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The commercial real estate property management industry in Washington DC has been growing at an exponential rate over the last decade, and it shows no signs of slowing down any time soon. If you’re interested in exploring the vast opportunities in this sector of the D.C. economy, you may have some questions about what to expect, how to get started, or what you can really earn at the end of the day. That’s why we’ve put together this list of ten things you didn’t know about commercial real estate property management in Washington DC.

 

1) The job is more than just collecting rent

Commercial real estate property management is the process of overseeing a building to ensure it runs smoothly. If you’re thinking about becoming a commercial real estate property manager, here are ten things you may not have known.

Commercial real estate property managers are responsible for:

1) Collecting rent and other payments from tenants on time and without hassle. 2) Making sure that the building is well-maintained and properly insured.

 

2) You need to be up to date on all the laws

It’s important to have a general understanding of all the laws and regulations that apply to commercial real estate property management. A few examples of these are zoning laws, building codes, and tax rates. The following is a brief summary of what you need to know:

(1) Zoning Laws – These laws vary depending on the area, but they are typically set by state or local governments. They help regulate how land can be used for commercial purposes and dictate things like setbacks from roads and airports.

(2) Building Codes – These rules dictate the minimum requirements for construction materials and methods as well as safety standards for buildings. The more established your business becomes, the more likely it is that you will need to follow them closely.

3) There is a lot of paperwork

Commercial real estate property management can be a tricky business. Between the paperwork and the myriad of legal requirements, it can be difficult to keep up with everything. A commercial real estate property manager in Washington DC has a wide variety of tasks they need to keep on top of. The following are 10 things you may not know about commercial real estate property management in Washington DC that your commercial real estate property manager may not tell you!

1) Commercial buildings have a lot of inspections that take place throughout the year. What are some common types of inspections?

There are inspections for fire safety, natural gas leaks, and more that happen at least once per year.

5) You need to have people skills

Being a commercial real estate property manager is more than just throwing up your hands and saying I’m done! It’s about having the skills to deal with people. Here are ten things you didn’t know about commercial real estate property managers in Washington DC:

1. They are trained professionals.
2. They often have an MBA, or a degree from a top tier university.
3. They have been working for five years or more before they become a manager, giving them the experience needed to manage multiple properties at once.
4. Most people who work as property managers find their job through connections and referrals–rather than being headhunted by high-end companies like yours!

6) You need to be able to negotiate

Commercial real estate property management Washington DC is a popular career path for individuals who have an entrepreneurial spirit and enjoy a fast-paced business. However, the profession does not come without its challenges. From managing to negotiate with clients to managing employees, there are many responsibilities that must be addressed in order to keep the business running smoothly. Here are 10 things you didn’t know about commercial real estate property management:

#1 – Commercial property is typically leased by tenants over periods of five years or more.

#2 – The landlord is responsible for repairs and maintenance on the building, while the tenant is responsible for maintaining the interior. #3 – Commercial leases can include early termination clauses which allow both parties to terminate a lease before it expires if they agree on terms.

4) You need to be good at marketing

A commercial real estate property manager is a professional who specializes in the leasing and management of office space, apartments, retail stores, industrial parks and other commercial properties. They’re responsible for finding clients to rent the property, negotiating lease agreements and contracts with landlords, collecting rents from tenants and preparing financial reports that detail their activities. To be successful at this profession you need to be good at marketing to potential clients. Here are 10 things you didn’t know about commercial real estate property management:

1) The average annual salary for a commercial real estate property manager is $58,000.

2) Commercial real estate property managers are hired by large corporations as well as small businesses.

3) A good place to find potential clients is through your networking circles or colleagues.

7) You need to be organized

A commercial real estate property manager needs to be organized if they want to succeed. Being organized will keep you on track, on time and on budget. Here are 10 things that you didn’t know about commercial real estate property management:

1) Commercial real estate property managers can negotiate a lease for a building.

2) Commercial real estate property managers are responsible for carrying out the terms of a lease agreement.

3) Commercial real estates property managers must regularly inspect the buildings they manage to make sure there’s no damage or faulty equipment that might require repairs.

4) A commercial real estate property manager can also be called a leasing agent.

8) You need to be able to handle conflict

Conflict is a natural part of life, and it can be especially intense when it comes to commercial real estate property management. With so many people and interests at stake, managing conflict can be difficult. Here are 10 things you didn’t know about this challenging but necessary part of being a commercial real estate property manager in Washington DC:

1. Conflict is inevitable – It’s impossible to avoid conflict completely, but there are some steps that you can take to minimize the chances that conflicts will arise.
2. Non-verbal language counts – Your body language is just as important as your words when dealing with others, so pay attention to your posture and gestures as well as how you say things. Body language often tells the other person more than what you’re saying verbally!

9) You need to know how to read a lease

1. When is the lease effective? A commercial real estate property manager Washington DC should specify when a lease agreement becomes effective. This could be on a specific date, or it might be on the date that is nearest to one year after the date of signing. If an agreement does not specify this information, then it becomes effective as soon as both parties sign and deliver it.
2. Are there any restrictions on what can be leased? Commercial real estate property managers can restrict an agreement to only allow businesses with certain types of services, such as retail stores or restaurants. They may also limit who can lease the space and how many people are allowed to occupy the premises at one time. These are often referred to as covenants.

10) You need to be able to budget

It’s not an easy process to find the best commercial real estate property manager, but it can be a lot easier if you have an idea of what you’re looking for. Here are ten things you didn’t know about commercial real estate property management in Washington DC.

1) Hiring the right commercial real estate property management team is crucial to your success, so make sure that you do your research before picking one and ask them the following questions: How many properties have they managed? What type of properties have they managed? Have they ever been sued by a tenant? Do they provide contract reviews or financial statements for all properties on their list? If so, how often are these reports updated? What are their qualifications?