Rental Manager: Qualifications and Duties

The position of a rental manager is not so rare. But many people are poorly aware of what kind of profession this is, what qualifications are required there and what are the main job responsibilities. It's time to fix this gap.

In any case, the rental manager works according to the percentage scheme, that is, he gets a certain percentage of each transaction made. Be sure to have to maintain constant contact with people. And not only with their own management, but also with customers who want to rent or rent something. Therefore, the characteristic features of the work of the manager for the delivery of commercial real estate or residential premises are traditionally:

• frequent business trips and trips;
• overtime and irregular schedules;
• the inability to predict where and how the working day will end, how long this or that design will last;
• systematic emotional load.

Commercial real estate is very beneficial for such a manager, because it is expensive, and even when renting, substantial sums are paid for it. Therefore, commission rates promise to be impressive; but not so simple and easy. Only those who masterly know the features of the market, who are ready to deeply and comprehensively study the features of specific objects, will succeed in this market segment. And the competition there is fierce and merciless.

Working as a commercial realtor, you will have to pay more attention, however not the individual characteristics of a particular building, but general statistics and economic dynamics. The attention of such a specialist must be riveted to the demographic specifics of the region, because it is she who determines the demand and supply for certain types of goods and services. It is necessary to carefully monitor the situation of competitors, the proposals that they make. Even if these offers are in adjacent price ranges or differ in area.

Each deal is worked out individually. Negotiations can last a long time. No less long is the process of coordination and approval of documents, individual parameters of the contract. There are very few chances to surrender any major commercial property in less than three months. because the manager will have to develop patience and methodology.

The aforementioned makes it clear that a good rental manager should be fluent in:

• economic knowledge;
• profit and loss calculation methods;
• mathematical models to predict the development of the market situation;
• the rental process in full detail;
• skills of drawing up contracts and evaluating their content;
• skills in the formation of other necessary documents (and there are also a lot of them).

It is extremely rare these days that a manager works alone. Usually he is involved in the work of an entire department, and therefore is forced to coordinate his actions with the activities of other employees. Rent can be expressed in the provision of real estate as a temporary possession and use, and only for temporary use. The manager must understand this subtlety and understand what and when, on what specific conditions is transferred to the interested party. In addition, he has a lot of work to do long before the formation of the contract.

Tenants and those who intend to hand over something bring him various documents. It is necessary to carefully study, verify, verify each other and with the norms of the law.

It is also necessary:

• create and maintain up-to-date tenant databases with contact information;
• analyze sales volumes;
• put forward proposals, as they are, these very volumes, increase or at least keep at the current level;
• look for new tenants;
• monitor the fulfillment of the conditions of already concluded contracts.

This document, as always, is compiled individually in each organization. But still there are general points regarding the responsibilities of performers. They need to know:

• basic federal and regional standards relating to financial matters, real estate turnover, protection of cultural heritage objects, nature conservation and the rights of other owners;
• the procedure for concluding, executing and terminating contracts established by law and specified by corporate rules;
• structure of own department;
• an algorithm of actions in the event of a particular situation;
• labor law standards;
• safety requirements, fire and production, biological and radiation, anti-terrorism safety (if such risks may be present at the facilities);
• tax rates;
• the procedure for documenting and transferring payments;
• basic workflow standards;
• market conditions;
• the procedure for inspection and inspection of buildings, structures and their individual parts.

Also, the rental manager should be aware of:

• land, housing standards;
• ethics and tactics of business negotiations;
• psychology of business partners;
• rules of the organization.