Benefits of Best Practice in Commercial Property Management
Over the past few years of consulting, lecturing and running my own Commercial Real Estate Agency I have used Best Practice methods and standards as a fundamental in our operations and promoted this through training and lecturing.
To understand the real meaning in context of “Best Practice” I researched Wikipedia which states “A best practice is a method or technique that has been generally accepted as superior to any alternatives because it produces results that are superior to those achieved by other means or because it has become a standard way of doing things.”
In the promotion of Best Practice methods and systems for Commercial Property Managers, and my curiosity of Agency practices I have had many conversations on this topic. Many Commercial Property Managers understanding of best practice seems to range from “this is how we have always done it in our office, so it must be right” to “this is how my friend who is a commercial property manager told me it is done” oh and “that is how that large commercial property management agency does it so it has to be right”
This level of understanding comes from a “you don’t know what you don’t know!” perspective, substantial knowledge gaps, lack of training in upskilling, refreshing, and reviewing practices and staff performance.
To achieve superior results requires setting up your Agency systems and processes in line with best practice methodology in the Commercial Property Management industry. It requires an agency to keep up to date with the current industry trends and systems along with keeping up to date with legislative and relevant legal case precedents.
Source the services of a “critical friend” or mentor for your agency who can provide a review of your property management systems and practices. Their view will bring an external and wider view rather than the focused internal view we can easily take when we are so intensely involved in our Property Management business.
Review your own systems and practices, step away from the business and take a look from the “outside”, train your team and management. Even the Agency Principal and Owners should understand Commercial Property Agency operations and promote best Practice. A positive outcome may just be - minimise risks, increase staff morale, customer satisfaction and profit!