The concept of commercial property management covers a broad spectrum of disciplines and functions. It encompasses all facets of operating, maintaining, and overseeing a real estate property, to include all buildings, building systems and equipment, and other improvements on the property. It also includes undertaking minor and major capital improvements, as well as accounting, financial administration, and budgeting. Insurance coverage and claims, and risk management are also important components, along with stewardship of all current and historical property documents and records.
In a rental property with commercial tenants, property management also includes rent collection, lease administration and compliance, tenant retention, and even marketing responsibilities. With all types of commercial properties, property management requires maintaining positive business relationships with all stakeholders, from owners and investors, their Tenants, to vendors and neighboring property owners.
Effective property management encompasses a vast array of disciplines, functions, and responsibilities associated with a commercial property and its operations.