6 Time-Saving Tips for Commercial Property Managers
Commercial property managers have some unique concerns when dealing with tenants, resolving problems that arise, and managing their time.
When juggling multiple major commercial properties, it can be a challenge to stay on top of what’s going on, to work efficiently, and not let things slip by.
Not keeping on top of things is likely to lead to upset tenants and potential liability issues. Here are six time-saving tips that can benefit you as a commercial property manager.
1.Maintain the Right Insurance Coverage
Insurance coverage is necessary to protect essential business assets and avoid losses. Commercial property insurance provides important cover from property damage to lost stock inventory in a flood, and equipment breakdowns when they are out of warranty.
Also, equipment being stolen or a business interruption due to an accidental fire on the premises is covered too. You’ll need to look for a policy that fits your needs as closely as possible.
You can find plenty of sites online that will let you arrange commercial property insurance in minutes.
With many buildings, clients, and issues to keep a handle on, being disorganized will only slow a commercial property manager down. Many difficulties will require days or weeks to fully resolve.
Therefore, a system to organize and prioritize matters that come under their purview is necessary to remain clear on the next actions.
Also, if there’s a team in place, be ready to delegate effectively to people within the team. This can help you to avoid becoming bogged down with too many open loops representing matters that haven’t reached a satisfactory conclusion yet.
3.Keep a Record of Everything
Maintain records of where time is being spent and what actions have been taken. Track time using a mobile or web app to note which properties are being worked on.
Also, you should note the specific task being performed. You should reach a place where you know exactly what projects are ongoing and where you’re currently at. By doing so, inefficiencies can be spotted and either eliminated or reduced.
Whether you are answering to a boss or need to provide answers to a tenant, knowing what issues have been worked on and where the time was spent proves useful.
This includes occupancy rates, the number of maintenance issues that arose on the property versus another one, and other points of potential interest.
4.Use AI to Screen Tenants
When there are many commercial applicants for popular buildings, consider automating tenant screening.
AI can be deployed on web forms where a programmed chatbot can ask set questions and verify the answers to successfully screen potential tenants. Doing so can reduce the applications that cross your desk and need a personal review.
Also, commercial tenant screening should include their financials and whether they’ve been evicted from a commercial property before. This should have a bearing on final decisions for commercial tenants.
Switch all commercial tenants across to the same communication platform to stay in touch. If tenants need a rapid response and prefer the immediacy of messaging apps, property managers should use the same one for every client.
Many of the major chat apps have web app interfaces now, making it easier to type responses quickly from a keyboard instead of a smartphone.
When looking for any approaches to the work that will increase efficiency, multi-tasking is something that often gets overlooked. Multi-tasking while giving the impression of being faster, in reality, only creates a slowdown or ‘busywork’ effect.
It’s far better to adopt a single-task focus, rather than hopping from one task to the next.
Efficient property managers know that they’ll be busy throughout the day but must be vigilant to avoid the temptation to get back into the multi-tasking habit.
This applies even if they’ve successfully stopped themselves from doing it in the past.
Saving time in your work is essential to manage all the properties on your plate and to not miss anything important.
Staying organized is also key, otherwise, time is lost trying to find what’s needed next. Using technology to your advantage, including apps, where relevant, is beneficial. However, you must ensure the technology works in your favor rather than becoming burdensome.