A Checklist For A Regular Commercial Real Estate Management

Just the possession of a property at a worthwhile location is not enough to harness the profits promised by a commercial real estate investment. Property owners need to lease the property to a reliable tenant and at the same time, responsibly look after the maintenance of the property in order to retain its market value.

It is extremely important that the property manager pay a regular visit to the commercial property and take note of the physical and operational condition of the property. Although the frequency of the visits depend on the type of the property, a weekly or bi-monthly visit is considered to be standard. On each visit, the manager should carry a checklist which must comprise of the following five points among others.

1. Tenant communication

The most important objective of the manager’s visit to the property is to have a talk with the tenant in order to maintain the cordiality of the landlord-tenant relationship. The manager needs to listen to the complaints and grievances of the tenant carefully, and also convey all the messages from the landlord to the tenant. Maintaining transparent communication between the property owner and the tenant is indeed a primary function of commercial property management.

2. Damage inspection

The manager needs to inspect the entire property for any kind of physical damage. He/she should have a good eye for assessing damage, as some tenants might attempt to cover up minor damage. Even a slightest infliction should be noted down by the manager for consideration.

3. Damage preventive measures

The manager needs to ensure that all prevailing preventive measures are in functional condition. If he/she discovers the need for modification or introduction of any new measure, appropriate arrangements should be made. commercial real estate management professionals believes in the proverb, ‘a stitch in time saves the nine’.

4. Inspection of compliance to standards

A significant duty of the property manager on a site visit is to inspect whether the tenants are complying with the all the standards prescribed by the civic authorities. Non-compliance of standards in terms of health, safety, public hygiene, zoning laws etc. might invite unwanted legal complications.

5. Check auxiliary services

Some property management firms like Madison Properties might provide a few additional services to commercial property owners. Before leaving, the property manager should ensure that all these services are unhindered and running smoothly.