At Talisen, providing the New York metro area with premier construction services is what we do. We work on large-scale renovations to take existing buildings and redesign their interior spaces for our client’s needs. At the heart of every project is the property manager, an essential team member upon which these projects begin.
We take this blog post to explain the exact responsibilities of a commercial property manager and how this person’s role, as liaison to both Talisen and the tenant, is key to the project’s overall process.
Commercial vs. Residential Roles
Although there are some similarities between a commercial property manager and a residential property manager, they have unique responsibilities. A commercial property manager is an individual tasked with handling non-residential properties like offices, retail spaces, and healthcare facilities. The property manager’s top responsibilities are to focus on the maintenance and operational oversight of the commercial property.
While both property managers work on leasing agreements and make sure the tenants of their buildings are happy, commercial property managers experience longer leases and must deal with property wear and tear and unexpected emergencies.
You could say a property manager is like the mediator of a project because the property manager must manage both the expectations of the tenants and the needs of the building and its owner.
The Complete Responsibilities
A property manager wears many hats and has numerous tasks to complete to maintain expectations. The primary responsibilities of a commercial property manager are collecting the rent, handling the requests for maintenance or repair issues, and negotiating new lease contracts.
Once the rent cost is decided, the property manager makes sure that the process of collecting the rent goes as smoothly as possible. However, there might be hiccups like defaulting or cash-flow issues that the property manager is responsible for mitigating.
The words “property manager” rings true since one of the many responsibilities of this role is someone who manages a property. So, a property manager must ensure that the property they oversee is safe and viable for a tenant to perform their operations within. Suppose anything should happen and the building needs repair, the property manager is there to assess the situation and make the right call to remediate any issues.
The property manager is also expected to handle other services such as snow removal, landscaping, and janitorial services so that all aspects of the property are well taken care of.
The property manager must know and understand the commercial rental laws and relationships in terms of legal contracts. A professional property manager should know and be comfortable handling and abiding by many acts, rules, and disclosures.
Keeping specific records of the building they are working with and staying within budget is also the property manager’s role and responsibility. A property manager can tactfully decide if the property needs upkeeping, an emergency fund or if it is time to order repairs.
So, if you were ever wondering who was watching over your investment, look no further. The commercial property manager makes the process easier for everyone by ensuring all tenants are cared for, and the client’s projects are well-maintained externally, internally, and financially.