Commercial Real Estate Property Management

A commercial real estate property management company takes care of a huge assortment of different types of property. They manage apartments, office buildings, and industrial properties. One important type of property a commercial real estate property management company looks after are shopping complexes. 

Almost everyone has been to a shopping mall at some time in their life. These buildings can frequently be seen from Interstate highways, and are a common retail area in most cities. But maintaining these large complexes can be very complicated. That is why there are commercial real estate property management companies that specialize in this type of development.  

The commercial real estate property management firm has many of the same duties as any other kind of property management company. The commercial real estate property management employees have to know the area where the complex is located, as well as what this facility has to offer. Is this shopping center upscale?  Is it located in a touristy district? Is the mall close to fishing and boating waters? The favorite word of any real estate mogul is Location, Location, and Location. This holds true for shopping districts. Every good commercial real estate property management company knows that the neighborhood determines the types of shops that will be the best fit for a particular shopping mall. 

Next, the commercial real estate property management company has to determine the best rental rates for the market. The commercial real estate property management company negotiates the leases knowing that vacancies need to be kept to a minimum, while still making a profit.

The commercial real estate property management company is in charge of the day to day operations of the shopping mall. They make sure the rent is collected from all of the tenants. They oversee the routine things such as the cleaning of bathrooms and the emptying of trash cans. The commercial real estate property management employees take care of repairs, regular upkeep, and all of the maintenance of the building and all of the grounds. And the commercial real estate property management company deals with any problems that arise.
 
The commercial real estate property management company needs to be knowledgeable about all federal, state, and local laws. They need to be certain that everything is up to ADA regulations, that state sales taxes are correctly collected, and be aware of any unique local laws that are in effect. Local laws include things like, Sunday Blue Laws and city ordinances pertaining to outdoor lighting.
 
The commercial real estate property management company does the marketing and advertising. This is necessary for two reasons. The commercial real estate property management company needs to get the word out about the shopping complex itself, plus they need to attract new tenants.

Many commercial real estate property management companies have made their shopping malls into more of a family oriented experience. They have installed carousels, family friendly restrooms, and kid friendly places to eat. A new rule in many shopping malls is the PGR, parental guidance required.  Anyone sixteen and under must be accompanied by an adult. Over the years there have been problems with youngsters getting dropped off at the mall by their parents to hang out with their friends. Shoplifting, loitering, and other juvenile crimes were on the rise. The PGR lessens these problems, and makes families feel more at ease.

Most importantly, a commercial real estate property management company wants a shopping center to be a place for people and their families to experience, not just to shop. They want the complex to have a sense of community, with everything from retail shops to restaurants to entertainment. Shopping malls are meant for everyone, young and old alike!

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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