In 2015, we considered The New Breed of Property Manager. So much has changed across our industry that what was once considered new is now normal.
YESTERDAY’S NEW IS TODAY’S NORMAL
In the current market, the property manager’s focus has broadened far beyond facilities and mechanics to include planning for and anticipating tenant and guests needs. No longer purely an operational role, success in the role requires the ability to build and nurture relationships, along with strategic and creative capacity.
The role of the property manager continues to evolve as tenant needs and expectations expand, and as the marketplace becomes increasingly competitive. Where once upon a time the role was consumed by building and managing relationships, technology and innovation now take center stage.
As technology itself is continually evolving, commercial real estate owners cannot afford to compromise their opportunities to maximize the value of their assets for themselves or their investors by failing to invest in technology and teams that adopt it. For property managers, this means being armed with information and resources to meet or exceed tenant needs and expectations. Given the value of relationships as a component of success, property managers need technology that reduces their administrative burden, helping them communicate needs and results quickly and efficiently. Great property managers spend their engaging tenants and vendors. Great property managers should never be chained to their desks.
We Identified 4 Key Areas of Opportunity for Success
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PROPERTY MANAGER AS AN ENTREPRENEUR
Owners who empower their property managers to operate like Chief Executives create the best opportunities for success at every level. This continues to be the case. When property managers conduct themselves with a clear and informed perspective about how their work and engagement enhances the value of the tenant’s experience, they develop the habit of thinking more critically about the work and continue making it better. They have a genuine sense of investment and ownership.
As they personally work to build value, they set a standard for the rest of the team. That sense of ownership and pride inspires everyone they encounter. They will leverage innovation and technology to maximize productivity, and foster an environment of continuous improvement, like the executives to whom they report.
WHO’S GOT NEXT?
By creating a CEO mindset, property managers leverage technology to develop teams that will add value. Institutional knowledge, in the form of historical data, standard processes, and infrastructure remain accessible for analysis and reference, even as individual talent moves property to property, or outside the organization.
Leveraging technology gives candidates stepping into new roles a better chance to succeed.
That long-term, entrusted mindset means successful property managers are actively re-investing in their buildings and their teams using technology.
LEVERAGING TECHNOLOGY TO SPEND THE MOST TIME ON THE RIGHT THINGS
Technology has measurable value when it allows property managers to automate repetitive and administrative tasks to make more time for managing relationships, engaging tenants, supporting the community they’ve built.
When property owners themselves model this regard for prudent time management, it becomes the cultural standard throughout the organization. Beyond technology, sharing tips for enhanced productivity and logging best practices encourages the entire team to spend the greatest portion of their time on projects that make the most sense.
One of the quickest ways to uncover value in your portfolio is to equip your property managers with the right tools. If they’re more efficient and can focus on value-add activities rather than administrative tasks, productivity can be increased exponentially.
– Patrick Crosetto, HPS Investment Partners
BENEFITTING FROM THE HIVE MIND
Effective property managers understand the value of collaboration, sharing information and recommendations, and benefit from never believing that the most senior person in the conversation necessarily has all the answers. The market intelligence gained from team members, colleagues, and other interested parties contribute to a competitive advantage that is shared across the collective.
All the best solutions aren’t necessarily found internally. Encouraging proactivity and originality in problem-solving may mean looking externally for solutions. Confirming our original premise,
The best property managers in today’s market are curious about better ways to run their buildings, manage projects, streamline vendor management, and actively leverage technology.
Property management is bigger than just running a building. It requires an understanding of the market in order to identify the elements that attract and retain tenants. It requires the ability to create and sustain community.