Keeping you informed is a key part of how we operate here at CVA, so I’ve compiled the following to give you a clear understanding of what’s involved in managing a commercial property.

Essentially, you need an in-depth knowledge of the documentation and protocols involved to ensure compliance with the many laws and regulations. You must also be across a number of legislative frameworks, as well as financial obligations and operational duties. 

Here’s a checklist of your responsibilities. Understandably, many commercial property owners seek the advice and assistance of an experienced professional.

Financial Management

  • Invoicing tenants for rent and outgoings in accordance with GST legislation on a monthly basis
  • Collecting rent and outgoings from tenants
  • Providing financial statements
  • Providing annual forecasts for outgoings
  • Calculating base rent and turnover rent where applicable
  • Maintaining appropriate trust account records
  • Increasing rent in accordance with the lease, and providing market evidence to tenants to support market rent review

Operational Management

  • Implementing, maintaining and undertaking administration for Essential Safety Measures 
  • Serving/issuing appropriate notices to tenants who breach the lease  
  • Managing tenants eviction process
  • Undertaking routine annual inspections
  • Keeping an arm’s length relationship with the tenants
  • Dealing with property repairs and maintenance, providing access to qualified tradespeople and sourcing competitive quotes
  • Managing tenants vacate and make good
  • Organising ongoing preventative and periodical maintenance
  • Answering tenants queries and requests
  • Maintaining and registering security bond/bank guarantees according to relevant legislation, including interest-bearing accounts

Insurance Coverage

  • Requesting and receiving Tenants Public Liability Insurance on an annual basis from the tenants
  • Ensuring contractors and tradespeople have relevant certification and insurance

** Managing Agents are required by law to have Professional Indemnity Insurance

Legislative Compliance

  • Thoroughly understanding the Retail Leases Act and its implications, including ongoing legislative changes
  • Understanding the lease and the rights and obligations of both tenants and landlord
  • Organising lease execution, renewals and variations in line with the Retail Leases Act

While this checklist is comprehensive, I’m more than happy to talk through the details. Alternatively, I can handle it all for you. If you’d like to discuss the professional management of your commercial assets, please don’t hesitate to get in touch.

Michael Passarella
Director – Asset Management
(03) 9654 2311