A lot of people want to be successful in their business. When you are a property manager, such as for a mall or government agency, there are a lot of things to keep in mind. Many different types of businesses are depending on you. We have collected four tips that will make your life much easier. Your tenants will give you high revenue, and you will have lower stress.
1. Moderate Rules
Many property managers in the United States and Europe are very security conscious. They are skeptical of change and new ideas. They hate random events. What to keep in mind, however, is that the more policies and procedures you have for your property, the fewer tenants who will want to stay or rent there. You will gradually get to a point of diminishing returns. On the other extreme, no rules lead to vandalism and stores getting robbed, which is also not good. The keyword is a balance. If you naturally like to micromanage, try going it a little bit easier than you used to. See if your revenue improves. If you are a laid back manager, be a little bit firmer. This will decrease your losses due to theft and vandalism. Outsource when necessary. “The micro-manager should hire a customer relations person to handle tenants, and a laid back manager should hire a security staff to protect people and property,” said GRG Property Management.
2. Buy Low
If your security detail needs cars, try to just get the minimum vehicle that meets the requirements. Maxing out your wallet on everything can put you in debt. Establish what is absolutely necessary, and do not go above that. Some property managers are struggling with bankruptcy and loans because they are not minimizing their expenditures to what is absolutely necessary. Less is more. You will have less to worry about if you are not demanding too much from your staff and wallet.
3. Sell High
The warehouse property manager has less to be thankful for than the mall property manager. Why? He usually has less revenue, unless he is associated with a high volume retailer like Amazon. The mall is a good example of using a similar building to a warehouse in a highly lucrative way. How you use your properties is largely up to you and the owner. Using them wisely involves maximizing the output you are getting from them. A warehouse is much better used as a mall if it is not really pulling a profit. You will make far more money leasing out spaces for different vendors and shops than storing boxes. Take a given space, and try to squeeze a lot of money out of it.
4. Take it One Step at a Time
Confucius once said that the mountain mover takes away little stones at a time. Focus on making little things neat, and the rest should follow. Do not be worried about the overall concerns. If the little things are in order, the property should be a good one. In October 2016, the City of Los Angeles was pleasantly surprised by the fact that it owns more land than it thought. Why? Their database of property records had gotten inaccurate and outdated. Keeping track of little things had fallen by the wayside. After better management, they successfully recovered the data, and are now more in charge than they used to be. The keeping of little stones has big dividends.
These are just four tips. There are much more to see. Remember that everyone has to start somewhere. If you see something you like, be sure to give us feedback. We like to learn more from you.