Shopping Centre Management - What Makes a Great Shopping Centre Manager
Shopping Centre Management - What Makes a Great Shopping Centre Manager
A shopping centre manager is a lot different than your ordinary commercial property manager. They must have a good level of marketing skill behind them together with excellent communication skills.
Boon Lay Shopping Centre Singapore
Should you run a real estate agency and so are to be moving into retail property management then you should carefully consider your staffing strategy prior to getting started. It is quite likely that your existing property managers will never be ideal working in or for the retail property. The skill mix differs from the others and not commonly accessible in your average real-estate person.
A great manager for retail rentals are hard to find and are a unique type of person. Here is why:
A shopping centre is really a vibrant property investment type that integrates for the community and customer. Marketing the property within that focus can be an ongoing task for the centre manager. Neglect it for your peril as a property that isn't aligned to the community will decline faster than you think.
Tenants in a shopping centre less complicated more focused on property usage and performance than tenants in office or industrial property. The reason being that the tenancy they occupy will probably be their business and livelihood. Communication with tenants in the shopping centre can be a daily event and is a critical part of the centre manager's job.
Both these elements of action are extremely high in the activities of your manager. It is not unusual to get a the person to spend the start of every day or a large part of the morning going around the property and speaking with the tenants.
Tenants need to see the retail property owner frequently and connect with them well. In mere this way can the manager always watch out for lease issues and tenant volatility. In retail property these factors are higher plus more volatile than in another property category.
It is not unusual for a retail manager to have a team of people around the crooks to support on other specialised tasks for example leasing, accounting, maintenance, tenant services, customer communication, and community contact. It's best to locate these people on-site so that response and action are easily implemented. Ultimately the retail manager accounts for all staff as well as the property performance overall.
Oahu is the retail manager which will ultimately analyse and sign off about the completed:
Building budget
Income performance
Expenditure activity
Maintenance report
Arrears recovery strategy
Risk management
Energy management
Essential services function inside the property
Common area usage
Customer visitation figures to the centre
Turnover figures from tenants
Capital expenditure plans and report
Lease deals and negotiations with new tenants
Tenant Mix strategy and implementation
Lease renewals and changes with sitting tenants
Renovation and refurbishment plans
Community marketing strategy
Shopping Centre marketing plan
As you can tell, a shopping centre manager is just not your average property owner. They bring many more skills to the task. They are a strength towards the real estate agency and a high quality service for landlords.
