maintenance activities and individual projects and often supervise maintenance projects to ensure that they are completed according to expectations.
Report Financial Information For commercial property managers who work for larger property management companies, reporting financial information can be an important part of the job. Commercial property managers may gather financial data and prepare reports on budgets, occupancy, and overhead costs to help support decision-making and ensure profitability. They may also submit monthly or annual reports on property income and tenant payments.
Market Commercial Spaces Many commercial property managers are also tasked with marketing available commercial spaces to potential clients. This helps to ensure that commercial properties are not sitting empty and that commercial spaces are generating revenue. Commercial property managers may advertise available spaces in local publications or online and post signage advertising information about spaces for rent.
Manage Cash Flow In addition to reporting on financial information, commercial property managers also take an active role in cash flow management, establishing budgets and identifying opportunities to reduce overhead costs. They may analyze tenant trends and leases to generate ideas to enhance income and are also frequently responsible for collecting rent payments and paying subcontractors.
Oversee Personnel Management Frequently, commercial property managers also oversee site personnel, including security guards and regular maintenance staff. In this aspect of the role, commercial property managers are responsible for processing payroll, making hiring decisions, and conducting employee assessments, as well as communicating with employees to outline expectations and complete business-critical projects.
Commercial Property Manager Skills and QualificationsCommercial property managers need to be highly organized and able to successfully interact with tenants, property owners, and third-party contractors. Companies typically hire individuals with the following skills:
- Customer service - because commercial property managers are often the go-to contact for tenants, they need to possess excellent customer service skills and the ability to resolve conflicts
- Negotiation skills - commercial property managers frequently negotiate leases with clients, so diplomacy and skill with compromise is vital for creating leases that benefit both parties
- Financial management - creating budgets, reporting on financial performance, and collecting tenant rent payments are all important aspects of this role, so familiarity with financial management is also necessary
- Contractor relations - commercial property managers hire and supervise contractors to conduct maintenance and cleaning activities, so they should have a background in supervising personnel and directing projects
- Marketing experience - commercial property managers often need to market available properties and spaces to potential tenants, so some familiarity with marketing principles and practices can help attract top tenants
- Organization and multitasking skills - commercial property managers should be highly organized and able to quickly pivot between the varied responsibilities of this position
Commercial Property Manager Education and TrainingCompanies hire commercial property managers with varied levels of education, ranging from high school diplomas to master's degrees. Many commercial property managers find that they have more opportunities for career advancement with a degree or a real estate license.
Commercial Property Manager Salary and OutlookAccording to the Bureau of Labor Statistics, the median yearly wage of property, real estate, and community association managers, which includes commercial property managers, is $57,040. The lowest-paid 10 percent earn less than $28,260, while the highest earners make over $126,390. Generally, the highest-paid commercial property managers possess real estate licenses and play a very active role in tenant recruitment and lease negotiation. Employment for property managers is expected to grow 10 percent by 2026, which is slightly faster than other occupations.
We searched the web and found many resources for further reading if you're interested in pursuing a career as a commercial property manager:
The National Association of Realtors: Property Management - the National Association of Realtors provides articles and resources for property managers, including legal cases and industry trends
The Property Management Tool Kit - Mike Beirne's handy reference guide has all the information a commercial property manager needs to successfully negotiate with tenants, manage maintenance, and oversee financial performance "
3 Ways to Master Commercial Property Management" - this blog post provides useful advice for successfully managing commercial properties, attracting and retaining high-quality tenants, and handling maintenance tasks
Property Management Accounting: A Survival Guide for Non-Accountants - Marc Levetin and? Michael Monteiro explore the financial aspects of commercial property management from an industry insider's perspective
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