Working in Property - A Definition of a Commercial Property Manager/Managing Agent
Managing agents should adhere to these key principles:
- Manage the property on behalf of the landlord
- Manage third party suppliers to carry out those operations that property managers do not do themselves
- Provide a primary duty of care to the landlord, secondary responsibility to the occupiers and, in some cases, a duty of care to parties providing finance for the properties being managed
Commercial property managers' core duties include:
- Liaising with and reporting to the landlord
- Collecting monies
- Clients' accounts
- Dealing with defaulting occupiers
- Service charges
- Deposits held
- Managing the building(s)
- Management policies
- Insurance relating to the property
- Liaising with occupiers
- Energy management
- Building management systems (IT)
- Health and safety/fire safety
- Management fees
Commercial property managers can also become involved in:
- Acquisition and sale support and advice
- Rent reviews; rating reviews
- Letting agency advice
- Dilapidations advice
- Specialist issues such as the management of mixed-use developments
