By Ben Comm, Senior Managing Director
Every morning you walk into your place of work. Security greets you, and the elevator takes you to your company’s designated space on the 15th floor. There isn’t anything for you to worry about other than getting down to business. The lights are on, the temperature is comfortable, and the windows are clean.
The $150 million asset you call “home” during the work day is a complex machine, and it certainly doesn’t operate efficiently on its own. Property managers and their management teams are working tirelessly, 24 hours a day, seven days a week to create value in their assets, and they’re doing much more than collecting monthly rent and changing light bulbs.
Amidst ever-increasing expectations, here are three ways successful property managers are adding value to their buildings within existing budgets:
They’re Going Green: Green buildings equate to reduced stress on the environment, savings from decreased utility costs, higher lease rates and overall increased building value. Tenants are taking a keen interest in LEED certified, environmentally friendly buildings that save on energy costs and protect the environment. Property managers who provide their clients with knowledge of green alternatives and sustainable practices enhance the likelihood of tenants choosing and remaining in their buildings.
They’re Embracing Technology: Now is the time to wrap your arms around technology—give it a big hug and a kiss! It’s your best friend. Property managers who remain current with the most up-to-date advances in HVAC, lighting, security and demand-response programs understand technology and how it can benefit their asset. They understand technology is ever-evolving and use it to their advantage!
They Know Their Asset: Effective property managers are getting back to the basics. It’s a must! Inspect your properties on a regular basis. Know your financials and focus on tenant relations. Identify no- and low-cost operational savings. Understand when and what to modernize. Your buildings should be up to date and comparable to the surrounding buildings’ appearances and technologies. If your budget prohibits extensive renovation and capital expenses, make a wish list for future projects and smartly upgrade within your budget in the meantime. Work smarter, not harder.
When a property manager is effectively doing his or her job, his or her building is increasing in value every day! Property managers understand what is important to their tenants and owners and are consistently thinking one step ahead in order to get the job done.
Ben joined DTZ in January 2009. He is responsible for ensuring that the firm’s best practices are implemented and overseeing consistent delivery of property management services. Ben also manages the profit and loss for the firm’s 40 million SF Mid-Atlantic portfolio, which includes office, industrial and retail properties. He brings more than 30 years of experience in real estate management.