What does a commercial property manager do?

A commercial Property Manager is employed by the owner of the property to oversee the operation of their commercial property, this may include

•  Negotiating leases, lease renewals and rental reviews.

•  Finding & signing new tenants.

•  Arranging insurance for the building.

•  Organising maintenance on the building.

•  Paying the accounts for the building.

What constitutes a commercial property?

A commercial property is a premises where a business or multiple businesses operate from. It can be  retail shops, an industrial site, a shopping mall, a car parking building, an office building, a health centre or a motel.  Most commercial property tenants have a long term lease instead of operating under the short term provisions of the Residential Tenancies Act.

What is a deed of lease?

The Deed of Lease or "Lease" is a document which controls the relationship between the property owner and property tenant.  The lease will include terms about the amount of rent payable, the length of the lease, the proportion of  operating costs to be paid by the tenant, when  the rent review is due and what happens at the end of the lease period.

What does opex mean?

Opex is the short term for operating expenses. This includes expenses for the whole building that are usually proportionately split between the tenants. These expenses include local body rates, insurance, lift maintenance, foyer and toilet cleaning, carpark and ground maintenance and fire sprinkler, extinguisher and alarm system monitoring.

What is a building warrant of fitness?

The Building Warrant of Fitness (BWoF)  is a legal requirement under the Building Act and monitored by local government that ensures that the facilities within the building are maintained to a certain standard. Very simple buildings may not need a BWoF but if the commercial property has a lift or automatic doors or a sprinkler system or an escalator then regular checks will be required and the BWoF needs to be displayed in a public part of the building.