As an industry, commercial property management often involves two primary figures: leasing agents, who acquire new tenants for properties; and property managers, who take care of the tenants for the duration of the lease. Traditionally, the leasing and property managers have little to do with each other, which can often lead to all sorts of problems and challenges.
Separately, your leasing and property managers may be excellent at what they do, but working together, they become true superheroes for your business. Here are three ways that your property management firm benefits from such a collaboration:
Give Your Tenants a Better Fit
When your property and leasing managers communicate, your tenants benefit. For example, a leasing rep who is helping a large corporate client find new office spaces may choose a space that seems suitable, but is actually too small, given the client’s daily operating needs. The rep may consider square footage, but not the impact on elevator usage, restroom maintenance, and general wear and tear. The property manager, on the other hand, knows about these issues and can help find a better office building that the leasing agent may not have considered. The end result is a happy, potentially long-term tenant in a space that’s a good fit.
Save Money
The property manager has more contact with the accounting department on a regular basis than most leasing agents. They are aware of the operating costs of any given space and can share them with the leasing rep, who can then help prospects make more well-informed decisions about where to lease. If the prospect likes a particular property, but does not have the budget to pay the actual operating costs, the leasing agent can then find alternative solutions that work for everyone.
Prevent Issues Before They Happen
One common problem that happens when leasing and property managers do not communicate is internal renovations of an existing property. For example, a tenant may sign a lease on an office space on the leasing agent’s promise that they can have a particular design for a kitchen or fishbowl meeting room. However, the leasing agent may not know that there is an HVAC pipe located in a spot that makes their desired renovation impossible, or very costly. Often, it’s the property manager who has to deliver the bad news, leading to unhappy tenants and stressful situations for all involved. Had the leasing and property manager been in regular communication, the property manager could have let the rep know about the limitations of the space, and helped them find another one for their tenant.
At LPM, we provide fully integrated leasing and property management solutions. With over 30 years of experience in both fields, we can provide your firm with the kind of holistic approach we have described here, and help you and your tenants have a happy, lucrative, and long-term leasing experience
Contact Liz today for a free consultation.