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Chapter 5 <Managing Office Property>
SOP Manual
2 Major functions of managements
Administration
Organizational chart of the building
staff
Job description for each position
Operation
Data about the system or function
Physical location of any essential items
Narrative description of the operating system
Emergency procedures
Benefits
effective administration of building
ensure successful mgmt
building operations not affected by employee absences or personnel turnover
good source for orientation & training new personnel
complete guide to M&E systems and equipment
increase productivity
effective mgmt tool
Tenants manual
after office hour operation
how to report
mail & deliveries
security procedure
Definition
Detailed collection of instructions regarding every stage of an office building operation
Classifications of Office Property
Grade B
fair standard
sub-urban areas (normally)
cheaper rent and supply is more readily available
Attract SMEs
Grade C
functional space
low rent
smaller companies (e.g. offices run by 5 people)
Outside CBD (e.g shop houses)
Grade A
prestigious
Located within CBD
expensive rental
Attracts MNCs & bigger firms
Challenges faced by PM
key objectives of property manager
Keep vacancy rate to a minimum
Ensure building commands market rent
Management Challenges
Reduce vacancy rate
Attract and retain tenants
Match market rental rate
IT & internet revolution
Well designed & maintained buildings
Lease Administration
Tenants relation & communications
Reduce cost of Turnover
Fitting up cost
Rent cost
Agency cost
Steps to good tenancy relation & communication
appoint contract point from tenant & PYM
establish procedures for responding to tenants request
logbook recording
formal tenant feedback via survey
Tenants Relation Program
create confidence in mgmt's goodwill & competence
achieved through efficient response to tenants
move-out procedure
Find out the move out date
Ensure settlements of outstanding debts and obligations
Find out the name of movers
Put space back into leasable condition as soon as possible
Rent collection policy
Decide payment date,
decide date rental is considered late
Issue 1st gentle reminder
Issue 2nd stronger reminder,
with warning of legal consequences
Issue 3rd notice informing that
legal actions have been initiated
Must reflect existing market conditions
Reflect professional image
that the building and management wish to project
Supported by an accounting system
Keeping Records
tenant lease file
Critical data file
Move-in procedure
send letter to tenant
5.Hand over a copy of tenants manual
6.Plan subsequent visits
3.Presence of mgt rep. on moving in day
Joint Inspection
4.Visit of PM on day 1 of operations
